6A3 - Laserfiche WebLink

Home Browse Search

Scope of Services and Fee Estimate An Analysis of Residential Market Potential Downtown South Bend City of South Bend, St. Joseph County, Indiana January 7, 2013 {lofts /apartments }, single - family attached {rowhouses /townhouses /live- workl, single - family detached). PHASE THREE: CONCLUSIONS AND RECOMMENDATIONS TASK 3.1— DETERMINATION OF OPTIMUM MARKET POSITION Target market data and supply -side data, as well as existing conditions, constraints and opportunities will be correlated and analyzed in order to determine the optimum market position for Downtown South Bend. Market recommendations will include: • Housing types appropriate within the Downtown; • Sizes and configurations of units preferred by the potential market; • General price ranges (for ownership units); • General rent ranges (for rental units); and • Annual market capture by value (price and rent) range, over five years (absorption forecasts). Market capture is based on Zimmerman /Volk Associates' capture rate methodology within the context of the market performance of relevant existing properties in the market area. The target market capture rate is derived by dividing the annual forecast absorption by the number of households that have the potential to move to the area in a given year. These housing type - specific capture rates are within the parameters required for feasible development. TASK 3.2— PROGRAMS AND POLICIES, AND IMPLEMENTATION STRATEGIES Based on experience in comparable circumstances in cities across the country, and an understanding of the barriers to urban development and redevelopment, Zimmerman /Volk Associates will recommend principles and strategies, programs and policies relevant to Downtown South Bend for effective implementation of the recommendations. PHASE FOUR: PUBLICATION AND PRESENTATION OF FINDINGS TASK 4.1— PUBLICATION Page 5 The complete study, including text and all appendices, will be provided in print- compatible Adobe Portable Document File (.pdf) format for unlimited reproduction of the study. TASK 4.2— PRESENTATION OF FINDINGS A principal of Zimmerman/Volk Associates will present the findings of the analysis, using PowerPoint, at meetings to take place on a specified date after completion of the study. In addition to city representatives /stakeholders, this presentation can be made to a variety of stakeholders, including political figures, bankers, the local press, real estate personnel and other interested parties. ZIMMERMANNOLK ASSOCIATES, INC.