2006.02.21 EDA Packet - Laserfiche WebLink

Home

EXECUTIVE SUMMARY start at $325,000, or about $165 to $200 per square foot. Pricing for detached townhomes, which are typically smaller in size (1,400 to 2,000 square feet), should start at $250,000, or about $150 to $165 per square foot. ► Twinhomes and Main-Level-Living Styled Townhomes—We find demand for between 49 and 58 townhome units in Downtown Hugo in the first phase. We recommend building about one-third of these units (between 16 and 20) as twinhome or main-level-living town- homes. These units typically start at $250,000, or between $120 and $180 per square foot. Units are typically between 1,600 and 2,200 square feet. ► Side-by-Side Townhomes and Back-to-Back, Entry-Level Townhomes—We recommend that two-thirds of the townhome units be side-by-side and back-to-back townhome units— between 32 and 40 units. Typically, back-to-back units are priced more modestly—starting at $175,000, or $120 per square foot. Back-to-back units range in size from 1,200 to 1,700 square feet. Pricing for side-by-side units should start at $190,000, or $120 per square foot. Sizes are typically between 1,200 to 2,000 square feet. Phase II—2010 to 2015 ► Single-Family Homes—We find demand for 38 to 75 units of single-family homes in Down- town Hugo between 2010 and 2015. We recognize that there may not be land to develop such housing after the first phase. ► Townhomes—We find demand for between 176 and 207 townhome units in Downtown Hugo over the period. As with the single-family, we recognize that there may not be land available to develop such housing over this period. ► For-Sale Independent Senior Housing—For-sale senior housing, either age-restricted con- dominiums and townhomes or cooperatives, has become a growing trend in senior housing in the last few years. Through our demand estimates, we find demand for about 70 units of for-sale senior housing in Downtown Hugo. We do not recommend the development of an age-restricted for-sale project and a general-occupancy for-sale project at the same time. ► Condominium—If an age-restricted, for-sale senior project is not built, we recommend considering a general-occupancy condominium building with 50 to 70 units. ► Rental Apartment—Based on our demand calculations, we recommend building 25 to 32 rental units in the second phase. We recommend considering two options for the rental housing, either a single affordable rental building or mixed-use buildings with rental units above retail. MAXFIELD RESEARCH INC. 4