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EXECUTIVE SUMMARY <br /> Introduction <br /> Maxfield Research Inc. was engaged by the City of Hugo to conduct an analysis of the market <br /> potential for the redevelopment of Hugo's Downtown. Our research includes an analysis of the <br /> demographic characteristics and growth trends in the Hugo area, and of the existing supply of <br /> and market conditions for housing, retail, and office in the area. Based on this data, we quantify <br /> demand for additional housing units, retail space, and office space through 2015 in Downtown <br /> Hugo. Our demand calculations and recommendations are intended to serve as a guide in <br /> developing a strategic plan for the Downtown. <br /> Downtown Overview <br /> Hugo is a suburban community of approximately 10,000 people located on the northeastern <br /> fringe of the Twin Cities Metro Area. Hugo is starting to see significant growth because of <br /> demand for new housing and its supply ofdevelopable land. But the City and its Downtown <br /> still retain a rural feel. <br /> Dramatic growth in the next ten years will drive demand for housing, office, and retail in <br /> Downtown. Between 2000 and 2010, Hugo is projected to add approximately 12,000 people <br /> and 4,500 households. These figures represent a population growth of 190%and a house- <br /> hold growth of 215%. <br /> Downtown Hugo is approximately ten blocks along Forest Boulevard (Highway 61) which <br /> runs at a slight angle from south to north through the city. Historically, the Downtown, like <br /> downtowns in many other small communities, contained businesses that serviced the sur- <br /> rounding agricultural economy. The small town character of Hugo's Downtown remains to- <br /> day, despite the fact that Hugo is transforming into a rapidly growing suburban community. <br /> Downtown strengths include: <br /> o Existing Downtown Infrastructure; <br /> o Adjacent Residential Base; <br /> o Adjacent Business Parks; <br /> o Traffic Volume (Visibility); <br /> o Existing Downtown Draws; and <br /> o Room to Expand. <br /> Downtown weaknesses include: <br /> o Lack of Larger"Supporting Retail"; <br /> o Access to Surrounding Communities; and <br /> o Absence of Downtown Draws. <br /> Two critical factors will drive demand for housing, retail, and office uses in Downtown Hugo, <br /> and will affect the types of uses that will be feasible in the area. <br /> MAXFIELD RESEARCH INC. I <br />