Laserfiche WebLink
IV. MARKET OPPORTUNITIES <br /> The potential for use of Transfer of Development Rights (TDR) is related to the overall <br /> demand for development. A TDR program is successful when the demand for residential <br /> development is high relative to the land capacity at base densities. This section provides <br /> a review of current and likely future market conditions as a basis for identifying <br /> particular types of residential development that would be candidates for application of a <br /> TDR program, and identifying the market parameters that will affect the feasibility of <br /> potential projects. Various development prototypes are evaluated for feasibility in <br /> Section VI. <br /> The primary use of interest is multifamily residential. Multifamily residential projects <br /> may include commercial components (retail and office) in a mixed-use configuration. <br /> Thus retail and office market conditions are considered in this analysis as well. For all <br /> uses, the focus is on the type and location of what has been developed recently and what <br /> is likely to be developed in the future. This section concludes with a discussion of the <br /> market for land and development sites in the City. <br /> MULTIFAMILY RESIDENTIAL MARKET <br /> OPPORTUNITIES <br /> The residential market includes both units for sale and for rent. The multifamily for-sale <br /> market was severely affected by the recent recession. Lenders, developers, and consumer <br /> have all lost confidence in this product for the foreseeable future. While the <br /> condominium market will undoubtedly recover to some extent in the future, apartments <br /> are the focus of the analysis in this study. <br /> MULTIFAMILY TRENDS <br /> Residential development activity can be summarized using building permit data. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY MARKET OPPORTUNITIES ANALYSIS <br /> PROPERTY COUNSELORS PAGE 20 <br />