By Ivan Raconteur
LESTER PRAIRIE, MN How much demand is there for senior housing in Lester Prairie?
The city hopes to find out through a demand analysis approved during Tuesday’s city council meeting.
The council approved a contract with CliftonLarsonAllen to conduct the demand analysis at a cost of $3,500, plus about 10 percent ($350) for expenses.
The company will assess demand for senior housing, assisted living, and memory care assisted living facilities in Lester Prairie.
The objective of the study will be to help the council understand demographic trends of the senior population, and estimate the market potential for all three levels of senior housing.
The demand analysis is for the city’s use only. A full market feasibility study would be required for use in financing a project if the city decides to move forward after reviewing the demand analysis.
The demand analysis will define a primary market area for the proposed housing based on the location of other senior living facilities, transportation, and other factors.
It would also include a demographic review of the senior population (age 65 and older), and household growth through 2019.
The demographic review would also analyze data on senior household incomes by age group for 2014 and 2019.
It would also review data on housing values in the area.
In addition, the study will include a competitive market review.
The results of the analysis will also help determine where a potential facility might be located.
Mayor Andy Heimerl indicated his preference for the city-owned property at 100 Maple Street South, but the council noted the ultimate location will depend on the information provided by the demand analysis.