City land next to Canon Park will be on the market soon

At the September 2024 City Council meeting, Cannon Park and Parcel A, the land adjacent to Canon Park, were brought to the council regard-ing potential development. The City of Wabasha com-pleted a housing study in 2023 to analyze the demographics and housing needs in the area. In the early 1900’s, Wabasha’s population was 2,500. Today, it has remained close to 2,500. While other Minnesota cities have seen their populations shift and grow, the population in Wabasha has remained con-stant, with children making up 15% of the population.The 2023 housing study showed that Wabasha is over-supplied with jobs relative to its population. An estimated 1,306 people commute to Wabasha to work, and 718 people live in Wabasha and leave the City for their careers....

In that case, many would move to Wabasha to be closer to their work. And because of Wabasha’s livability and quality of life, there may be others who would live in Wa-basha if the proper housing was available.Employment grew around 17% between 2002 and 2019. Nearly three jobs are available for every four residents, mak-ing Wabasha a job magnet for the wider county.The workforce is young and is similar to the county’s age profile. Building homes could appeal to these workers and shift the demographic balance to include more families and younger workers.New developments are being built and sold in Wabasha, with some restricted to lower or moderate-income house-holds. While the supply of land for subdivision development has increased, it’s unclear whether it can keep up with the pace of new home construc-tion. Rising construction costs due to higher materials, labor expenses, and interest rates have made building and selling new homes more challenging.It is also important to remem-ber developers’ perspectives as the housing need continues in Wabasha. As communities across SE MN seek more housing development, they must attract developers with a “good deal.” Developers will only build if they believe demand is high enough to cover construction costs and provide a reasonable return, considering the level of risk and uncertainty involved.

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