View Appendices - River City Company

139 Pages·2014·4.08 MB·English

Downtown Chattanooga Study
HHousiing, RRettaiill, andd OOffffiice MMarkkett OOpporttuniittiies
Prepared for River City Company | Chattanooga, TN | January 15, 2014
Robert Charles Lesser & Co. Real Estate Advisors | rclco.com
Appendix: Supporting Exhibits
RIVER CITY COMPANY

LIST OF EXHIBITS

I. CONTEXT
Exhibit I-1 Potential Opportunity Sites for Development; Downtown Chattanooga, TN; September 2013

Exhibit I-2 Median Household Income; Hamilton County, TN; 2012

Exhibit I-3 Median Home Value; Hamilton County, TN; 2013
Exhibit I-4 Total Households; Hamilton County, TN; 2012
Exhibit I-5 Population Aged 18-35 Per Block Group Hamilton County, TN; 2012
Exhibit I-6 Population Aged 18-35 Per Acre; Hamilton County, TN; 2012

Exhibit I-7 Job Density; Hamilton County, TN; 2012
Exhibit I-8 Historical Annual Household Growth by Block Group; Hamilton County, TN; 2000 – 2010
Exhibit I-9 Historical Annual Household Growth Per Acre; Hamilton County, TN; 2000 – 2010
Exhibit I-10 Major Anchors and Institutions; Downtown Chattanooga, TN; September 2013
Exhibit I-11 Top Employers by Full-Time Employees; Downtown Chattanooga, TN; September 2013
Exhibit I-12 Top Local Employers Outside of Downtown; Chattanooga Region; 2013
Exhibit I-13 Study Area District Map; Downtown Chattanooga, TN; September 2013
Exhibit I-14 Current Land Use Map; Riverfront District, Chattanooga; September 2013
Exhibit I-15 Current Land Use Map; City Center District, Chattanooga; September 2013
Exhibit I-16 Current Land Use Map; Westside District, Chattanooga; September 2013
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Exhibit I-17 Current Land Use Map; UTC District, Chattanooga; September 2013
Exhibit I-18 Current Land Use Map; MLK District, Chattanooga; September 2013
Exhibit I-19 Current Land Use Map; Southside District, Chattanooga; September 2013
Exhibit I-20 Current Land Use Map; Highland Park District, Chattanooga; September 2013

II. ECONOMICS AN D DEMOGRAPHICS

Exhibit II-1 Household Growth; Chattanooga, TN MSA; 1980 – 2030
Exhibit II-2 Projected Population Growth by Age Group; Hamilton County, TN; 2010 – 2026
Exhibit II-3 Annual Employment Growth; Chattanooga, TN MSA; 1980 – 2030

Exhibit II-4A Age of Householder by Income; Chattanooga, TN MSA; 2012

Exhibit II-4B Age of Householder by Income; Chattanooga, TN MSA; 2017
Exhibit II-5A Age of Householder by Income; 5-Mile Radius of Downtown; 2012
Exhibit II-5B Age of Householder by Income; 5-Mile Radius of Downtown; 2017
Exhibit II-6 Employment by Sector; Chattanooga, TN MSA; 2008 – 2012
Exhibit II-7 Employment by Sector as a Percentage of Total Employment; City Center District, Chattanooga, TN;
September 2013

III. RESIDENTIAL MARKET
Exhibit III-1 Residential Building Permits and Percent Multifamily; Chattanooga, TN MSA; 2001 – 2013 YTD
Exhibit III-2 City Capture of Hamilton County and MSA Total Residential Building Permits; Chattanooga, TN MSA;
2001 – 2013 YTD
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Exhibit III-3 REIS Apartment Submarket Map; Chattanooga, TN; September 2013
Exhibit III-4 Rental Apartment Completions and Net Absorption; Central, North, and South Submarkets; Chattanooga,
TN; 2000 – 2012
Exhibit III-5 Apartment Asking Rent; Central, North, and South Submarkets; Chattanooga, TN; 2000 – 2012
Exhibit III-6 Apartment Asking Rent Percent Growth; Central, North, and South Submarkets; Chattanooga, TN;

2000 – 2012

Exhibit III-7 Rental Apartment Inventory (Units); Central, North, and South Submarkets; Chattanooga, TN;

2000 – 2012
Exhibit III-8 Rental Apartment Vacancy; Central, North, and South Submarkets; Chattanooga, TN; 2000 – 2012
Exhibit III-9 Map of New Class A Apartment Rental Properties; Hamilton County, TN (Excluding Downtown);
September 2013

Exhibit III-10 New Class A Apartment Rental Properties; Hamilton County, TN; September 2013

