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13 <br />Market Analysis Findings <br />Retail <br />7.3 million square feet of retail in PMA <br />3.9% vacancy rate <br />Much of the vacancy is in obsolete retail <br />shopping centers and space <br />Average rent per square foot per year is <br />about $14 <br />Rents are not high enough to support new <br />construction <br />Multifamily <br />New rental developments opened in 2022- <br />2023, absorption has been good <br />Pushed vacancy up to over 8% <br />Average rent is now about $1,400 in PMA <br />New senior housing has opened in the <br />PMA in 2023 as well <br />Competitive Market <br />PMA population: 87,000 <br />10-minute drive time population: 142,000 <br />PMA annual population growth: 0.4% per <br />year, comparable to the Metro Area <br />Median household income: $79,000—14% <br />lower than the Metro Area <br />Demographics <br />Strengths of Site <br />Good traffic counts on Mounds View <br />Boulevard <br />Great visibility and access <br />Existing and established shopping <br />center and commercial node <br />Proximity to existing employment and <br />residential <br />Large parcel for redevelopment <br />Weaknesses of Site <br />Traffic noise for potential residents <br />Limited regional draw for retail <br />Anoka County Airport and TCAAP limit <br />the market area and potential growth <br />for retail and residential <br />Large portions of the church property <br />may be undevelopable <br />Site Analysis <br />Primary Market Area <br />Sources: ESRI; Costar; interviews ; LOCi Consulting LLC