07/15/2020 P&Z Minutes - Laserfiche WebLink

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Planning & Zoning Board July 15, 2020 Page 3 APPROVED MINUTES windows may appear small in comparison to the grand scale of the building, but the windows are a good size. Mr. Reinert inquired what the rough measurements of the windows were. Ms. Bui Johnson specified the windows are 3 ft. by 6 ft. separately, but together 6 ft. by 6 ft. or 5 ft. by 6 ft. Rick Moore, from Wold Architects and Engineers, explained in order to recess the windows, they would have to recess the framing around the window, then sheath, and side all the way back in. He furthered clarified, this creates a lot of pockets that could potentially leak and it would be a very expensive process to recess all of the windows. Another option, he shared, would utilize a non-nailing flange which would set the windows back and they would have to caulk and seal the windows. He acknowledged, however, the team at Wold decided not to pursue this option because they felt the seal was not as good for the building in the long term. Mr. Evenson agreed with Mr. Reinert the original design had variation in window size and the differentiation improved the aesthetics of the building. Ms. Peacock concurred. She expressed concern with the normal, square window design and suggested the windows be differentiated in order to create a more impressive exterior. Judd Fenlon, from Grand Real Estate Advisors, informed the board the window sizes are comparable to what is used in other multi-family projects. He further noted the board would see differentiation in window size in the community room, the restaurant, the pool, and the multi-purpose room. He also clarified the courtyard will be unique in design with a balcony hanging over the courtyard and, in the summer months, it will be full of tables, umbrellas, and a stage for music. He said he would continue to talk to the design team regarding the board’s feedback. Mr. Fenlon addressed Lyngblomsten’s budget and stated the underwriters have been giving Lyngblomsten grief because of the project’s per square foot and per unit cost. He explained Lyngblomsten’s construction costs are $208 per square foot and Northland Securities is comparing them to three other projects whose construction costs are $191, $170, and $168 per square foot. Furthermore, Lyngblomsten’s cost per unit is $335,000 and those comparable to Lyngblomsten cost $247,000, $264,000, and $259,000 per unit. Because of these comparables, he stated Lyngblomsten does not believe they are being stingy with the budget. Lastly, he assured the board the amenities package offered and the building in its entirety will be very attractive. Mr. Reinert asked what the year is of the comparables. Mr. Fenlon explained two of the projects are under construction and Lyngblomsten received the comparables 60 days ago. The third project had not yet closed.