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Minutes 05-10-01 (2)CITY COMMISSION/COMMUNITY REDEVELOPMENT AGENCY/PLANNING & DEVELOPMENT BOARD WORKSHOP OVERVIEW OF APARTMENT HOUSING IN BOYNTON BEACH LIBRARY PROGRAM ROOM, CITY OF BOYNTON BEACH MAY 10, 2001, 6:30 P.M. PRESENT Gerald Broening, Mayor Ron Weiland, Vice Mayor Mike Ferguson, Commissioner Charlie Fisher, Commissioner ALSO PRESENT Quintus Greene, Development Director Mike Rumpf, Planning & Zoning Director Janet Prainito, City Clerk At 6:30 p.m., Mr. Quintus Greene, Director of Development for the City of Boynton Beach, welcomed the City Commission, the Community Redevelopment Agency, the Planning and Development Board, and all the interested members of the public who came to hear about apartments ih the City of Boynton Beach. Mr. Greene went on to say that this was a part of an ongoing dialogue regarding the nature and future of multi- family development in Boynton Beach. Mr. Greene introduced Development staff members Hanna Matras and Dick Hudson who would be giving the audience some background and analyses of the issue. He hoped this would answer many of the questions concerning multi-family development in Boynton Beach. At the end of the meeting it. was hoped everyone would have a better idea of where the City was and where everyone might want it to be on this issue. Ms. Hanna Matras gave a comprehensive analysis of apartment housing in the area including who lived in apartments, what new apartments were like, what factors might contribute to growth of apartment housing, the local impacts of apartment housing, and the apartment market in Palm Beach County in general and Boynton Beach in particular. Do we have too many apartments? According to Ms. Matras, if you look at the market, the answer is no. It was generally agreed that the number of apartments in any given City was market-driven. Mr. Dick Hudson spoke of the future of apartment development and stated that it would be gated by the availability of land that could be developed by right for multi-family dwellings. This type of land made up 16% of the total available land in the City. He referred to a study that had been done in June of 2000 that showed that all of the land with high density residential land use designation and a corresponding R-3 zoning, which allows 10.8 dwelling units per acre, had approved development plans. In two of them, there were vacant parcels that could be developed. There were other lands that did not have high-use density residential designations on them that could conceivably have some apartment units developed on them and Mr. Hudson proceeded to delineate which properties were potentially available and their current land use designations and zoning classifications. The presentation given by Ms. Matras and Mr. Hudson is attached to these minutes and a copy may be obtained at the City Clerk's office. Meeting Minutes Overview of Apartment Housing Boynton Beach, Florida May 10, 2001 A summary of the presentation follows: Rental development responds to market forces influenced by factors such as demographics, incomes and preferred lifestyles on the demand side and by supply factors such as land availability and location. Demand for rental housing is still high as indicated by Iow vacancy rates - about 3% in the greater Boynton Beach market area. At the infancy of Boynton's downtown, bringing high-density housing is imperative to its future success, and whether that housing is rental or owner-occupied is not for the City to regulate. Although fewer and fewer acres are available for lower density residential development, both vacant lots and lots that will likely be turned from mobile home and agricultural uses exist for single-family home development in the future. The supply of land available for additional multi-family residential development is also extremely limited. Any conversion of land to multi- family development will require land use amendments and rezoning, which must be reviewed and approved by the City Commission. Apartment owners do pay property taxes. These taxes are higher than those paid by fee-simple residential properties since there is no homestead exemption and no ceiling on assessment increases (the Property Appraiser's Office codifies these properties as commercial). Large residential properties will have added some $140M to the City's tax base over the next few years. In addition, while the net fiscal impact is likely to be negative for all moderately priced residential properties, it will probably be positive for more u pscale apartment properties. Questions & Answers Commissioner Fisher asked staff to provide the City Commission with a once-a-year report on the trend in apartment vacancy rates. He also asked that staff include such information as the number of bedrooms on a project for example, so they could take that into consideration in their decisions. Mr. Bressner