55 Milton Apartments
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Market Feasibility Analysis 55 Milton Apartments Atlanta, Fulton County, Georgia Prepared for: Prestwick Companies Effective Date: December 23, 2019 Site Inspection: December 23, 2019 55 Milton | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. 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 3. 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. Proposed Timing of Development .............................................................................................................10 4. SITE EVALUATION ......................................................................................................... 11 A. Site Analysis ........................................................................................................................................................11 1. Site Location...............................................................................................................................................11 2. Existing and Proposed Uses .......................................................................................................................12 3. General Description of Land Uses Surrounding the Subject Site ...............................................................13 4. Land Uses Surrounding the Subject Site ....................................................................................................14 B. Neighborhood Analysis.......................................................................................................................................15 1. General Description of Neighborhood.......................................................................................................15 2. Neighborhood Planning Activities..............................................................................................................15 3. Public Safety...............................................................................................................................................16 C. Site Visibility and Accessibility ............................................................................................................................17 1. Visibility......................................................................................................................................................17 2. Vehicular Access.........................................................................................................................................17 3. Availability of Public Transit.......................................................................................................................17 4. Availability of Inter-Regional Transit..........................................................................................................17 5. Accessibility Improvements under Construction and Planned ..................................................................17 6. Environmental Concerns............................................................................................................................17 D. Residential Support Network..............................................................................................................................18 1. Key Facilities and Services near the Subject Site........................................................................................18 2. Essential Services .......................................................................................................................................18 3. Commercial Goods and Services................................................................................................................19 4. Location of Low Income Housing ...............................................................................................................20 E. Site Conclusion ...................................................................................................................................................20 5. MARKET AREA .............................................................................................................. 21 A. Introduction........................................................................................................................................................21 B. Delineation of Market Area ................................................................................................................................21 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 23 A. Introduction and Methodology ..........................................................................................................................23 B. Trends in Population and Households................................................................................................................23 1. Recent Past Trends.....................................................................................................................................23 2. Projected Trends ........................................................................................................................................24 3. Building Permit Trends...............................................................................................................................24 C. Demographic Characteristics..............................................................................................................................25 1. Age Distribution and Household Type .......................................................................................................25 Page i 55 Milton | Table of Contents 2. Households by Tenure ...............................................................................................................................27 3. Renter Households Characteristics ............................................................................................................28 4. Income Characteristics...............................................................................................................................29 7. EMPLOYMENT TRENDS ................................................................................................. 31 A. Introduction........................................................................................................................................................31 B. Labor Force, Resident Employment, and Unemployment..................................................................................31 1. Trends in County Labor Force and Resident Employment.........................................................................31 2. Trends in County Unemployment Rate......................................................................................................31 C. Commutation Patterns .......................................................................................................................................31 D. At-Place Employment .........................................................................................................................................33 1. Trends in Total At-Place Employment........................................................................................................33 2. At-Place Employment by Industry Sector...................................................................................................34