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MINUTES <br />City Council <br />February 28, 1990 <br />building is constructed for the elderly, it is very <br />difficult to rent such units to the general market. <br />Brachman pointed out that the majority of the units <br />would most likely be one-bedroom and the units will be <br />geared for the handicapped. <br />Fahey stated that he would like the building set aside <br />exclusively for the elderly for 25 to 30 years. <br />Collova asked why the joint venture is now proposed. <br />Brachman reported that Barthel Construction's main <br />business is construction, while his is leasing and <br />management. The joint venture was believed to be <br />mutually beneficial to both parties. <br />Mr. Lee Maxfield appeared before the Council reporting <br />that his firm does housing research and has spent a lot <br />of time on the senior housing market in the last five <br />years. Maxfield reported that when people say the <br />senior market is over-built, they are referrinq to <br />congregate housing with a high level of services. This <br />proposal is not for congregate housing, but is a <br />proposal for age-restricted housing without the <br />assistance provided in congregate housing. Maxfield <br />felt the market for this type of housing will be the <br />strongest for the next few years. <br />Maxfield reported that there is a lack of new <br />apartments in the area, and older buildings do not meet <br />the needs of seniors who wish to move out of their <br />homes. Maxfield quoted rates of $500 to $550 per month <br />for one-bedroom market-rate apartments and $600 to $700 <br />per month for two-bedroom market-rate apartments. <br />Maxfield reported that Brachman is proposing <br />one-bedroom senior apartments in the $425 per month <br />range, and two-bedroom senior units in the $600 per <br />month range. <br />Maxfield again stated that he believes while portions <br />of the senior market are over-built, there is a market <br />for affordable senior housing. However, he has not <br />completed a market feasibility study on this project as <br />yet. <br />Scalze pointed out that 60% of Little Canada's dwelling <br />units are in multiples, and suggested that perhaps <br />there are other parts of the area that should provide <br />the housing being proposed. Scalze pointed out that <br />the developers of the apartment complex across the <br />street from this proposal did a market study and found <br />Page 15 <br />