The vendor is required to provide that independent market study services to developing its preliminary layouts and designs and securing preliminary financing.
-Conducting a market study and analysis for residential and commercial spaces in and around county, similar.
-The grove, to use to apply for funding through the transportation infrastructure finance and innovation act among others.
-The primary intended user of the study is the build bureau.
-The grove and its development team were selected by corporation, through a competitive process, from a field of eleven competitive developers, to redevelop its former public safety building as a new multi-family housing and commercial community.
-The grove will complement an existing and adjacent new 65-unit complex, with excellent management and services, for individuals previously unhoused.
-It is surrounded by a thriving-and-growing mix of luxury apartments, condominiums, restaurants, class b/c apartments, and service businesses.
-The market study must gather data and analyze the local market relative to the grove and its residential and commercial units. specifically, the market study must:
•Estimate the number of renter households, retail businesses, commercial businesses with sufficient incomes to afford the type of rents/leases proposed at present, as well as any expected changes in rental demand in the foreseeable future.
•Include in its scope county and its metropolitan statistical area.
•Identify and discuss any risks associated with longer-term changes in rental demand.
•Estimate the number of units that the market could reasonably absorb over a specified forecast
period, which is typically 3 years, taking into consideration competitive units in the existing inventory, units currently under construction, and units in the planning pipeline, as well as the gross and contract rents of those units.
•Propose a range for the cost of the study.
•Propose a timeline for the study.
•All studies should designate the build bureau as an intended user, along with potential lender and sponsor developer.
•The build bureau must approve of the prospective market analyst – successful proposer -- prior to the commencement of the market study.
•A market study is completed prior to the engagement of the bureau being engaged; the bureau will accept the market study as is subject to the remaining requirement conditions being met.
-Contract Period/Term: 3 years