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Integra Homes Request May 17, 2006 Page 3 Geographical Area. The subject area proposed for redevelopment currently consists of a vacant commercial property (formerly operated as a small gas station), a single family residential home and the subdivided back half of another single-family residential property. (The applicants subdivided the property at 8060 Groveland Road in 2005.) Adjacent to the northwest on County Road 10 is a residential property which already bears the R-3 designation. To the southeast is a residential office property operating as “Johnson’s Trailer Hitches.” The properties to the rear of the subject parcels are zoned R-1, single family residential, and are developed as such. Properties on County Road 10 tend to be developed to a greater intensity, whether commercial or residential, than in other parts of the community. Directly south of the project area across County Road 10 are two townhome developments—Knollwood Green and Northridge Villas. Depreciation. The question of depreciation is a difficult one to answer with any quantifiable certainty. Most studies which examine property value impacts of development generally find there to be little correlation between a project and subsequent property values. While property values may not depreciate as a result of the development, one can argue that quality of life for the existing residents that would be adjacent to the project could be negatively impacted. Strictly from the perspective of tax base and market values, the rezoning would promote a substantial increase in market value at the site, increasing from the present approximate valuation of $460,000 to an estimated $4,750,000—a ten-fold increase in value. Character of the Surrounding Area. The project area is located on County Road 10, the City’s primary commercial corridor. Within two blocks of the site, one can find a variety of commercial and residential uses. The residential uses include single family residential, owner-occupied townhomes and multi-family rental dwellings. In the immediate area however, the predominating land use is single-family residential. Demonstrated Need for Such a Use. The applicant desires to rezone the property to allow for owner-occupied townhomes. This type of housing is under-represented in the City’s housing demographic. The primary housing option in the City is single family detached with higher-density rental housing and manufactured homes second and third respectively. Owner-occupied townhomes and senior housing (independent or assisted) units are less prevalent. Adverse Effects Summary The requested rezoning to R-3, Medium density residential, would not be out of character for the County Road 10 corridor and would not be inconsistent with the Comprehensive Plan, which anticipated a mix of housing and commercial / office development in this area. The proposed development that would be permitted via the requested rezoning would increase the market values of the subject area by a factor of ten—from $460,000 to $4,750,000. While enhanced market value is desirable, the Commission needs to determine if the potential density allowed would be too intensive for the subject area, which is primarily lower density residential. The applicant feel this type of housing is in demand and would be a positive complement to the City’s housing stock.