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Market Feasibility Analysis

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Market Feasibility Analysis Market Feasibility Analysis Block 19 Senior Apartments (Phase II) Norfolk, Virginia Prepared for: Block 19, L.P. Effective Date: February 6, 2020 Site Inspection: February 6, 2020 Block 19 Senior Apartments I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .......................................................................................................... II TABLES, FIGURES AND MAPS ............................................................................................. V EXECUTIVE SUMMARY .................................................................................................... VII I. INTRODUCTION ......................................................................................................... 12 A. Overview of Subject.......................................................................................................................................12 B. Purpose ..........................................................................................................................................................12 C. Format of Report ...........................................................................................................................................12 D. Client, Intended User, and Intended Use ......................................................................................................12 E. Applicable Requirements ..............................................................................................................................12 F. Scope of Work ...............................................................................................................................................13 G. Report Limitations .........................................................................................................................................13 H. Other Pertinent Remarks ...............................................................................................................................14 II. PROJECT DESCRIPTION .............................................................................................. 15 A. Project Overview ...........................................................................................................................................15 B. Project Type and Target Market ....................................................................................................................15 C. Building Types and Placement .......................................................................................................................16 D. Detailed Project Description ..........................................................................................................................16 1. Project Description................................................................................................................................16 2. Other Proposed Uses ............................................................................................................................17 3. Zoning and Government Review ...........................................................................................................18 4. Proposed Timing of Development ........................................................................................................18 III. SITE AND NEIGHBORHOOD ANALYSIS .................................................................... 19 A. Site Analysis ...................................................................................................................................................19 1. Site Location ..........................................................................................................................................19 2. Size, Shape and Topography .................................................................................................................19 3. Existing Uses .........................................................................................................................................19 4. General Description of Land Uses Near the Subject Site ......................................................................20 5. Specific Identification of Land Uses Surrounding the Subject Site .......................................................21 B. Neighborhood Analysis ..................................................................................................................................22 C. Site Visibility and Accessibility .......................................................................................................................23 1. Visibility .................................................................................................................................................23 2. Vehicular Access....................................................................................................................................23 3. Availability of Public Transit ..................................................................................................................24 4. Availability of Inter Regional Transit .....................................................................................................24 5. Pedestrian Access .................................................................................................................................24 6. Accessibility Improvements Under Construction and Planned .............................................................24 D. Public Safety ..................................................................................................................................................25 E. Residential Support Network ........................................................................................................................26 1. Key Facilities and Services near the Subject Site ..................................................................................26 2. Essential Services ..................................................................................................................................28 3. Shopping ...............................................................................................................................................28 4. Senior Amenities ...................................................................................................................................29 5. Recreational and Other Community Amenities ....................................................................................29 F. Overall Site Conclusions ................................................................................................................................29 Page ii Block 19 Senior Apartments I Table of Contents IV. ECONOMIC CONTEXT ............................................................................................. 30 A. Introduction ...................................................................................................................................................30 B. Resident Unemployment ...............................................................................................................................30 C. Commuting Patterns......................................................................................................................................31 D. At-Place Employment ....................................................................................................................................31 1. Trends in Total At-Place Employment ...................................................................................................31 1. At-Place Employment by Industry Sector .............................................................................................33 2. Major Private Employers .......................................................................................................................33 E. Wage Trends ..................................................................................................................................................34 F. Economic Conclusions and Projections .........................................................................................................35 V. HOUSING MARKET AREA ........................................................................................... 36 A. Introduction ...................................................................................................................................................36 B. Delineation of Market Area ...........................................................................................................................36 VI. DEMOGRAPHIC ANALYSIS ...................................................................................... 38 A. Introduction and Methodology .....................................................................................................................38 B. Trends in Population and Households ...........................................................................................................38 1. Recent Past Trends ...............................................................................................................................38 2. Projected Trends ...................................................................................................................................38 3. Trends in Older Adult Households ........................................................................................................39
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