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FROM BEST & FLANAGAN ( 1ED) 11. 7' 01 17:03/ST. 16:57/NO. 4863201824 P 5 <br /> EXECUTIVE SUMMARY <br /> provide affordable units to moderate-income households. In total, <br /> • <br /> Four senior developmentsa Qne of Aren but the rthere are 386 units of affordable senior housing a��Ou�i�the ill <br /> pro- <br /> jects. One of the four comparables is actually loRegardless, it is these four developments that w <br /> compa- <br /> rable in amenities and services provided. Reg <br /> bemostcop <br /> comparable to the affordable component of the subjec deVelopment. Overall, af- <br /> fordable units account for 37% of the comparable units i en <br /> affordable units were reported vacant at the time of our survey, translating to a vacancy <br /> No• aff <br /> rate of 0.0%. <br /> potential• the <br /> ofdevelopment of 235 additional market-rate independent senior <br /> We are aware years- However, only one project is under con- <br /> units in the Study Area over the next few in Doth, will tend to <br /> struction. Furthermore,the location of two of outside ourStudy AreaS,Therefore, if all.three�a�,�, a large share of their residents from outs sates 115 units of demand in the <br /> de- <br /> velopments were to come online by 2005, they would only satisfy <br /> Study Area. <br /> Conclusions and Recommendations successful on the <br /> We believe that an independent senior rental development could be erye <br /> exists for additional <br /> • proposed Site. Our research showed that pent-up demand currently <br /> in- <br /> dependent senior housing <br /> in Orono and the Site's location is very desirable, especially after <br /> Highway 12 is rerouted and the Site's street frontage receives less traffic. <br /> estimates,we believe the proposed 62-unit development could be <br /> • <br /> Based on our demandexpectations, however, we <br /> successful as proposed. The rents are in line with consumer exP in <br /> suggest considering slightly larger units (at least in the market ratOur e <br /> units) has ser to <br /> wouldxgg of the develop <br /> maximize the current and future marketability number <br /> hown <br /> have been very successful with large floor plans in recent years and the size <br /> that developersThe unit mix is appropriate, although a larger <br /> of units has been steadily increasing• den <br /> The unit features and building <br /> of two-bedroom larger one-bedroom plus den <br /> edroom units could be supported, as could slightlyamenities units, including one and one-half bathrooms•in-unit washers and dryers and enclosed parking <br /> competitive, with central air-conditioning, et market.the most requested amenities from this targ <br /> • <br /> rke <br /> er the reco <br /> mmended development concept,we believe thea a 6 tot <br /> Ste units per could <br /> rreach <br /> stabilized occupancy (95%)in 6 to 7 months of opening(a rat <br /> marketing effort,with 30% of the units pre-leased. The aefo da bleb unitspre-leased, <br /> could <br /> withaa strong mar g <br /> reach stabilized occupancy within 1 to 2 months, and could potentially tion rate as- <br /> sumesrates for affordable product of this type. The above <br /> likely absabsorption <br /> a slightly low vacancy ocy while a fall or winter opening yield thesegarc <br /> a spring or summer opening, or early summer opening, <br /> simmer <br /> o would sincebe coming ar <br /> slower rate of absorption. We recommend a spring tion <br /> n- <br /> the prime home-selling periods. Other competitive developments on absorption <br /> line at the same time as the proposed development would also have an impact <br /> rates. <br /> 4 <br /> y.AXF1ELD RESEARCH JNC. <br />