thought that a new development template could be devised that would include such key data. Ms. Matras said her department noted the request and would discuss ways and means of doing this. Mr. Bob Ensler of the Planning and Development Board noted that Boynton Beach had roughly twice as many apartments as surrounding cities and was concerned about the balance between apartments, single-family, and all types of development in the City. The general consensus of staff was that this was a market-driven issue. Mr. Hudson replied that there was an extremely small amount of land on which any further apartments could be built by right. Meeting Minutes Overview of Apartment Housing Boynton Beach, Flodda May 10, 2001 Mr. Maurice Rosenstock of the Planning and Development Board thought the survey should include information related to commercial developments. He wanted to know how much of the land that was now zoned residential could be converted to some type of commercial use? He wondered how the City Commission should look at the remaining acres of land in the City in its entirety, not including the land that could potentially be brought in, to see what the basis would be to develop that? Should the City start seeking higher-priced homes in the $1M range along the Intracoastal, or should they put a commercial center in that area so the people would have shopping areas? He wanted to see an overall goal or policy set by the City, Mr. Rosenstock wanted to have some means of monitoring the cost of services and, generally, the financial impact of projects--a comparison of how much per square foot was required for infrastructure on a commercial versus a residential or high-density use? Mr. Rosenstock thought the City Commission needed this information to make well-informed decisions on development issues. Mr. Finkelstein of the Community Redevelopment Agency echoed this thought, saying that if a land use zoning on a parcel changed from "X" to "Y", what would the impact be on City services and revenues? Ms. Matras said that the County had an assessment that she could make available to the participants in this meeting that dealt with the general idea of long-term demand for commercial and industrial land. Mr. Rumpf believed that Mr. Rosenstock was looking for a Citywide land use plan. Mr. Bressner stated that the City had already started doing this with the different Corridor studies that were underway such as the Federal Highway, Martin Luther King and others. Mr. Bressner also thought that a Corridor Study on Congress Avenue would be necessary. In general, Ms. Matras said that the infrastructure costs pertained to the fiscal impact modeling issue. If the City had such a tool, it would tell the City the cost of services and general economic impact on the City of land development. If such a model were set up, it would list properties with their uses but that such models were very expensive. Mr. Rosenstock suggested using one from another, similar city, with similar demographics as Boynton Beach. Ms. Matras had spoken to several cities about this and the results were negative. The cities felt the information was very specific to their city and they were not anxious to share the information. She said that the budget structures of cities were very, very different. Ms. Matras commented that about 49% of the General Fund revenues came from real estate taxes. Because the revenue structures are different between cities the comparisons do not mean much. There are too many variables between cities. Mr. Greene remarked that the City of Arlington, Texas had a Fiscal Impact Model and it had cost $25K. A single family home had to be valued at $140,000 in order to carry its own weight in terms of the taxes it paid versus the services it required. Commissioner Fisher asked if there were an economic downturn, was the City better off to have rentals or single family residential or condos? Ms. Matras responded that conventional wisdom would dictate renting rather than buying in such a climate. Commissioner Fisher asked if the current apartments they were building could be 3 Meeting Minutes Overview of Apartment Housing Boynton Beach, Florida May10,2001 converted from apartments into condominiums and the answer was that if the zoning were correct, that they could. Mr. Bressner felt that attention needed to be paid during site plan review to the issue of convertibility Mr. Mike Fitzpatrick of the Planning and Development Board expressed concern about the lower-end apartment buildings in the City and whether the City had taken into account the impact of the renters on City facilities such as schools and roads? Ms. Matras responded to the perception that renters were not active in the community saying that in her surveys, she had found that participation in the community was evenly split between owners and renters. Mr. Rumpf replied that the question had to do with the cost of services