It is estimated that over $250MM will be invested in the River District over the next 5-10 years.
Drivers of Urban, Walkable Communities
housing Trends are changing
75% of new housing delivered between now and 2030 will be rental to meet demand. In 2005, 63% of housing was single family homes, however single family homes will be increasingly less desired.
83% of US homes will have no children by 2030. 63% will have one person.
62% of millennials prefer to live in urban, mixed-use communities where they can be close to shops, restaurants and offices – and they are driving less.
Seniors moving to the top 53 metro areas has grown 11% avg. over past decade. Some areas are seeing up to 20% growth. Active seniors may be the new millennial.
Elkhart's Need for Workforce Development
Elkhart is fundamentally an entrepreneurial, industrial-based community. Manufacturing technologies are forcing greater cost and labor efficiencies with advanced industry solutions. How do we attract a skilled workforce that will sustain our future?
We will attract workforce by creating a place where people want to live.
We are turning away potential workforce.
40,000 commuters work, yet don’t live in Elkhart.
Unemployment rate is less than 3% - below the national average.
8,000-9,000 jobs reported available in Elkhart County.
The greatest demand is for medium-skilled knowledge workers - just like every other city. How do we compete?
Less than 10 market-rate for-rent units are available on average per MLS. This is not enough to attract the workforce we need.
Where do we house a future workforce?
Elkhart Residential Market Potential Analysis Supports Development of Nearly 1,000 New Housing Units in Downtown Elkhart Over Next 5 Years
September 2017, Zimmerman/Volk Associates completed a residential market potential analysis for RDIT. This analysis has found that, from the market perspective, over a five-year timeframe 680 to 880 rental and for-sale housing units can be supported within the Downtown Elkhart Study Area. Based on market preferences, the housing mix would include:
550 to 725 rental apartments,
50 to 60 forsale lofts and condominiums, and
80 to 95 rowhouses/townhouses.
To create the appropriate densities in the Downtown, residential development in the Study Area should concentrate on the development of higher-density housing types including:
Rental lofts and apartments (multi-family for-rent);
For-sale lofts and apartments (multi-family for-sale); and
Townhouses, rowhouses, live-work or flex units (single-family attached for-sale).