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November 1 l, 1998 REQUEST FOR MARKET STUDY COURTHOUSE SQUARE PROJECT - NORTH END OPPORTUNITY SITE PART I - INTRODUCTION STATEMENT OF PURPOSE Marion County (County) and the Salem Area Mass Transit District (Transit) seek a qualified consultant to conduct a ground up market and feasibility study of the downtown area of Salem (see Attachment #1 for study area). The focus of the study is to assess the market and the feasibility for developing a mixed-use residential project associated with the Courthouse Square office and transit center project. The study will evaluate building for all residential market segments. PROJECT OVERVIEW County and Transit jointly own a full block site in downtown Salem. The site is bounded by Chemeketa Street NE, Court Street NE, Church Street NE and Higll Street NE. The full block project incorporates a new bus transit center, public areas and an approximately 150,000 SF office building. The project will also be developed with 192 subsurface parking stalls. An additional building pad, called the North End Opportunity Site, with general dimensions of 27T X 50', is envisioned for compatible mixed-use development (i.e., retail, office, residential, hotel or a combination of such uses). The North End Opportunity Site is the focus of this study, primarily as it relates to the demand for, and feasibility of, residential. This market and feasibility study is being requested to obtain information on housing demand within the downtown area. Results and findings of the study will be used to assess tl~e benefit of proceeding with a mixed-use residential development project on the North End Opportunity Site and to inform public decision-making in that regard. PART II- SCOPE OF CONTRACT Consultant(s) selected will be required to collect and analyze data on housing supply and demand. The analysis should include a review of indicators such as: vacancy rates, absorption rates, turnover rates and rent escalation in the study area compared to the general Salem metropolitan regional market. The selected consultant will also need to perform a review and analysis of housing supply and demand and will be required to include a methodology and data sources to be used in their response to this RFP. Similarly, the consultant(s) will be required to present a general assessment of tl~e feasibility of a residential development at the North End Opportunity Site. The analysis sl~ould include a review of indicators such as: cost of development, expected vacancy, internal rate of return, level of public subsidy (if any) and public versus private financing requirements.