versus the infrastructure required for support of the renters. He did not believe that the City should throw out the Comprehensive Plan and increase the densities across the board. He said that the majority of the roads, schools and infrastructure were already present. He said that the growth would be incredible in the next ten to twenty years and Boynton Beach needed to accept a lot of that. He referred to attempts on the part of other communities to keep the population static and how their claims had been found unconstitutional. Mr. Hudson responded to Mr. Fitzpatrick's question by saying that apartments did not impact the schools as much as single-family residences. A member of the public spoke of the need to keep all buildings attractive, retaining the natural plantings. She believed that being environmentally sensitive would attract more people to the City than impervious parking lots and palm trees. Mayor Broening said that 49% of the City's General Fund came from ad valorem property taxes and while that was a good thing, the trend was very fiat. He informed the gathering that out of the 40% of people who have residential property and pay property taxes, fully 30% pay $200 or less a year and would continue to do so, considering the Save our Homes tax and the Homestead Exemption. So, when he looked at a piece of commercial property, which is what an apartment is, he considered the 30% of the present 40% who pay little or nothing and said, where else is the City going to get its money? He said he would listen to qualified developers. The City was now looking for ways to get the money to adequately and competitively pay its police officers. Mayor Broening expressed appreciation to the presenters and believed the market would tell the City where to go. He said he would use developers as the primary way the City could improve its tax base. He thought the City should do whatever was necessary, while preserving its quality of life. He pointed out that Boynton Beach is an urban area and essentially built out. He thought that density was one of the very few incentives the City had to offer to people who wanted to come in and build. Mr. Bressner said that one of the reasons for bringing the three groups together at this meeting was so that they could discuss issues of mutual concern in a roundtable discussion format. He solicited suggestions for future topics, saying that this format could be a way for the three groups to share information and set directions on areas that were important to each of them individually. He thought it would be of benefit to have the Community Redevelopment Agency, the Planning and Development Board, and the City Commission to come together periodically to discuss issues of broad concern to the 4 Meeting Minutes Overview of Apartment Housing Boynton Beach, Florida May 10, 2001 City. Mr. Bressner envisioned issues relative to Comprehensive Plan Amendments that affected the entire City, and how the different Corridor plans would affect all three Boards. Mr. Bressner spoke of all that he had learned as a result of this meeting. He had gotten some ideas about how staff could package information to the respective Boards to assist them to make the correct decisions about approving, disapproving, or modifying development proposals as they came before the respective Boards. Mr. Bressner wanted the dialogue to continue. He thanked everyone for coming to the meeting. The meeting duly adjourned at 8:15 p.m. ATTEST: Recording Secretary (1 tape) Commissioner APARTMENT HOU$'rNG: AN OVERV'rEw WHO LIVES 'tN APARTMENT HOUSING 'tN THE U.S.? · Percentage of all households who rent: 32.8% (2000), as compared to 3415% in 1980 and 36% in 1990 (ownership rates climbed in 1990's, fueled by good economy and Iow mortgage rates) · Percentage of households living in apartment properties with 5 or more units: 15% · Median age of householder in apartment housing: 38 years · The most representative household type: single female (25%) · The most representative household size: one-person households (47%) · Median income of "market rate" renters: $23,000 in all apartments, $31,500 in new apartments · Number of motor vehicles per household: 1.0 (apartments); 1.8 (total population) · Proportion of adults who say that a single family detached house is their preferred housing choice has declined, from 80% in 1992 to 73% in 1996 THREE RENTAL HOUSINg, MARKETS "Affordable": provides housing to those incapable of owning "Lifestyle": fills the demand of renters-by-choice Middle, residual: meets the needs of transient population groups FAST ~Row'rNG LtFES'I-YLE MARKET WHO ARE RENTERS-BY-CHOICE? · Household who can afford to buy and may haVe previously been homeowners: 31% have incomes above $33,220; their median income in 1997 was $48.928 · Largely single-person households or married couples without children (69%) · About 87% are age 25 or old~r · Renters-by-choice