Walton Harbor Apartments
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Market Feasibility Analysis Walton Harbor Apartments Gainesville, Hall County, Georgia Prepared for: Walton Communities Effective Date: April 15, 2019 Site Inspection: April 7, 2019 Walton Harbor | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY .................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 8 A. Overview of Subject .............................................................................................................................................. 8 B. Purpose of Report ................................................................................................................................................. 8 C. Format of Report .................................................................................................................................................. 8 D. Client, Intended User, and Intended Use ............................................................................................................. 8 E. Applicable Requirements ...................................................................................................................................... 8 F. Scope of Work ...................................................................................................................................................... 8 G. Report Limitations ................................................................................................................................................ 9 3. PROJECT DESCRIPTION .................................................................................................. 10 A. Project Overview ................................................................................................................................................ 10 B. Project Type and Target Market ......................................................................................................................... 10 C. Building Types and Placement ............................................................................................................................ 10 D. Detailed Project Description ............................................................................................................................... 11 1. Project Description ..................................................................................................................................... 11 2. Proposed Timing of Development ............................................................................................................. 11 4. SITE EVALUATION ......................................................................................................... 12 A. Site Analysis ........................................................................................................................................................ 12 1. Site Location ............................................................................................................................................... 12 2. Existing and Proposed Uses ....................................................................................................................... 13 3. General Description of Land Uses Surrounding the Subject Site ............................................................... 14 4. Land Uses Surrounding the Subject Site .................................................................................................... 15 B. Neighborhood Analysis ....................................................................................................................................... 16 1. General Description of Neighborhood ....................................................................................................... 16 2. Neighborhood Planning Activities .............................................................................................................. 16 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 .......................................................................................................... 18 5. Pedestrian Access ....................................................................................................................................... 18 6. Accessibility Improvements under Construction and Planned .................................................................. 18 D. Residential Support Network .............................................................................................................................. 18 1. Key Facilities and Services near the Subject Site ........................................................................................ 18 2. Essential Services ....................................................................................................................................... 19 3. Commercial Goods and Services ................................................................................................................ 20 4. Recreational Amenities .............................................................................................................................. 20 5. 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 Page i Walton Harbor | Table of Contents 1. Age Distribution and Household Type ....................................................................................................... 25 2. Renter Household Characteristics .............................................................................................................. 26 3. Income Characteristics ............................................................................................................................... 27 7. EMPLOYMENT TREND ................................................................................................... 30 A. Introduction ........................................................................................................................................................ 30 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 30 1. Trends in County Labor Force and Resident Employment ......................................................................... 30 2. Trends in County Unemployment Rate ...................................................................................................... 30 A. Commutation Patterns ....................................................................................................................................... 31 B. At-Place Employment ......................................................................................................................................... 31 1. Trends in Total At-Place Employment .......................................................................................................