Market Feasibility Analysis
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Market Feasibility Analysis The Landing at Mason’s Bridge Woodbridge, Prince William County, Virginia Prepared for: The Lawson Companies Effective Date: February 18, 2021 The Landing I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS..........................................................................................................II TABLES, FIGURES AND MAPS............................................................................................. V EXECUTIVE SUMMARY .................................................................................................... VII I. INTRODUCTION...........................................................................................................1 A. Overview of Subject.........................................................................................................................................1 B. Purpose............................................................................................................................................................1 C. Format of Report .............................................................................................................................................1 D. Client, Intended User, and Intended Use ........................................................................................................1 E. Applicable Requirements ................................................................................................................................1 F. Scope of Work .................................................................................................................................................2 G. Report Limitations ...........................................................................................................................................3 H. Other Pertinent Remarks.................................................................................................................................3 II. PROJECT DESCRIPTION ................................................................................................4 A. Project Overview .............................................................................................................................................4 B. Project Type and Target Market......................................................................................................................4 C. Building Types and Placement.........................................................................................................................4 D. Detailed Project Description............................................................................................................................5 1. Project Description..................................................................................................................................5 2. Proposed Timing of Development ..........................................................................................................6 III. SITE AND NEIGHBORHOOD ANALYSIS ......................................................................7 A. Site Analysis.....................................................................................................................................................7 1. Site Location............................................................................................................................................7 2. Size, Shape and Topography ...................................................................................................................8 3. General Description of Land Uses Near the Subject Site ........................................................................8 4. Specific Identification of Land Uses Surrounding the Subject Site .........................................................8 B. Neighborhood Analysis..................................................................................................................................10 C. Site Visibility and Accessibility.......................................................................................................................10 1. Visibility.................................................................................................................................................10 2. Vehicular Access....................................................................................................................................10 3. Availability of Public Transit..................................................................................................................11 4. Pedestrian Access .................................................................................................................................11 5. Accessibility Improvements Under Construction and Planned.............................................................11 D. Public Safety ..................................................................................................................................................11 E. Residential Support Network ........................................................................................................................12 1. Key Facilities and Services near the Subject Site ..................................................................................12 2. Essential Services ..................................................................................................................................14 3. Shopping ...............................................................................................................................................15 4. Recreational and Other Community Amenities ....................................................................................16 F. Overall Site Conclusions ................................................................................................................................16 IV. ECONOMIC CONTEXT.............................................................................................17 A. Introduction...................................................................................................................................................17 B. Labor Force, Resident Employment, and Unemployment ............................................................................17 1. Trends in Annual Average Labor Force and Resident Employment......................................................17 2. Trends in Recent Monthly Unemployment Data ..................................................................................18 Page ii The Landing I Table of Contents C. Commuting Patterns......................................................................................................................................18 D. At-Place Employment Trends ........................................................................................................................19 E. At-Place Employment by Industry Sector......................................................................................................20 F. Wages ............................................................................................................................................................23 G. Major Employers ...........................................................................................................................................24 H. Economic Conclusions ...................................................................................................................................25 V. HOUSING MARKET AREA...........................................................................................26 A. Introduction...................................................................................................................................................26 B. Delineation of Market Area...........................................................................................................................26 VI. DEMOGRAPHIC ANALYSIS......................................................................................28 A. Introduction and Methodology .....................................................................................................................28 B. Trends in Population and Households...........................................................................................................28 1. Recent Past Trends ...............................................................................................................................28 2. Projected Trends...................................................................................................................................28 3. Building Permit Trends..........................................................................................................................29 C. Demographic Characteristics.........................................................................................................................30 1. Age Distribution and Household Type ..................................................................................................30 2. Households by Tenure ..........................................................................................................................32 3. Renter Household Characteristics.........................................................................................................33 D. Income Characteristics ..................................................................................................................................34