Aspen Green Apartments Market & Fiscal Impact Analysis
Town officials and residents of Simsbury, a town just west of Hartford, were concerned about their community’s capacity to effectively absorb a proposed 180-unit rental complex, given the recent prevalence of similar projects. Town concerns were raised regarding how this (and other) residential projects would impact the town's center and its overall character. The developer retained RKG to provide independent market research and financial analysis (in conjunction with a broader team of engineers and other consultants) as part of the zoning review process for the Town.
RKG completed an analysis of residential indicators for Simsbury and the surrounding 8-community region, noting recently built, under-construction and pipeline projects in relation to demand indicators, pricing and absorption. This included completing in-field inventories and analysis, working with numerous Town planning departments and contacting area brokers and developers. RKG’s findings included an opinion regarding the market’s capacity to absorb the proposed 180-unit complex, along with recommendations for rental price points. Assumptions regarding the municipal "costs” of the new housing were measured against the estimated taxes that they would generate. All findings were included in a detailed report and public testimony and presentations were completed for zoning board and public meetings.
The 15-acre southern portion of the property was rezoned to allow for the project to move forward, with the development constructed shortly thereafter.