are increasing: between 1998 and 1999, the fastest growing segment of apartment renters were those making $50.000 or more a year (11.6%). In 1990s, they remained in the apartment market despite low interest rates conducive to homeownership. NEW MARKET-RATE APARTMENTS · Have many attractive amenities, both as unit characteristics (private garages, nine-foot ceilings, private alarm systems, computer workstations) and as community amenities (resident gardens, nature trails, mini movie theaters, gyms, business centers etc) · Are bigger: an average of 1,105 square feet in 1999 versus 922 in 1985 · Are run'by increasin~l ~ V professional and specialized companies -.? FUTURE TRENDS WHAT FACTORS MAY CONTRTBUTE TO GROWTH OF: APARTMENT HOUS'rNG? · Growth of 20-29 age group (after 10 years of decline), the key age group for apartment residency · Growth of one-person households of all ages, traditionally attracted to apartment living · Retiring baby-boomers · High labor mobility in the "new" economy, requiring flexibihty in living arrangements (the counter-trend is "long-distance" job arrangements, but first factor may be stronger) · Elimination (for a majority of people) of homeowners' capital gains tax · Investment options with higher returns (than homeownership) · Further development of the "smart growth" le~slature (boundaries on "green" development, subsequent land price increases and resulting incentives to develop at higher densities) · Revitalization of downtown (downtown housing essential to overall success) · Increasing traffic and congestion problems, contributing to reemergence of downtown as a desirable residential option LOCAL INtPACTS OF APARTNtENT HOUSING · Property taxes: apartment owners do pay property taxes, and often at higher commercial rates than single-family homes. In Florida, the ratio of effective tax rate (based on market value of the property) of apartments to effective tax rate of single- family homes is 1.8. · Total economic impact: research indicates that the ongoing, annual effect of 100 new apartments in a local economy is 46 local jobs, $308,000 in local taxes and fees and $1.8 million in local wages and business receipts. · Traffic and congestion: apartment households generate 30% to 49% fewer Cehicle trips than single-family units · School overcrowding: fewer apartment households have school-aged children than households residing in single-family homes (36 per 100 apartments versus 63 for single- family homes) · Local infrastructure costs: apartments make more efficient use of existing infrastructure; the per unit cost of providing pu~.lic services decreases as the density of development increases · Labor mobility: in tight labo{ markets, apartment housing offers flexibility that is important to local employers · Values of:nearby sin.~le-family properties: research (National Association of Home Builders, 1987-1995) indicated that in communities included in the study, single-family detached homes located near multifamily communities appreciated at roughly the same rate as those not near apartment property (3.12% versus 3.19%) APARTNtENT NtAP. KET: PALNt BEACH COUNTY Generally, South Florida apartment markets reflects major nationwide trends in terms of growth of the lifestyle (upscale) markets. Like in other communities nationwide, this growth has been very pronounced in South Florida downtowns, which have been revitalized within the last decade or are currently undergoing revitalization. Wolf Economic Research estimates that apartment demand for 2001-2005 period in Palm Beach county will be approximately 5072 units per year; the number for the greater Boynton Beach market area is about 620 units per year. Within the Boynton Beach submarket area, it is estimated that planned rental apartment communities absorbed about 20% of household growth that occurred in the 1990-1999 period. Vacancy rates remain low in the area: 3.5% in the county and 3% in the Boynton Beach market area. However, 5332 units were in construction and nearing completion in the county by the end of 2000, a sharp increase from 1999, with only 1973 units. The majority of the new units are class A (the highest standard) properties. This large addition to the rental' stock is likely to make rents in class A properties more competitive. · What is the future of the local apartment markets? - Population and job growth are the two main factors in apartment demand. The Census 2000 population figures indicate that population growth for the City of Boynton Beach as well as for the entire county has been underestimated. Population projections - not yet adjusted for Census' results - show a growth rate somewhat lower'than that of the last decade, but still significant. In terms of e~onomic expansion, the growth of the non-agricultural employment in the county made it #5 nationwide. Growth wiil likely slow down to reflect the current situation in the national