This just in from Ryan McCollum in the Office of Planning and Economic Development:
SPRINGFIELD (February 9, 2007) – The City of Springfield is set to announce the results of a major study concerning the financial feasibility of adding additional market-rate housing units in its downtown.
The City of Springfield recently engaged Zimmerman/Volk Associates, Inc. (ZVA) to perform a comprehensive study to identify the depth and breadth of the market in downtown Springfield for new market rate, non-subsidized, housing units—created both through conversion of existing buildings as well as new construction. This study examined the demand for both rental and condominium units in downtown Springfield.
ZVA has a national reputation for innovative market analysis based on its proprietary target market methodology. The company has done similar studies (PDF) throughout the country in both major and mid-sized cities, assisting communities in further cultivating the growing middle and upper class demographic seeking an urban living experience.
The company specializes in the analysis of compact and sustainable development; mixed-income, mixed-tenure redevelopment; mixed-use urban revitalization; traditional neighborhood developments; and integrated-use master-planned communities.
Zimmerman/Yolk is recognized by the leading practitioners of New Urbanism (PDF) as the national expert on the market feasibility of downtown communities.
Adding more market-rate housing units in the downtown was also an initiative endorsed by the Urban Land Institute who brought up the issue this past September in their public presentation.
ZVA will present the results ofthe study on Monday, February 12, to the Springfield Finance Control Board at their meeting at 11:00 AM at City Hall. Laurie Volk of ZVA will be available after the meeting for comments and questions.
