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■ <br /> ■ 2.4 Market Analysis <br /> ■ Maxfield Research Inc. was retained by the City of St. Anthony to conduct a comprehen- <br /> sive market potential analysis for the redevelopment of the Apache Mall site and the Sal- <br /> vation Army camp in St. Anthony, Minnesota. The study includes an analysis of growth <br /> trends and demographic characteristics and the impact of these trends on the housing, <br /> ■ retail and office markets in St. Anthony. The research also includes an analysis of current <br /> market conditions and the existing supply of housing, retail and office space in the market <br /> ■ area. The market area varies for each type of use, but generally includes northeast <br /> Minneapolis, northwest St. Paul, Falcon Heights, Roseville, New Brighton, Columbia <br /> ■ Heights, and Fridley (the draw area is larg- <br /> est for office and smallest for retail). <br /> Housing Demand: a strong housing market <br /> St.Anthony Housing Market Area <br /> exists in the Twin Cities and within the St. <br /> ■ Anthony housing market area characterized <br /> by rapid price escalation and a shortening of <br /> Hmn.Pn 'Mok� — <br /> ■ time that housing stays on the market. f, . <br /> ■ ■ A strong potential demand exists for <br /> r 50-60 high-amenity single family . I <br /> homes - but this demand would be <br /> likely reserved for the Salvation Army <br /> site editorial note: which is antici- . ` <br /> pated to become public parkland). <br /> ■ A strong market exists for a variety of # ' �- <br /> for-sale townhomes in the market <br /> ■ area, appealing to the entire age, W...,....d <br /> ■ lifestyle and income spectrum. Pro- <br /> jected demand could equal 250-310 <br /> units. <br /> Apartment vacancy rates are very low, with rapidly rising rents, indicating a pent <br /> up demand for additional rental units. New market rate apartments command <br /> ■ high rents that attract 'lifestyle' renters who rent out of choice and not obligation. <br /> Projected demand could equal 290-355 units. <br /> ■ <br /> Demand is very strong for a variety of The Study Area Could Accommodate a Combination <br /> ■ independent senior housing types. of the Following uses: <br /> Projected demand could equal 230- Housing <br /> 280 units. single-family homes 50-60 units <br /> for-sale townhomes 250-310 units <br /> ■ market rate apartment 290-355 units <br /> ■ market rate seniors 230-280 units <br /> Office 145,000-235,000 sq.ft. <br /> ■ Retail 75,000 sq.ft. <br /> ■ �e <br /> ■ Northwest Quadrant Redevelopment / .1• Page <br /> ■ <br /> ■ <br />