economy, but a slower economy may not have a significant negative impact on rental market. Smart growth, Eastward-Ho! initiatives will likely limit westward expansion. Redevelopment in thd areas east of 1-95 (downtowns, Federal Highway corridor) will continue to create opportunities for high density housing, including rental developments. Housing is vital to downtown viability. Specialized apartment developers will continue to provide higher income renter households with attractive project- and unit amenities, making apartment living ever more appealing. High occupancy rates, rents and housing prices in the Boca Raton and Delray markets, together with its central location, makes Boynton Beach an attractive community to consider for all residential developments. Summa y Points · Boynton is not unique with respect to local and national rental demand and construction. Rental development responds to market forces influenced by factors such as demographics, incomes and preferred lifestyles on the demand side and by supply factors such as land availability and location. At the infancy of Boynton's downtown, bringing high-density housing is imperative to its future success - and whether that housing is rental or owner-occupied is not for the city to regulate. Although fewer and .fewer acres are available for lower density residential development, both vacant lots and lots that will likely be turned from mobile home and agricultural uses exist for single-family home development in the future. The supply of land available for additional multi-family residential development is also extremely limited - any conversion of land to multi-family development will require land use amendments and rezonings which must be reviewed and approved by the City Commission. AREAS APARTMENT VACANCY RATES IN PALM BEACH COUNTY Buildings 18-Months Old or Older MAY 2000 # of units surveyed # of vacant units % vacan Areas 1, lA & 2: Jupiter, Palm Beach Gardens Area 4: West Palm Beach (West) Area 5: West Palm Beach (East) krea 8: Lake Worth Area 9: Greenacres/Wellington Areas 11 & 12: Boynton Beach/Boynton Beach East Area 13: Delray Beach Areas 14 & 15: East Boca Raton Areas 16 & 17: Central Boca Raton/West Boca Raton 3,247 129 4.0% 5,385 338 6.3% 2,074 78 3.8% 1,967 51 2.6% 2,162 110 5.1% 5,573 257 4.6% 2,322 47 2.0% 1,239 34 2.7% 6,314 239 3.8% TOTAL PALM BEACH COUNTY 30,283 1,283 4.2% By summer of 2000, South Florida joined the list of occupancy leaders in the U.S., next to traditionally tight markets. Surveys of Palm Beach County apartments since May 2000 showed the following _results: TOTAL PALM BEACH COUNTY November, 2000 30,029 1,109 February, 2001 32,172 1,134 3.7% 3.5% --.Source: Sample survey of apartment units in developments 18 or more months old by Reinhold P. Wolff Economic Research Inc. L ,AREAS MONTHLY APARTMENT RENTS IN PALM BEACH COUNTY BY AREA AND TYPE OF APARTMENT MAY 2000 unit type # of units in sample average monthly rent Areas 1, lA & 2: Jupiter, Palm Beach Gardens Area 4: West Palm Beach (West) ~,rea 5: West Palm Beach (East) Area 8: Lake Worth Area 9: Greenacres/Wellington Areas 11 & 12: Boynton Beach/Boynton Beach East Area 13: Delray Beach Areas 14 & 15: East Boca Raton Areas 16 & 17: Central Boca Raton/West Boca Raton TOTAL PALM BEACH COUNTY I bdr 914 $ 701 2 bdr 2,074 $ 840 3 bdr 259 $1,065 1 bdt 1,953 $ 741 2 bdr 3,142 $ 849 3 bdr 290 $1,062 1 bdr 881 $ 577 2 bdr 859 $ 682 3 bdr 292 $ 761 1 bdr 794 $ 605 2 bdr 1,058 $ 717 3 bdr 97 $ 685 1 bdr 448 $ 666 2 bdr 1,454 $ 785 3 bdr 254 $1,042 1 bdr 1,671 $ 758 2 bdr 3,345 $ 876 3 bdr 561 -$1,037 1 bdr 548 $ 870 2 bdr 1,346 $1,055 3 bdr 428 $1,239 1 bdr 420 $ 896 2 bdr 620 $1,541 3 bdr 175 $ 2,097 I bdr 2,195 $ 811 2 bdr 3,095 $1,063 3 bdr 1,012 $1,337 All apts 30,320 $ 885 Efficiency 115 $ 541 I bdr 9,824 $ 741 2 bdr 16,993 $ 912 3 bdr 3,368 $1,178 4 bdr 20 $1,968 ,ource: Sample survey of apartment units in developments :18 or more months old by Reinhold P. Wolff Economic Research Inc. New Rental Developments Gateway Club Apts Grotto Bay @ Bermuda Place on the Intracoastal Gables Palma Vista JeffersOn @ (;amino Real Vacant Land for DevelOpment Legend ~de Streets Parcels 2000 Water Source: Palm Beach County GIS Digital Data '2000 2-Palmland Villas .c~'~ ~a,m ..~ co,.W no.~ ~oo L~e~ndend l-Christian Vlltas Date: May 0~, 2001 4.