Market Feasibility Analysis Riverside Station Apartments Norfolk, Virginia Prepared for: Curlew Apts. I, L.P. Effective Date: January 21, 2019 Site Inspection: January 21, 2019 Riverside Station Apartments 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. Other Proposed Uses ..............................................................................................................................7 3. Zoning and Government Review.............................................................................................................7 4. Proposed Timing of Development ..........................................................................................................7 III. SITE AND NEIGHBORHOOD ANALYSIS ......................................................................8 A. Site Analysis.....................................................................................................................................................8 1. Site Location............................................................................................................................................8 2. Size, Shape and Topography ...................................................................................................................8 3. Existing Uses ...........................................................................................................................................8 4. General Description of Land Uses Near the Subject Site ......................................................................10 5. Specific Identification of Land Uses Surrounding the Subject Site .......................................................10 B. Neighborhood Analysis..................................................................................................................................11 C. Site Visibility and Accessibility.......................................................................................................................12 1. Visibility.................................................................................................................................................12 2. Vehicular Access....................................................................................................................................12 3. Availability of Public Transit..................................................................................................................12 4. Availability of Inter Regional Transit .....................................................................................................13 5. Pedestrian Access .................................................................................................................................13 6. Accessibility Improvements Under Construction and Planned.............................................................13 D. Public Safety ..................................................................................................................................................13 E. Residential Support Network ........................................................................................................................15 1. Key Facilities and Services near the Subject Site ..................................................................................15 2. Essential Services ..................................................................................................................................16 3. Shopping ...............................................................................................................................................18 4. Recreational and Other Community Amenities....................................................................................18 F. Overall Site Conclusions ................................................................................................................................18 IV. ECONOMIC CONTEXT.............................................................................................19 Page ii Riverside Station Apartments I Table of Contents A. Introduction...................................................................................................................................................19 B. Resident Unemployment...............................................................................................................................19 C. Commuting Patterns......................................................................................................................................20 D. At-Place Employment ....................................................................................................................................20 1. Trends in Total At-Place Employment...................................................................................................20 2. At-Place Employment by Industry Sector .............................................................................................22 3. Major Private Employers.......................................................................................................................22 E. Wage Trends..................................................................................................................................................23 F. Economic Conclusions and Projections .........................................................................................................24 V. HOUSING MARKET AREA...........................................................................................25 A. Introduction...................................................................................................................................................25 B. Delineation of Market Area...........................................................................................................................25 VI. DEMOGRAPHIC ANALYSIS......................................................................................27 A. Introduction and Methodology .....................................................................................................................27 B. Trends in Population and Households...........................................................................................................27 1. Recent Past Trends ...............................................................................................................................27 2. Projected Trends...................................................................................................................................27 3. Building Permit Trends..........................................................................................................................28 C. Demographic Characteristics.........................................................................................................................29