City Council Agenda and Packet 2013 05 07 - PG 113 - ATTACHMENT #4

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Economic and Market Assessment City of Louisville, CO Of course, a number of factors could come into play that effect residential absorption in the years to come. Population projections are based in large part on recent trends, and Louisville's population remained relatively static over the last decade, although the population increases in neighboring jurisdictions was fairly robust. It can be reasonably concluded, based on information and observations, that Louisville's population growth has been constrained primarily through the lack of housing development opportunities combined with the nationwide downturn in the residential market. Conclusions As stated, the likely key drivers in Louisville's housing boomlet are two significant residential/mixed use projects north of South Boulder Road, on either side of Highway 42: North End development, a 74-acre neighborhood on the east side of Highway 42, just north of Louisville Plaza, and; Steel Ranch development, a 60-acre neighborhood located on the west side of Highway 42 between Baseline and South Boulder Roads. When completed, North End will total 492 residential units comprising single family homes, townhouses and condominiums, as well as 43,700 feet of commercial space. Homes are priced in the $300,000 to $500,000 range. The 286-residential unit Steel Ranch project will feature a mix of single family homes, townhouses, condominiums, and patio homes ranging in price from $325,000 to $510,000. The development also calls for 60,000 square feet of commercial space along Colorado 42. In addition to the aforementioned projects, a plan has been proposed for the old Safeway site on E. South Boulder Road, which calls for 111 high-end apartments, 25,000 square feet of grocery space and 8,000 square feet of ancillary retail space. Although Louisville's residential development opportunities will continue to be constrained by the scarcity of developable land, and attendant, the market could be enhanced by rezoning and redevelopment of hoc underutilized properties (as is being done in the South r - Boulder Road area), and the -- ' application of more flexible - y zoning in areas that have . some undeveloped land - inventory, such as Centennial Valley Business Park, if the City so desires. Activities in the past 18 months have demonstrated Rendering of plan to redevelop Safeway site on E. South Boulder Rd. Source: The Mulhern Group evident demand for residential in Louisville, even with the relatively high price points that characterize the market. 33