11/05/2007 Council Minutes - Laserfiche WebLink

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• • CITY COUNCIL WORK SESSION November 5, 2007 APPROVED 46 residents and some employees. They would like the council comments on this project in 47 particular. 48 49 Mr. Janes explained the second project they are looking at. In between the townhome 50 piece and Lakewood Apartments, they are tentatively proposing a four-story/two story 51 market rate apartment project. This would provide an architectural component to frame 52 the roundabout. This would be limited to about 72 units due to the amount of site parking 53 feasibility. 54 55 A council member asked about how the commercial to residential ratio changes from 56 with this proposed senior component. 57 58 Mr. Janes responded that he believes there is some reduction in the commercial space and 59 he explained where some commercial would be lost. The retail market is very tight — the 60 current Lakewood building calls for 14,000 square feet of retail and currently there are no 61 tenants. The retail with the senior component will not be started. It is hoped that 62 bringing in the people with the senior project and possibly the additional rental project 63 will help in preparing the area for retail. From a master planning viewpoint, simplifying 64 the commercial plans seems to make the area more attractive to development market. It 65 would make the commercial more visible from the freeway ramp also. 66 67 The council requested that specifics on any net change should be provided as they are 68 available. 69 70 On the question of managing the senior housing, the developers explained that they 71 would move forward with development of the senior element upon city approval of the 72 plans and then work on management plans with owners and operators who specialize in 73 the area. It would be an owner and operator with experience in the field. The senior 74 housing market is good now and, based on demographics, should continue to be good. 75 The Hartford Group is experienced in the area of senior housing in general and looks 76 forward to presenting a strong proposal for financing. 77 78 The council believes that senior housing will be welcomed in the area. Even the new 79 YMCA has attracted a lot of seniors. 80 81 A council member expressed support for the senior project. One area that seems to be 82 lacking however is an opportunity for a senior living in the community to sell a house but 83 not go into rental. Concern was expressed about the addition of the apartment building 84 and how that affects the ratio of apartments and townhomes. All rental as an end product 85 is not acceptable. 86 87 Mr. Janes explained that the ratio was 60/40 — the senior and Lakewood project would 88 pretty much meet that 40 % so the addition of the apartment element would raise the 89 level. The apartments could be built with the idea that they could be a future 90 condominium conversion project. A change in the ratio is really necessary since the 91 condominium and townhouse market is completely flat.