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January 30, 2004
To Whom It May Concern:
Attached is the
Market Analysis of Residential Market Potential completed by
Zimmerman/Volk Associates. The study determines the depth and breadth
of the potential market for market-rate housing units within the City of
Wyandotte, Downtown Wyandotte and the former McCord site/Waterfront site
between Perry Place and Clinton Street. The main body of the report
consists of 60 pages, and is supplemented by Appendix One (83 pages) and
Appendix Two (60 pages).
To summarize, the
total Target Market with potential to rent or purchase in the City of
Wyandotte is 2,980 households. In the Downtown area, the potential
housing market equals 890 new households. On an annual basis, the
Downtown should be able to support 119 new housing units a year for the
next five (5) years. A breakdown of the types of units and price ranges
is included in the study.
For the McCord site
and Waterfront site (which were combined for the purpose of the study),
the potential housing market equals 760 households to rent or purchase a
home. Excluding rentals, a market for 520 households exists. On an
annual basis, the combined site should be able to support 50 new housing
units a year for the next five (5) years. A breakdown of the types of
units and price ranges is detailed in the study.
I encourage you to
forward the report to any individual or firm with an interest in
developing residential property in the City of Wyandotte. Please
contact me if you have any questions concerning the report.
Joseph M. Voszatka
Community Development
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