CC WORKSESSION 08052013 - Laserfiche WebLink

Home Browse Search

Project Description: The proposal calls for the construction of approximately 45 new loft style apartments in one new building over an enclosed parking structure. In addition, the existing medical building could retain the option to consolidate certain medical tenants to first floor space, and convert the upper three floors to approximately 45 loft style units. The developer proposes to work with the core tenants who might like to continue doing business in this location, to find, or develop for them, suitable space within the city. This could be a main floor location within the new or existing building; or a new location entirely. The plan calls for the new building to be built first, beginning in 2014; followed by redevelopment of the existing building, beginning in 2015. The housing units will be designed to attract working couples and singles, as well as empty nester residents, looking for good value for their rental dollar. It is anticipated that, when fully built out, the project will generate $10 — $15 Million of additional tax base for the city. The exteriors and landscaping of the project will be designed to compliment the design standards of the Silver Lake Village redevelopment by using similar building heights and materials. However, the project will seek to differentiate itself in various ways, including unit size, style, price and amenities, in order to complement rather than compete with the redevelopment project. The following list outlines some of the significant changes that will take place on the site through the redevelopment process: • Complete redesign of the exterior architectural elements of the existing building in order to match the new buildings which will be constructed; Removal of a substantial portion of asphalt hard surface, to be replaced with enlarged and enhanced landscaped green spaces; • Significantly reduced traffic flow to and from the project, creating a positive impact for the contiguous residential neighborhoods. City Approvals: The development may be requesting rezoning of the property to Planned Unit Development, or possibly a simple lot split with rezoning, depending on how the project evolves.