PSA - Zimmerman-Volk Associates, Inc. - Housing Market Study

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SCOPE OF SERVICES AND IEEE ESTIMATE An Analysis of Residential Market Potential City of South Bend, St. Joseph County, Indiana August 9, 2017 (revisedl INTRODUCTION___ Page 2 This document outlines the scope of work designed to establish the depth and breadth of the potential market for new housing units, added through new construction and/or the adaptive re -use of existing non-residential structures, within the City of South Bend, St. Joseph County, Indiana and within several target areas within the city (see Map and Legend following this page). For this analysis, Zimmerman/Volk Associates, Inc. will research and evaluate market activity and geo-demographic data relating to the St. Joseph County, the City of South Bend and the target neighborhoods. The determination of the market potential for new and existing dwelling units in the city and the study area neighborhoods will be based on the housing preferences and economic capabilities of target households, the existing conditions and characteristics of the study area neighborhoods within the city, as well as the development objectives of the client. The scope of services will determine: • Geographic areas for analysis: the study areas (the City of South Bend and selected neighborhoods); the draw areas (where the potential renters and buyers of new and existing housing units in the City of South Bend are likely to move from); and the South Bend market area (the housing market context; relevant existing rental and for -sale housing units that represent alternatives to new housing in the city). • Target markets. Who currently lives in the draw areas and what they are like, and who would be likely to move within or to South Bend and to the study area neighborhoods. • Market potential. How many are likely to move within or to South Bend and to the study area neighborhoods if appropriate housing units were to be made available (depth and breadth of the market). • Optimum residential mix. What the housing preferences are in aggregate (rental or ownership, multi -family or single-family, by income) of the target markets for new housing in South Bend and the study area neighborhoods. • Absorption forecasts. How many, and what type of new dwelling units can be leased or sold within the city in general and the study area neighborhoods in specific over the next five years. ZI AMERMANNOLK ASSOCIATES, INC.