Centennial Place IV
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Market Feasibility Analysis Centennial Place IV Atlanta, Fulton County, Georgia Prepared for: Integral Development Effective Date: May 17, 2016 Site Inspection: May 17, 2016 Centennial Place IV | 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 ................................................................................................................................... 7 3. Pertinent Information on Zoning and Government Review......................................................................... 7 4. Proposed Timing of Development ............................................................................................................... 7 5. Scope of Rehabilitation ................................................................................................................................ 7 E. Current Status of Centennial Place IV ................................................................................................................... 7 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................. 8 A. Site Analysis .......................................................................................................................................................... 8 1. Site Location ................................................................................................................................................. 8 2. Existing Uses ................................................................................................................................................. 8 3. Size, Shape, and Topography ....................................................................................................................... 8 4. General Description of Land Uses Surrounding the Subject Site ................................................................. 8 5. Specific Identification of Land Uses Surrounding the Subject Site ............................................................... 8 B. Neighborhood Analysis ....................................................................................................................................... 14 1. General Description of Neighborhood ....................................................................................................... 14 2. Neighborhood Planning Activities .............................................................................................................. 14 3. Public Safety ............................................................................................................................................... 14 C. Site Visibility and Accessibility ............................................................................................................................ 16 1. Visibility ...................................................................................................................................................... 16 2. Vehicular Access ......................................................................................................................................... 16 3. Availability of Public Transit ....................................................................................................................... 16 4. Availability of Inter-Regional Transit .......................................................................................................... 16 5. Accessibility Improvements under Construction and Planned .................................................................. 16 D. Residential Support Network .............................................................................................................................. 17 1. Key Facilities and Services near the Subject Site ........................................................................................ 17 2. Essential Services ....................................................................................................................................... 17 3. Commercial Goods and Services ................................................................................................................ 20 4. Recreational Amenities .............................................................................................................................. 20 E. Site Conclusion ................................................................................................................................................... 20 4. MARKET AREA DEFINITION ........................................................................................... 21 A. Introduction ........................................................................................................................................................ 21 B. Delineation of Market Area ................................................................................................................................ 21 5. ECONOMIC CONTENT ................................................................................................... 23 A. Introduction ........................................................................................................................................................ 23 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 23 1. Trends in County Labor Force and Resident Employment ......................................................................... 23 Page i Centennial Place IV | Table of Contents 2. Trends in County Unemployment Rate ...................................................................................................... 23 C. Commutation Patterns ....................................................................................................................................... 24 D. At-Place Employment ......................................................................................................................................... 24 1. Trends in Total At-Place Employment ........................................................................................................ 24 2. At-Place Employment by Industry Sector................................................................................................... 25 3. Major Employers ........................................................................................................................................ 27 4. Recent Economic Expansions and Contractions ........................................................................................ 28 5. Conclusions on Local Economics ................................................................................................................ 29 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 30 A. Introduction and Methodology .......................................................................................................................... 30 B. Trends in Population and Households ................................................................................................................ 30