Residential and Retail Market Study
The City of Central Falls
Central Falls, RI
General Information:
The City of Central Falls (City) has issued a Request for Proposals (RFP), for the preparation of a Residential and Retail Market Study that incorporates Target Market Analysis (TMA) methodologies for use in underwriting, planning, and development activities, with the goal of helping the community understand the current market potential and need for various housing types and appropriate retail in the City of Central Falls. The analysis will look at trends and potentials at the metropolitan and city levels. This analysis of the broader will provide a foundation in which the more localized analyses will be nest.
In addition, the analysis will include the type and number of housing units and retail spaces that could be supported by markets within the targeted areas, ideal locations for development, specific amenities to include in designs, and absorption rate and period estimates. The purpose of the analysis is to not only provide housing and retail related information that is specific and applicable to Central Falls, but also captures community development information that supports:
- Redevelopment of distressed areas
- Improved stability and density of urban areas
- Creation of vibrant and walkable communities
- Increased economic activity along commercial corridors
Project Objectives:
- Produce a target market analysis that identifies the market potential for newly introduced or existing market-rate housing and retail units to be leased or sold as well as the need for affordable housing in the City of Central Falls;
- Provide the foundation that community partners within each city can use to create shared community development plans and mutual goals;
- Identify opportunities for public/private collaborative ventures that will lead to focused community investment and sustainable development.
Scope of Work:
The City of Central Falls seeks to have a market study produced that incorporates target market analysis (TMA) methodologies for use in planning and underwriting projects that support neighborhood stabilization, revitalization and growth using new urbanism/placemaking approaches. The analysis will look at trends and the potential for housing development and redevelopment in the City of Central Falls.
The TMA shall include, but not be limited to, the following:
I. Executive Summary
- Type and number of units that could be developed under the placemaking approach
- Locations where this type of development should see maximum success
- Building types, floor plans, and amenities
- Size and composition of the target market for project type(s)
- An estimate of absorption rate and period
- Identification of any major impediments to this type of development
II. Methodology/Process
- Description of the steps and methodology used to prepare the analysis
- Description of the process used to actively engage community stakeholders in the TMA that informs at both the City and neighborhood level
III. Study Area Description
- A map of the study area showing major transportation routes, important places, neighborhoods, and other basic geographic information will be provided by City staff
- Current population and household counts, with five-year estimates and a description of the pattern of population and household change since the 2010 Census
- Currently employment figures with a breakdown of industries and occupations in the area.
- Current housing conditions that describe:
- The mix of owner and rental households in the area including
- A map showing the locations of rental housing projects in the study area
- A map showing recent sales of single-family housing in the area
- Building types currently in the area
- Contract rents being received in the market by existing projects
- Amenities offered by existing project
- Vacancy rates at existing projects
- Prices of for-sale housing offered in the area
- Amenities included in for-sale housing in the area
- The mix of owner and rental households in the area including
IV. Placemaking Features
- A listing and description of the placemaking attributes and amenities in the study area
- A description of the successes of these efforts in increasing population or economic activity (e.g. increased commercial occupancy rates, foot/bike traffic, housing construction)
- A description of transportation networks and linkages in the study area, including:
- Major transportation corridors and development efforts around them
- Locations that exhibit high levels of walkability or bike-ability
- Existing public transportation opportunities
V. Target Market Analysis
- Based on the information in the previous sections, identify the target market for a project(s) using placemaking principles, including:
- A narrative about commuting and migration patterns into and out of the study area.
- A description of the likely types of households that would be attracted to housing developed with placemaking principles – their demographics, employment profile, economic situation and housing preferences.
- A defensible tie between migration patterns and the size of the immigrating target market.
- Given the estimate of the target market and description of current housing conditions, provide a "gap analysis" that provides an estimated range of how much new product (using placemaking principles) will be demanded by the target market.
VI. New Housing Attributes
- A description of locations within the study area most conducive to placemaking developments
- A description of building type(s) that would result in maximum capture of the target market demand.
- A listing of amenities that would provide maximum capture of potential target demand
- A listing of amenities needed for maximum need for maximum capture of potential target market demand
- A listing of price points that would be most successful with target market households.
VII. Development Impediments
- Identify existing economic, physical, and/social impediments to development guided by placemaking principles.
VIII. Conclusion
- A statement of the general findings of the study, including other issues not identified in the scope of work but deemed important by the analyst.
You can find the Full RFP at: http://www.centralfallsri.us/purchasing