Exhibit III-11 Map of Selected Apartment Rental Properties; Downtown Vicinity, Chattanooga, TN; September 2013
Exhibit III-12 Selected Apartment Rental Properties; Downtown Chattanooga, TN; September 2013
Exhibit III-13 Planned and Proposed Apartment Rental Properties; Chattanooga, TN MSA; September 2013
Exhibit III-14 University of Tennessee – Chattanooga Student Housing Rates; UTC Campus; September 2013
Exhibit III-15 University of Tennessee – Chattanooga On-Campus Student Housing Locations; UTC Campus;
September 2013
Exhibit III-16 Historical Residential Sales (Existing Homes); Hamilton County, TN; 2006 – 2012
Exhibit III-17 Historical Residential Sales (New Construction); Hamilton County, TN; 2006 – 2012
Exhibit III-18 Map of Actively Selling Communities (SFD); Chattanooga, TN; September 2013
Exhibit III-19 Summary of Actively Selling Communities (SFD); Chattanooga, TN; September 2013
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Exhibit III-20 Map of Actively Selling Communities (Attached and Multifamily); Chattanooga, TN; September 2013
Exhibit III-21A Summary of Actively Selling Communities (Townhome & Multifamily); Chattanooga, TN; September 2013
Exhibit III-21B Summary of Actively Selling Communities Near Downtown; Chattanooga, TN; September 2013
Exhibit III-22 Price-to-Size Relationship of Actively Selling Homes by Product Type; Chattanooga, TN; September 2013

IV. RESIDENTIAL D EMAND

Exhibit IV-1 RCLCO Residential Recommendations Matrix by Districts; Downtown Chattanooga Study Area;
September 2013
Exhibit IV-2 RCLCO Residential Recommendations by Price Point and Annual Sales; Downtown Chattanooga Study
Area; September 2013

Exhibit IV-3 Summary of Annual City Downtown Residential Demand by Affordability and Generation; Downtown

Chattanooga Study Area; September 2013

Exhibit IV-4 University of Tennessee Chattanooga Student Housing Demand; Downtown Chattanooga, TN;
2013 – 2024
Exhibit IV-5 Existing Residential Conditions – Demonstrated Behavior for Households in Turnover; Chattanooga, TN
MSA; September 2013
Exhibit IV-6 Future Residential Demand; By Stated Neighborhood Type Preference of Households in Turnover;
Chattanooga, TN MSA; September 2013
Exhibit IV-7 Future Residential Demand; By Stated Neighborhood Type Preference of Net New Households;
Chattanooga, TN MSA; September 2013
Exhibit IV-8 Summary of Annual Demand by Location Preference; Comparison of Demand Under Existing Conditions
to Stated Neighborhood Preference; Chattanooga, TN MSA; September 2013
Exhibit IV-9 Annual Household Demand by Income and Product Type; City Downtown Location Preference and
Reported Preference (NAR); Downtown Chattanooga, TN; 2013 – 2022
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Exhibit IV-10 Annual Household Demand by Income and Product Type; City Downtown Location Preference and
Demonstrated Preference (Census); Downtown Chattanooga, TN; 2013
Exhibit IV-11 Map of Residential Demand Geographies; Hamilton County, City Downtown Chattanooga, TN;
September 2013
Exhibit IV-12 NAR Survey Respondent Location Preferences – Southeast vs. United States; Southeast and United
States; 2011

Exhibit IV-13 Stated vs. Demonstrated Location Preference; Chattanooga, TN; September 2013

V. RETAIL
Exhibit V-1 Primary Retail Submarkets and Top Performing Centers; Chattanooga, TN MSA; September 2013
Exhibit V-2 Rental Building Area by Retail Type; Chattanooga, TN MSA; 2012 2Q

Exhibit V-3 Vacancy Rates by Retail Type; Chattanooga, TN MSA; 2008 – 2013 2Q

Exhibit V-4 Historical Asking Retail Lease Rates; Chattanooga, TN MSA; 2008 – 2013 2Q
Exhibit V-5 Net Absorption by Retail Type; Chattanooga, TN MSA; 2008 – 2013 2Q
Exhibit V-6 Historical Retail Net Absorption; Downtown Chattanooga Study Areas; 2008 – 2013 2Q
Exhibit V-7 Retail Rentable Building Area by District; Downtown Chattanooga Study Areas; 2013 2Q
Exhibit V-8 Retail Historical Asking Rent and Occupancy; Downtown Chattanooga Study Areas; 2007 – 2013 2Q
Exhibit V-9 Retail Rentable Building Area and Study Area Capture; Downtown Chattanooga Study Areas; 2013 2Q
Exhibit V-10 Map of Key Grocery/Pharmacy Tenants; Chattanooga, TN MSA; September 2013
Exhibit V-11 Map of Grocery Stores, 3-Mile Trade Areas Serving Downtown; Chattanooga, TN; September 2013
Exhibit V-12 Retail Leakage; Downtown Chattanooga Study Area; 2013
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Exhibit V-13 Summary of Statistical Retail Demand; Downtown Chattanooga Study Area; 2012 – 2022
Exhibit V-14 Retail Demand by Type of Retail; Downtown Chattanooga Study Area; September 2013
Exhibit V-15 Retail Demand by Consumer Market; Downtown Chattanooga Study Area; September 2013
Exhibit V-16 New Retail Space (SF) Demanded from Expenditure Growth; Downtown Chattanooga Study Area;
2012 – 2022

