The Remington Senior Apartments
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Market Feasibility Analysis The Remington Senior Apartments Atlanta, Fulton County, Georgia Prepared for: The Benoit Group Effective Date: April 3, 2015 Site Inspection: April 3, 2015 The Remington | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY ........................................................................................................... 1 1. INTRODUCTION .............................................................................................................. 7 A. Overview of Subject .............................................................................................................................................. 7 B. Purpose of Report ................................................................................................................................................. 7 C. Format of Report .................................................................................................................................................. 7 D. Client, Intended User, and Intended Use ............................................................................................................. 7 E. Applicable Requirements ...................................................................................................................................... 7 F. Scope of Work ...................................................................................................................................................... 7 G. Report Limitations ................................................................................................................................................ 8 2. PROJECT DESCRIPTION .................................................................................................... 9 A. Project Overview .................................................................................................................................................. 9 B. Project Type and Target Market ........................................................................................................................... 9 C. Building Types and Placement .............................................................................................................................. 9 D. Detailed Project Description ............................................................................................................................... 10 1. Project Description ..................................................................................................................................... 10 2. Other Proposed Uses ................................................................................................................................. 11 3. Pertinent Information on Zoning and Government Review....................................................................... 12 4. Proposed Timing of Development ............................................................................................................. 12 3. SITE AND NEIGHBORHOOD ANALYSIS ........................................................................... 13 A. Site Analysis ........................................................................................................................................................ 13 1. Site Location ............................................................................................................................................... 13 2. Existing Uses ............................................................................................................................................... 13 3. Size, Shape, and Topography ..................................................................................................................... 13 4. General Description of Land Uses Surrounding the Subject Site ............................................................... 13 5. Specific Identification of Land Uses Surrounding the Subject Site ............................................................. 13 B. Neighborhood Analysis ....................................................................................................................................... 18 1. General Description of Neighborhood ....................................................................................................... 18 2. Neighborhood Planning Activities .............................................................................................................. 18 3. Public Safety ............................................................................................................................................... 18 C. Site Visibility and Accessibility ............................................................................................................................ 20 1. Visibility ...................................................................................................................................................... 20 2. Vehicular Access ......................................................................................................................................... 20 3. Availability of Public Transit ....................................................................................................................... 20 4. Availability of Inter-Regional Transit .......................................................................................................... 20 5. Accessibility Improvements under Construction and Planned .................................................................. 20 6. Environmental Concerns ............................................................................................................................ 20 D. Residential Support Network .............................................................................................................................. 21 1. Key Facilities and Services near the Subject Site ........................................................................................ 21 2. Essential Services ....................................................................................................................................... 21 3. Commercial Goods and Services ................................................................................................................ 22 4. Recreational Amenities .............................................................................................................................. 23 5. Location of Low Income Housing ............................................................................................................... 23 E. Site Conclusion ................................................................................................................................................... 23 4. MARKET AREA DEFINITION ........................................................................................... 24 A. Introduction ........................................................................................................................................................ 24 B. Delineation of Market Area ................................................................................................................................ 24 5. ECONOMIC CONTENT ................................................................................................... 26 A. Introduction ........................................................................................................................................................ 26 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 26 1. Trends in County Labor Force and Resident Employment ......................................................................... 26 Page i The Remington | Table of Contents 2. Trends in County Unemployment Rate ...................................................................................................... 26 C. Commutation Patterns ....................................................................................................................................... 26 D. At-Place Employment ......................................................................................................................................... 28 1. Trends in Total At-Place Employment ........................................................................................................ 28 2. At-Place Employment by Industry Sector................................................................................................... 29 3. Major Employers ........................................................................................................................................ 30 4. Recent Economic Expansions and Contractions ........................................................................................ 32 E. Conclusions on Local Economics......................................................................................................................... 32 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 33 A. Introduction and Methodology .......................................................................................................................... 33 B. Trends in Population and Households ................................................................................................................ 33 1. Recent Past Trends