Agda Pkt 2025.11.24 Joint SA PFA

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Page 4 of 10 • One concession is requested to modify the City's requirement for affordable units to be comparable in square footage to market-rate units (Zoning Code Section 29.6.3). While the Project will provide affordable units with a comparable number of bedrooms to the market- rate units (see Table 3 for unit mix), the Applicant seeks flexibility to provide smaller-sized affordable units for each bedroom type. Given that the affordable units are subsidized by the market-rate units and, therefore, generate less revenue, this targeted reduction in square footage, as demonstrated in Table 3, will result in identifiable cost savings by decreasing the quantity of construction materials and labor required to construct the affordable units, thereby improving the project's financial feasibility. Table 3: Parcel A Comparable Unit Square Footage With/Without Concession 3. Waivers - Applicant is seeking the following waivers, which were both previously approved as concessions: • A waiver to build an additional story on Parcel A (from 6 to 7 stories) to accommodate the affordable housing units within existing height requirements (see Zoning Code, Table 53-3). As discussed under (1) for Parcel A above, provision of 5% Very Low income units entitles the Project to a 20% bonus. Specifically, the base density allows 210 units, of which 11 units will be affordable to Very Low income households. The 20% density bonus allows a total of 252 units. Limiting the building to 6 stories would physically preclude the construction of the 252 units entitled with the density bonus identified in (1) above and concession identified in (2) above. • A waiver to modify the zoning requirement to construct residential uses on each parcel and allow for the concentration of uses between Parcels A and E to construct one residential building. No increased density or FAR intensity is being requested, only an allowance to organize the buildings more efficiently than allowed by existing zoning which would require the construction of two separate residential buildings to achieve the 252 units approved for Parcel A. Since Parcel E is nearing construction completion of two new commercial buildings, without the waiver, Parcel A would be limited to constructing a 133-unit residential building if the residential units were not allowed to be consolidated into a single building. The waiver is necessary to allow construction of a larger 252-unit residential building. In Table 4 and Figure A, below, the proposed Project with the waiver consolidates the residential units in a single building on Parcel A and the office in a single building on Parcel E, resulting in the same density and intensity as would have been achievable if the office and residential buildings were constructed on the same parcel. 8.B. - Page 28 of 120 191