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4—#xfield <br /> Research Inc. <br /> July 28, 2013 <br /> Ms. Rachel Juba <br /> Planner <br /> City of Hugo <br /> 14669 Fitzgerald Avenue North <br /> Hugo, MN 55038 <br /> Dear Ms.Juba: <br /> Thank you for requesting Maxfield Research Inc.to submit a proposal to complete an update <br /> market analysis for development in Downtown Hugo. As we understand, the City would like to <br /> understand the current market potential for various types of residential and commercial uses in <br /> the Downtown area and what has changed since the previous study which was completed in <br /> December 2005. <br /> The attached proposal outlines a work program to complete an update assessment of growth <br /> trends and current market conditions for general occupancy and senior housing, retail and of- <br /> fice space and lodging in the Downtown and identify specific product types that have market <br /> support along with a suggested timeframe for development. Specific characteristics of this as- <br /> sessment include: <br /> • Review of infrastructure projects completed for Downtown Hugo; <br /> • Impact of the economic downturn and its effect on redevelopment and new develop- <br /> ment; <br /> • Analysis of current mix of uses in the Downtown and a review the City's current business <br /> development and retention program. <br /> • Assessment of the ability to support specific uses in the Downtown including additional <br /> restaurants and lodging; <br /> • Recommendations for short-term and long-term development of various real estate <br /> segments; <br /> • Recommendations for an action plan to achieve goals. <br /> The analysis will provide: 1) updated demand calculations for real estate market components <br /> including general occupancy and senior housing (for-sale and rental), office and retail space (in- <br /> cluding restaurants) and lodging; 2) types of products/space in each component that would be <br /> most appropriate for Downtown Hugo 3) strategic plan for City's next steps, 4) projected devel- <br /> opment timeframes, and 5) synergies among various types of development in the Downtown <br /> and the immediate surrounding area. <br /> 612-338-0012 (fax)612-904-7979 <br /> 1221 Nicollet Avenue S. Suite 218,Minneapolis,MN 55403 <br /> www.maxfieldresearch.com <br />