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Ms. Rachel Juba, Planner July 28, 2013 <br /> City of Hugo Page 5 <br /> C. Recommend an appropriate hotel concept to be considered for the site, including num- <br /> ber of rooms, room types, rates,features/amenities,and project average daily oc- <br /> cupancy rate. <br /> d. Estimate the period of time it will take to reach stabilized occupancy. <br /> V. Residential Market Analysis <br /> A. Review and refine if necessary the draw area for multifamily housing in Hugo. <br /> B. Assess locations in the Downtown appropriate for in-fill housing development. <br /> C. Identify areas challenging to redevelop. <br /> D. Update and analyze data on growth trends and patterns in the Market Area. <br /> 1. Population and household growth trends through 2020. <br /> 2. Employment growth trends through 2020. <br /> 3. Age distribution of the population through 2020. <br /> 4. Household income by age of householder in 2013 and 2018. <br /> 5. Household tenure (owner/renter) in 2000 and 2010. <br /> 6. Household type in 2000 and 2010. <br /> E. Collect information on the average value trends for single-family homes and for-sale <br /> multifamily units in the Market Area, and overall rents/vacancies of rental housing. <br /> F. Collect information on competitive for-sale multifamily housing in the Market Area <br /> (projects that are actively marketing or were recently developed), including infor- <br /> mation on year built, number of units, pricing, market positioning, etc. Collect in- <br /> formation on newer rental housing (including senior housing), including year built, <br /> number of units, unit mix, sizes and rents, vacancies, market positioning, etc. <br /> G. Interview real estate agents and rental property owners and managers regarding the <br /> types of housing needed, image of the Downtown as an attractive residential loca- <br /> tion, and types and amenities necessary to attract residents to various types of <br /> housing products in the Downtown. <br /> H. Quantify the potential demand through 2020 for housing in the Downtown, includ- <br /> ing for-sale, rental, and senior housing. Identify unmet market niches and the ability <br /> to attract different market segments to housing in the Downtown. <br /> I. Identify general housing concepts that would be appropriate. <br /> 1. Identify housing priorities. <br /> 2. Examine the potential synergies between the various development compo- <br /> nents in the Downtown. <br /> VI. Strategic Plan Development and Implementation Guide <br /> 1. With information gathered in the update analysis, develop a next steps strategic <br /> plan for the Downtown. Identify the following: <br /> a. Key locations for new development <br /> b. Types of development most appropriate in the short-term <br /> C. Challenges to overcome for certain types of development <br /> d. Recommendations regarding marketing and promotion efforts <br /> e. Developer recommendations <br /> MAXFIELD RESEARCH INC. <br />