Downtown Housing Market Study and Strategy
After 10 years of successfully boosting tourism for Downtown, the Louisville Downtown Partnership hired Development Strategies to devise market and implementation strategies for housing as part of a broader master planning effort.
Development Strategies prepared a broad housing market analysis that identified different housing product types, at marketable price points, for each neighborhood, and concluded that 2,500 new units are supportable over the next ten years. Market segmentation analysis was undertaken to identify a number of different consumer groups—and the prices they are able to pay—who would move Downtown. A market strategy then linked marketable development products with targeted consumer groups and suggested optimal neighborhood locations based on existing character and planned improvements.
By evaluating the feasibility of several catalyst projects, Development Strategies determined that excessively high land costs were the key barrier to realizing housing growth, and set forth an economic development strategy—with a menu of options and actors—to overcome that barrier.