15Th Street Development Phase II Apartments
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Market Feasibility Analysis 15th Street Development Phase II Apartments Augusta, Richmond County, Georgia Prepared for: Walton Communities Effective Date: May 5, 2016 Site Inspection: May 3, 2016 15th Street Development Phase II | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY ........................................................................................................... V 1. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject .............................................................................................................................................. 1 B. Purpose of Report ................................................................................................................................................. 1 C. Format of Report .................................................................................................................................................. 1 D. Client, Intended User, and Intended Use ............................................................................................................. 1 E. Applicable Requirements ...................................................................................................................................... 1 F. Scope of Work ...................................................................................................................................................... 1 G. Report Limitations ................................................................................................................................................ 2 2. PROJECT DESCRIPTION .................................................................................................... 3 A. Project Overview .................................................................................................................................................. 3 B. Project Type and Target Market ........................................................................................................................... 3 C. Building Types and Placement .............................................................................................................................. 3 D. Detailed Project Description ................................................................................................................................. 4 1. Project Description ....................................................................................................................................... 4 2. Other Proposed Uses ................................................................................................................................... 5 3. Proposed Timing of Development ............................................................................................................... 5 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................. 7 A. Site Analysis .......................................................................................................................................................... 7 1. Site Location ................................................................................................................................................. 7 2. Existing Uses ................................................................................................................................................. 7 3. Size, Shape, and Topography ....................................................................................................................... 7 4. General Description of Land Uses Surrounding the Subject Site ................................................................. 7 5. Specific Identification of Land Uses Surrounding the Subject Site ............................................................... 7 B. Neighborhood Analysis ....................................................................................................................................... 12 1. General Description of Neighborhood ....................................................................................................... 12 2. Neighborhood Planning Activities .............................................................................................................. 12 3. Public Safety ............................................................................................................................................... 12 C. Site Visibility and Accessibility ............................................................................................................................ 13 1. Visibility ...................................................................................................................................................... 13 2. Vehicular Access ......................................................................................................................................... 14 3. Availability of Public Transit and Inter-Regional Transit ............................................................................ 14 4. Accessibility Improvements under Construction and Planned .................................................................. 14 5. Environmental Concerns ............................................................................................................................ 14 D. Residential Support Network .............................................................................................................................. 14 1. Key Facilities and Services near the Subject Site ........................................................................................ 14 2. Essential Services ....................................................................................................................................... 15 3. Commercial Goods and Services ................................................................................................................ 16 4. Location of Low Income Housing ............................................................................................................... 17 E. Site Conclusion ................................................................................................................................................... 17 4. MARKET AREA DEFINITION ........................................................................................... 18 A. Introduction ........................................................................................................................................................ 18 B. Delineation of Market Area ................................................................................................................................ 18 5. ECONOMIC CONTENT ................................................................................................... 20 A. Introduction ........................................................................................................................................................ 20 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 20 1. Trends in County Labor Force and Resident Employment ......................................................................... 20 2. Trends in County Unemployment Rate ...................................................................................................... 20 C. Commutation Patterns ....................................................................................................................................... 20 D. At-Place Employment ......................................................................................................................................... 22 Page i 15th Street Development Phase II | Table of Contents 1. Trends in Total At-Place Employment ........................................................................................................ 22 2. At-Place Employment by Industry Sector................................................................................................... 23 3. Major Employers ........................................................................................................................................ 24 4. Recent Economic Expansions and Contractions ........................................................................................ 26 5. Conclusions on Local Economics ................................................................................................................ 26 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 27 A. Introduction and Methodology .......................................................................................................................... 27 B. Trends in Population and Households ................................................................................................................ 27 1. Recent Past Trends ..................................................................................................................................... 27 2. Projected Trends ........................................................................................................................................ 27 3. Building Permit Trends ..............................................................................................................................