Hearthside Kennestone Senior Apartments Marietta, Cobb County, Georgia
Total Page:16
File Type:pdf, Size:1020Kb
Market Feasibility Analysis HearthSide Kennestone Senior Apartments Marietta, Cobb County, Georgia Prepared for: One Street Development, LLC Effective Date: April 10, 2017 Site Inspection: April 10, 2017 HearthSide Kennestone | 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 ............................................................................. 6 A. Site Analysis ..........................................................................................................................................................6 1. Site Location.................................................................................................................................................6 2. Existing Uses.................................................................................................................................................7 3. Size, Shape, and Topography .......................................................................................................................7 4. General Description of Land Uses Surrounding the Subject Site .................................................................8 5. Land Uses Near the Subject Site ................................................................................................................10 B. Neighborhood Analysis.......................................................................................................................................11 1. General Description of Neighborhood.......................................................................................................11 2. Neighborhood Planning Activities..............................................................................................................11 3. Public Safety...............................................................................................................................................11 C. Site Visibility and Accessibility ............................................................................................................................12 1. Visibility......................................................................................................................................................12 2. Vehicular Access.........................................................................................................................................12 3. Availability of Public Transit and Inter-Regional Transit ............................................................................12 4. Accessibility Improvements under Construction and Planned ..................................................................13 5. Environmental Concerns............................................................................................................................13 D. Residential Support Network..............................................................................................................................13 1. Key Facilities and Services near the Subject Site........................................................................................13 2. Essential Services .......................................................................................................................................15 3. Commercial Goods and Services................................................................................................................15 4. Recreational Amenities ..............................................................................................................................16 5. Location of Low Income Housing ...............................................................................................................16 E. Site Conclusion ...................................................................................................................................................16 4. MARKET AREA DEFINITION ........................................................................................... 17 A. Introduction........................................................................................................................................................17 B. Delineation of Market Area ................................................................................................................................17 5. ECONOMIC CONTENT ................................................................................................... 19 A. Introduction........................................................................................................................................................19 B. Labor Force, Resident Employment, and Unemployment..................................................................................19 1. Trends in County Labor Force and Resident Employment.........................................................................19 2. Trends in County Unemployment Rate......................................................................................................19 C. Commutation Patterns .......................................................................................................................................20 Page i HearthSide Kennestone | Table of Contents D. At-Place Employment .........................................................................................................................................20 1. Trends in Total At-Place Employment........................................................................................................20 2. At-Place Employment by Industry Sector...................................................................................................21 E. Wage Data ..........................................................................................................................................................23 F. Major Employers ................................................................................................................................................24 G. Recent Economic Expansions and Contractions.................................................................................................25 H. Local Economic Conclusions and Forecasts........................................................................................................26 6. DEMOGRAPHIC ANALYSIS............................................................................................. 27 A. Introduction and Methodology ..........................................................................................................................27 B. Trends in Population and Households................................................................................................................27 1. Recent Past Trends.....................................................................................................................................27 2.