Exhibit V-17 5-Minute (PMA) and 15-Minute Drive (SMA) Time Map; Retail Demand Study Area; September 2013

Exhibit V-18 Retail Demand from Households in 5-Minute Drive Time Trade Area and Subject Site Capture; 5-Minute
Drive Time Trade Area; 2012 – 2022
Exhibit V-19 Retail Demand from Households in 15-Minute Drive Time Trade Area and Subject Site Capture;
15-Minute Drive Time Trade Area; 2012 – 2022
Exhibit V-20 Retail Demand from Employers and Subject Site Capture; Chattanooga Downtown; 2012 – 2022

Exhibit V-21 Estimated Retail Demand Potential from University Audiences; University of Tennessee Chattanooga;
2012 – 2022
Exhibit V-22 Estimated Retail Demand Potential from Downtown Visitors; Downtown Chattanooga Study Area;
2012 – 2022
Exhibit V-23 Retail Space; Riverfront District, Chattanooga; September 2013
Exhibit V-24 Retail Space; City Center District, Chattanooga; September 2013
Exhibit V-25 Retail Space; Westside District, Chattanooga; September 2013
Exhibit V-26 Retail Space; UTC District, Chattanooga; September 2013
Exhibit V-27 Retail Space; MLK District, Chattanooga; September 2013
Exhibit V-28 Retail Space; Southside District, Chattanooga; September 2013
Exhibit V-29 Retail Space; Highland Park District, Chattanooga; September 2013
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Exhibit V-30 Number of Households Required to Support Retail by Type; Downtown Chattanooga, TN;
September 2013
Exhibit V-31 Sensitivity of Retail Capture for SMA Households; Downtown Chattanooga, TN; September 2013

VI. OFFICE

Exhibit VI-1 Primary Office Submarkets and Top Performing Centers; Chattanooga, TN Submarkets; September 2013

Exhibit VI-2 Office R ental Rate, Vacancy, and RBA by Building Class; Chattanooga, TN MSA; 2008 – 2013 2Q
Exhibit VI-3 Office RBA by Submarket and Building Class; Chattanooga, TN MSA; 2013 2Q
Exhibit VI-4 Office Vacancy by Submarket and Building Class; Chattanooga, TN MSA; 2013 2Q
Exhibit VI-5 Office Asking Rents by Submarket and Building Class; Chattanooga, TN MSA; 2013 2Q

Exhibit VI-6 Annual Office Net Absorption; CBD, East, and Outlying Chattanooga Submarkets; 2007 – 2013 2Q

Exhibit VI-7 Office Leasing Activity by Area; CBD and Non-CBD Chattanooga, TN; 2007 – 2013 2Q
Exhibit VI-8 Vacancy Rate in All Office Buildings; CBD, East, and Outlying Chattanooga Submarkets; 2007 – 2013 2Q
Exhibit VI-9 Map of Office Buildings by Class; Downtown Chattanooga, TN; September 2013
Exhibit VI-10 Office Building Inventory by Class; Downtown Chattanooga, TN; 2013 2Q
Exhibit VI-11 The Next Generation of Creative Office Space; Local Chattanooga Examples; 2013
Exhibit VI-12 Planned and Proposed Office Buildings; Chattanooga, TN; September 2013
Exhibit VI-13 Projected Office Space Demand; City Center Chattanooga, TN; 2012 – 2024
Exhibit VI-14 Industry Location Quotient by Industry Clusters; Chattanooga as Subsector of Tennessee; 2001 – 2011

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VII. CASE STUDIES AND INCENTIVES
Exhibit VII-1 Key Demographic and Real Estate Market Variables Comparison; Chattanooga, TN; Pittsburgh, PA;
Nashville, TN; and Greenville, SC; 2013
Exhibit VII-2 Maps of Comparable Downtown Areas; Nashville, TN; Pittsburgh, PA; and Greenville, SC; 2013
Exhibit VII-3 Greenville Downtown Case Study; Greenville, SC; 2013

Exhibit VII-4 Pittsburg h Downtown Case Study; Pittsburgh, PA; 2013

Exhibit VII-5 Nashville Downtown Case Study; Nashville, TN; 2013

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