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EXECUTIVE SUMMARY <br /> 1. Dramatic household growth in Hugo and the surrounding communities. <br /> The City of Hugo is projected to add approximately 4,600 households between 2000 and <br /> 2010. These households will want a variety of housing options, ranging from single- <br /> family homes to various multifamily housing product types. Many will be attracted to <br /> housing in close proximity to services and in a pedestrian-oriented neighborhood, as en- <br /> visioned in the Downtown Redevelopment Plan. <br /> In addition, new households in the City of Hugo and surrounding communities will in- <br /> crease demand for retail goods and services, thereby increasing the need for commercial <br /> space in Hugo. <br /> This growth represents an opportunity for Downtown Hugo, bringing new households in <br /> the area and new businesses to serve these households. <br /> 2. The availability of better commercial sites nearer to Interstate 35E. <br /> Demand for commercial space—both office and retail space—in the City of Hugo and <br /> surrounding communities will be strong. However, there is a good deal of undeveloped <br /> land available near the intersection of County Road 14 and Interstate 35E to accommo- <br /> date this demand. Downtown Hugo may present a second-best alternative for many busi- <br /> nesses looking for commercial space in the area. <br /> While this fact represents a liability for Downtown Hugo, commercial development can <br /> still thrive in Downtown Hugo, as long as an appropriate amount of commercial space is <br /> developed,the right types of users are targeted, and lease rates are appropriate given <br /> Downtown's location. In order to be competitive, lease rates in Downtown Hugo will <br /> have be lower than higher profile sites along Interstate 35E. <br /> MA`CFIELD RESEARCH INC. 2 <br />