-High PJdge C~.C. ~ S-Palm Beach Groves Future Land Use Distribution by Acres 2000 LAND USE DESIGNATION Total By Category Percent Low Density (4.82 u/a) 3f916.97 Mod Density (7.62 u/a) lf538.02 Ned. Density (9.68 u/a) 34:1.43 High Density (10.8 u/a) :1~098.12 6~894.54 67% Office 243.34 Local Retail :1,042.74 General 35.56 1,321.64 13% :Industrial 972.39I 972.39I 9% Agricultural 49.77I 49.77I 0% Recreation 732.0:1 I '732.01I 7% Public/Private Institutions 299.63 I 299.63 I 3% Total I 10,269.98I I 100% · Based on EAR · *Based on annexations and Comp Plan amendments ,x r APARTMENT HOUSING: AN. OVERVIEW • WHO LIVES IN APARTMENT HOUSING IN THE U.S.? • Percentage of all households who rent: 32.8% (2000), as compared to 34.5% in 1980 and 36% in 1990 (ownership rates climbed in 1990's, fueled by good economy and low mortgage rates) • Percentage of households living in apartment properties with 5 or more units: 15% • Median age of householder in apaitment housing: 38 years. • The most representative household type: single female (25%) • The most representative household size: one-person households (47%) • Median income of "market rate"renters: $23,000 in all apartments, $31,500 in new apartments • Number of motor vehicles per household: 1.0 (apartments); 1.8 (total population) • Proportion of adults who say that a single family detached house is their preferred housing choice has declined, from 80% in 1992 to 73% in 1996 THREE RENTAL HOUSING MARKETS • "Affordable": provides housing to those incapable of owning • "Lifestyle": fills the demand of renters-by-choice •• Middle, residual: meets the needs of transient population groups FAST GROWING LIFESTYLE MARKET WHO ARE RENTERS-BY-CHOICE? • Household who can afford to buy and may have previously been homeowners: 31% have incomes above $33,220; their median income in 1997 was $48,928 • Largely single-person households or married couples without children (69%) About 87% are age 25 or older • Renters-by-choice are increasing: between 1998 and 1999, the fastest growing segment of apartment renters were those making $50,000 or more a year (11.6% ). In 1990s, they remained in the apartment market despite low interest rates conducive to homeownership. NEW MARKET-RATE APARTMENTS • Have many attractive amenities, both as unit characteristics (private garages, nine-foot ceilings, private alarm systems, computer workstations) and as community amenities (resident gardens, nature trails, mini movie theaters, gyms, business centers etc) • Are bigger: an average of 1,105 square feet in 1999 versus 922 in 1985 • Are run by increasingly professional and specialized companies --b' . • FUTURE TRENDS WHAT FACTORS MAY CONTRIBUTE TO GROWTH OF APARTMENT HOUSING? • Growth of 20-29 age group (after 10 years of decline), the key age group for apartment residency • Growth of one-person households of all ages, traditionally attracted to apartment living • Retiring baby-boomers • High labor mobility in the "new" economy, requiring flexibility in living arrangements (the counter-trend is "long-distance"job arrangements, but first factor may be stronger) • Elimination(for a majority of people) of homeowners' capital gains tax • Investment options with higher returns (than homeownership) • Further development of the "smart growth" legislature (boundaries on"green" development, subsequent land price increases and resulting incentives to develop at higher densities) • Revitalization of downtown(downtown housing essential to overall success) • Increasing traffic and congestion problems, contributing to reemergence of downtown as a desirable residential option LOCAL IMPACTS OF APARTMENT HOUSING • Property taxes: apartment owners do pay property taxes,and often at higher commercial rates than single-family homes. In Florida, the ratio of effective tax rate (based on market value of the property) of apartments to effective tax rate of single- family homes is 1.8. • Total economic impact: research indicates that the ongoing, annual effect of 100 new apartments in a local economy is 46 local jobs, $308,000 in local taxes and fees and $1.8 million in local wages and business receipts. - • Traffic and congestion: apartment households generate 30%to 49% fewer vehicle trips than single-family units _ • School overcrowding: fewer apartment households have school-aged children than households residing in single-family homes (36 per 100 apartments versus 63 for single- family homes) • Local infrastructure costs: apartments make more efficient use of existing infrastructure; the per unit cost of providing public services decreases as the density of development increases • Labor mobility: in tight labor markets, apartment housing offers flexibility that is important to local employers • Values of nearby single-family properties: research (National Association of Home Builders, 1987-1995) indicated that in communities included in the study, single-family detached homes located near multifamily communities appreciated at roughly the same rate as those not near apartment property(3.12% versus 3.19%) 2 L ' APARTMENT MARKET: PALM BEACH COUNTY • Generally, South Florida apartment markets reflects major nationwide trends in terms of growth of the lifestyle (upscale) markets. Like in other communities nationwide, this growth has been very pronounced in South Florida downtowns, which have been revitalized within the last decade or are currently undergoing revitalization. • Wolf Economic Research estimates that apartment demand for 2001-2005 period