Harper Woods Apartments

Market Feasibility Analysis Harper Woods Apartments Columbus, Muscogee County, Georgia Prepared for: TBG Residential Effective Date: April 15, 2019 Site Inspection: April 12, 2019 Harper Woods | 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.................................................................................................................................3 1. Project Description.......................................................................................................................................3 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. Specific Identification of Land Uses Surrounding the Subject Site...............................................................9 B. Neighborhood Analysis.......................................................................................................................................10 1. General Description of Neighborhood.......................................................................................................10 2. Neighborhood Planning Activities..............................................................................................................10 3. Public Safety...............................................................................................................................................10 C. Site Visibility and Accessibility ............................................................................................................................11 1. Visibility......................................................................................................................................................11 2. Vehicular Access (Ingress/Egress) ..............................................................................................................11 3. Availability of Public Transit and Inter-Regional Transit ............................................................................11 4. Accessibility Improvements under Construction and Planned ..................................................................12 5. Environmental Concerns............................................................................................................................12 D. Residential Support Network..............................................................................................................................12 1. Key Facilities and Services near the Subject Site........................................................................................12 2. Essential Services .......................................................................................................................................13 3. Commercial Goods and Services................................................................................................................13 4. Location of Low Income Housing ...............................................................................................................14 E. Site Conclusion ...................................................................................................................................................14 4. MARKET AREA DEFINITION ........................................................................................... 15 A. Introduction........................................................................................................................................................15 B. Delineation of Market Area ................................................................................................................................15 5. ECONOMIC CONTENT ................................................................................................... 17 A. Introduction........................................................................................................................................................17 B. Labor Force, Resident Employment, and Unemployment..................................................................................17 1. Trends in County Labor Force and Resident Employment.........................................................................17 2. Trends in County Unemployment Rate......................................................................................................17 C. Commutation Patterns .......................................................................................................................................18 D. At-Place Employment .........................................................................................................................................18 Page i Harper Woods | Table of Contents 1. Trends in Total At-Place Employment........................................................................................................18 2. At-Place Employment by Industry Sector...................................................................................................19 3. Major Employers........................................................................................................................................20 4. Recent Economic Expansions, Contractions, and Projections....................................................................22 5. Local Employment Base .............................................................................................................................22 6. Conclusions on Local Economics................................................................................................................22 6. COMMUNTIY 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

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