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Aeld <br /> Research Inc. <br /> 1 <br /> December 27,2005 <br /> Mr. Bryan Bear <br /> Community Development Director <br /> City of Hugo <br /> 14669 Fitzgerald Avenue North <br /> Hugo,Minnesota 55038 <br /> Dear Mr. Bear: <br /> Attached is a draft of the study entitled"An Analysis of the Market Potential for Housing, Retail, and <br /> Office Uses in Downtown Hugo, Minnesota." Our research includes a review of the demographic <br /> characteristics and growth trends in the Hugo area,and of the existing supply of and market conditions for <br /> housing,retail, and office space. <br /> Based on this analysis,we find that Downtown Hugo can support a variety of housing products and <br /> additional commercial space, consistent with uses outlined in the Downtown Redevelopment Plan. Our <br /> calculations show demand for 596 to 726 additional housing units through 2015,more than Downtown <br /> can likely accommodate with its available supply of land. Our calculations also indicate that the Down- <br /> town can support 145,500 additional square feet of retail space through 2015, and 30,900 to 37,775 <br /> additional square feet of office space through 2015. Detailed findings and recommendations for each land <br /> use can be found in the Conclusions and Recommendations section of the report. <br /> We have enjoyed performing this study and are available if you need additional information. <br /> Sincerely, <br /> MAXFIELD RESEARCH INC. <br /> Mary C. Bujold Grant Martin <br /> President Senior Research Analyst <br /> Matt Mullins <br /> Senior Research Analyst <br /> Attachment <br /> //Q <br /> 612-338-0012 <br /> 612-338-0012(fax)612-904-7979 / <br /> 615 First Avenue NE,Suite 400,Minneapolis,MN 55413 <br /> www.maxfieldresearch.com �� <br />