in Palm Beach county will be approximately 5072 units per year; the number for the greater Boynton Beach market area is about 620 units per year. • Within the Boynton Beach submarket area, it is estimated that planned rental apartment communities absorbed about 20% of household growth that occurred in the 1990-1999 period. • Vacancy rates remain low in the area: 3.5% in the county and 3% in the Boynton Beach market area. However, 5332 units were in construction and nearing completion in the county by the end of 2000, a sharp increase from 1999, with only 1973 units. The majority of the new units are class A (the highest standard) properties. This large addition to the rental stock is likely to make rents in class A properties more competitive. • What is the future of the local apartment markets? • -Population and job growth are the two main factors in apartment demand. The Census 2000 population figures indicate that population growth for the City of Boynton Beach as well as for the entire county has been underestimated. Population projections—not yet adjusted for Census' results - show a growth rate somewhat lower than that of the last decade, but still significant. In terms of economic expansion, the growth of the non-agricultural employment in the county made it#5 nationwide. Growth will likely slow down to reflect the current situation in the national economy,but a slower economy may not have a significant negative impact on rental market. - Smart growth, Eastward-Ho! initiatives will likely limit westward expansion. Redevelopment in the areas east of I-95 (downtowns, Federal Highway corridor) will continue to create opportunities for high density housing, including rental developments. Housing is vital to downtown viability. - Specialized apartment developers will continue to provide higher income renter households with attractive project- and unit amenities, making apartment living ever more appealing. IHigh occupancy rates, rents and housing prices in the Boca Raton and Delray markets, together with its central location, makes Boynton Beach an attractive community to consider for all residential developments. 3 1 . IISummary Points • Boynton is not unique with respect to local and national rental demand and construction. • Rental development responds to market forces influenced by factors such as demographics, incomes and preferred lifestyles on the demand side and by supply factors such as land availability and location. • At the infancy of Boynton's downtown, bringing high-density - - I . housing is imperative to its future success - and whether that housing is rental or owner-occupied is not for the city to regulate. • Although fewer and fewer acres are available for lower density residential development, both vacant lots and lots that will likely be turned from mobile home and agricultural uses exist for single-family home development in the future. • The supply of land available for additional multi-family residential development is also extremely limited - any conversion of land to multi-family development will require land use amendments and rezonings which must be reviewed and approved by the City Commission. 4 . . ,. . . NEW REN �. ~_ HOUSING �� IN BOYNTON BEACH 11111111. .. - ' NMI Projects recently completed,under construction,approved or in the approval process _ _ ' — Location UnitsS�tms Rent Type — . COMPLETED built $�5 � b�-�1�0��� Intracoastal,US1at180 apartments��no�m�� aka Banyan Cove south of Lake Street • apartments built $850 (1 bd�-$1,250 (3bU� Belmont VVmdbdgh�ondKn�hRd. 192 aka Th*Ham�mnuatBB.Tara Oaks . built $895 (i bdh'�1 325(3bd� ' Sandalwoodand 304 apartments � u . Via LuganoDr. aka Melear Congress Ave . ' built �745)(1 bdr) �1 O15 (3bd� SW0h548 apartments . [��b(esatBoynton ��anhStreet • . aka VVoo�r�NPlace,V��gmatB8 • SUBTOTAL 1284 . APPROVED • Tuscany on the lhtracoastalUS 1 and 23 rd St 286 apartments approved estimated$1.15 per sq ft akà Bay Vista (Golf Rd.) , approved est.�850�bdr '$1.20O �bd� Alta Chase SVV8UuSUVVooUohg|dRd 216 apartments , . N�� rk 272 apartments approved' �iUasanQuentumLeha OuantumPa aka Grotto Bay • ved *u� �853(1bd�-�12VO (3hdd US1andO|dDi�e 312 apm�mento mppm � . ViUade|Go| Highway • MarinaN/ Casa Loma Bhd . 229 apartments pp \ 'SUBTOTAL 1315 . PROPOSED/ PENDING -4 Quantum � 228 apartmentsDFUamondnd03X)O N�^ Bermuda PlacePark SUBTOTAL 228 ' � � ` APARTMENT VACANCY RATES IN PALM BEACH COUNTY Buildings 18-Months Old or Older MAY 2000 AREAS #of units surveyed #of vacant units %vacant Areas 1, 1A&2: Jupiter, Palm Beach Gardens 3,247 129 4.0% Area 4: West Palm Beach (West) - 5,385 338 6.3% Area 5: West Palm Beach (East) 2,074 78 3.8% Area 8: Lake Worth 1,967 51 2.6% Area 9: Greenacres/Wellington 2,162 110 5.1% Areas 11 & 12: Boynton Beach/Boynton Beach East 5,573 257 . 4.6% Area 13: Delray Beach 2,322 47 2.0% Areas 14 & 15: East Boca Raton 1,239 34 2.7% . .' reas 16 & 17: Central Boca Raton/West Boca Raton 6,314 239 3.8% OTAL PALM BEACH COUNTY 30,283 1,283 . . 