Downtown Residential strategy meeting

CRA and Downtown Residential Market Potential – Updated Report Presentation

At its regular meeting on Monday, October 20, 2008, the Community Redevelopment Agency will have a presentation on the update to the CRA and Downtown Residential Market Potential Study.

The meeting will take place at 3:15 p.m. in the Hagler Mason Conference Room on the Second Floor of Pensacola City Hall.

Ms. Laurie Volk of Zimmerman/Volk Associates, Inc. (ZVA) will present the findings of this update to the study originally conducted by ZVA in 2004 to develop a market position analysis of market-rate residential development in Downtown Pensacola. In light of the area’s residential market since Hurricanes Ivan and Dennis as well as the current constrained market, ZVA re-evaluated the following:

· Where the potential renters and buyers for new housing units in Downtown Pensacola and in the Study Area are likely to move from (the draw areas);

· Who currently lives in the draw areas and what they are like (the target markets);

· How many have the potential to move to the Downtown and to the Study Area if appropriate housing units were to be made available (depth and breadth of the market);

· What their housing preferences are in aggregate (rental or ownership, multi-family or single-family);

· What their alternatives are (new construction or existing housing stock in Downtown Pensacola and in the Study Area and in nearby areas of Escambia County);

· What they will pay to live in Downtown Pensacola and in the Study Area (market-rate rents and prices); and

· How quickly they will rent or purchase the new units (absorption forecasts over the next five years).

A copy of ZVA’s Executive Summary and Full Report for 2008 can be accessed via the following link