4.2% By summer of 2000, South Florida joined the list of occupancy leaders in the U.S., next to traditionally tight markets. Surveys of Palm Beach County apartments since May 2000 showed the following results: TOTAL PALM BEACH COUNTY November, 2000 30,029 1,109 3.7% February, 2001 32,172 1,134 3.5% E urce:Sample survey of apartment units in developments 18 or more months old by Reinhold P.Wolff Economic Research, Inc. MONTHLY APARTMENT RENTS IN PALM BEACH COUNTY BY AREA AND TYPE OF APARTMENT MAY 2000 AREAS unit type #of units in sample average monthly rent Areas 1, 1A&2: Jupiter, Palm Beach Gardens 1 bdr 914 $ 701 2 bdr 2,074 $ 840 3 bdr 259 $ 1,065 Area 4: West Palm Beach (West) 1 bdr 1,953 $ 741 2 bdr 3,142 $ 849 3 bdr 290 $ 1,062 Area 5: West Palm Beach (East) 1 bdr 881 $ 577 2 bdr 859 $ 682 3 bdr 292 $ 761 Area 8: Lake Worth 1 bdr 794 $ 605 2bdr 1,058 $ 717 3 bdr 97 $ 685 Area 9: Greenacres/Wellington • 1 bdr 448 $ 666 2 bdr 1,454 $ 785 '"f 3 bdr 254 $ 1,042 reas 11 & 12: Boynton Beach/Boynton Beach East 1 bdr 1,671 $ 758 2 bdr 3,345 $ 876 3 bdr 561 $ 1,037 Area 13: Delray Beach 1 bdr 548 _ $ 870 2 bdr 1,346 $ 1,055 3 bdr 428 $ 1,239 Areas 14 & 15: East Boca Raton 1 bdr 420 $896 2 bdr 620 $ 1,541 3 bdr 175 $ 2,097 Areas 16 & 17: Central Boca Raton/WestBoca Raton 1 bdr 2,195 $ 811 2 bdr 3,095 $ 1,063 3 bdr 1,012 $ 1,337 TOTAL PALM BEACH COUNTY All apts 30,320 $885 Efficiency 115 $ 541 1 bdr 9,824 $ 741 2 bdr 16,993 $'912 3 bdr 3,368 $ 1,178 4 bdr 20 $ 1,968 ource:Sample survey of apartment units in developments 18 or more months old by Reinhold P.Wolff Economic Research Inc. • New Rental Developments - .c",`_ =c-P; 1-la+i" �'��':i. - ,II,1 . n I s.�;a, 'r t Y _ ova . •_y— • �t..,4s,;1'1•44,4•-•V, • �" rlttr �1: EOM/ Jl i._ • r--I �, ?"• *1•''''''.4:: "`I I intra "f.':-, '3,��. ,t'",.�c„t ,g''e1i. �' �^ _ i �a Coral Lake Apts. _ � .421k'-'7=-'S'' 11 1• err nw+�Y .�^i — ?"7"a 1—� w t x 11 4€.:;i: F n✓ •I've - +-r `33 LM• `,tl't. I_ �•`.',,1•,_00- -:,_ •=� :--';'7,---L__:_` I—.- ?--i 'f-71 .•,,-/, - O t 1 I ` �`.:,,�Y �[„ " s W. • 1. j 1 ' IIS Ii -:l ,• ) - - a` ;1•12..„:- , Y J� /.z..-,, ;,-_-=.7-_-_.--,-;=-_,-- 9 - .4:,•1'4,,I. Y + tet, t F', r+ ='�.I-j<-c ,_3�; _ o'� - Manna Bay yv,�. `'-' _ �_� r Hypoluxo Cove „. ° I 0'd et-71:7�l-+�y � Afiltif- [�-".Cs + � � •� lt� 1 -��I�. I==.'�I'� '"" J' Y v.P �`4 'x' •IT ; ,....., ,,,,,, 1.-;-;77.-7---v---... ; • : ,-:,' ; ii.1_1,,Ot---I --,-,-;,] . •.,..- l" ,':•,,,,t-Irr,. .,-i..,.;,t,,,,,,,,,,..s.•::,•,,%.,1}-,4,.„,,,,,,,,,,,,,tv„.,.• 11 !/:`\-- 7!��: 1` Gateway Club AptsG ��37 _ - -� .11 ` �� s ''ya § Rib �� - .,44-e err.Via Lugano—,III t' I� �� _I. �,�✓' ,� �: ar. e� Manatee Ba �'r ri ; `�+�p Q - `v -J Ja-�_-_ Tom,• ,' (•,— t- '� 3 a,f_V;+id a i, , �, r - ' _, a `a t.!'4 - � 7,c;cr,.;-�!i Thi ! .d ® i y Grotto BayBermuda Placa P " �x :ur.T- .. , '1 ._.,••��,- FII ( = J�®I wi MarinaProject!.;:ro l ,'�'9'n lIII11-�`-t t Al' fi o4y (+ .2Fh . ,.4`0.'-'---" Belmont at Boynton Beach ' '1 s1 "'� r t i"�v'a.>, t}�1 C _L y '---. 1'4.--1 1 I�b I.. 771 ____—'---1-7,_11-r-, —�� � .a ffA.StiIP- Y I I I�,--., J I U=).:u,• h'r r Tuscany on the Intracoastal �; " my ® �:I [f), 1 r 4 Alta Chase I�-�1-1 3. r v. ,t 1, fin.•: }y�+^ J t / ` -,r, ■_— •-,~I�P .� ,-rr f Y+.RY3 '?� ;. g 9 l ` rig...-,,,,‘,,:.,,,,,,,,,,,,,p,,,,,....,,,,,,,,-pAC _ 1,11 • � ": i m��`� =� ct ='v-' /, - ■ � • �� I ' I�;_I tr `3+` , Fountains at Delray Beach `� r � �, m = I ameron-a •pts II ,- ; 4J -- /4 ' Worthington Place �� '3uisa„,011' I I ' , c ▪ = ,C 0 I u L r-1,-r(it 0`_'l 1F_' '-= .•- �.,.�? ,,qs:F, k.�, 4,, k•" (� 1 % 1•- l t,, � ♦.—.L moi.^r—.. 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' I .,- , !!..,5',7,t,A.,„,,"i'-!!0'1P', A•0!,VW!,..,,,,,4*L4rd,.. — _.•=j;.--s-,----•)---- l' ..--.:-.:,., , , ' •,--- -,--,,,,,:-.,.;....,-----,--,------- --------, 1,,, I 1=---•,' ,.,,,,,,,,---.,,,4,:,,,,,,,,,,,,,,,Z,i41., ,,, Legend , Source:Palm Beach County GIS Di eital Data'2000 1-ChristianVillas Leglina 2-Palmland Villas po, Copynght Palm Beath Carty Florida. .... 1-1 ,A 3- ' Side Streets I A4tliii / y CitBoundary • Al RIghts Reserved..SutLi ject to a cense Agreement Land Klatt Property -7 Major Roads Date:M3y 08,2001 4-High Ridge C.C.. --,, 5-Palm Beach Groves ' ' ' Parcels 2000 . 6-Knoliwood Groves 0 e ' . - ..... 5-- ___ __.----- ,,...--•_ .=::-Water d \ •, Future Land Use Distribution by Acres 2000 LAND USE DESIGNATION Total By Category Percent Low Density (4.82 u/a) 3,916.97 Mod Density (7.62 u/a) 1,538.02 Med.Density (9.68 u/a) 341.43 High Density (10.8 u/a) 1,098.12 6,894.54 67% Office 243.34 Local Retail 1,042.74 General 35.56 1,321.64 13% Industrial 972.39 972.39 9% Agricultural 49.77 49.77 0% Recreation 732.01 732.01 7% Public/Private Institutions 299.63 299.63 3% Total 10,269.98 100% * Based on EAR **Based on annexations and Comp Plan amendments