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I I I II Plan to do a combination... I don't think on a site of this size it makes sense to combine the two uses, but I do think it makes sense within the overall Franklin Street '- Area to do some 'for rent' and some 'for sale.' I believe you will have both types of product in this neighborhood... That is similar to what exists all over the Bay Area.... River Oaks in San Jose is very well designed, very complete residential project that includes both uses, and both are doing incredibly well. The issue here is what occurs with this particular site, and I think it is interesting you heard a lot ITom people about 'for sale' housing and each of them has an interest in 'for sale' housing. One of them is a builder, one of them is a developer, and one of them is a finance person, and another is a marketer of 'for sale' housing. I am not surprised that they have given you a great deal of information and have been very committed to the cause of 'for sale' housing... I think both will occur here. I have been working on this site for a year and a half. I control the contract on the site. Mr. Butler has an excellent opportunity to build 'for sale' housing on the adjacent parcel that he controls, and I think the best solution for the community would be one that created something rather quickly on this site. Markets do change, and I have been at it for a year and a half. It is likely to be another year before anything is built... Having built about 5,000 apartments and about 1,500 'for sale' units that the apartments can be built more quickly, they will absorb more quickly, they will be occupied, and you will have a thriving residential community in the Franklin Street Area." Mr. Thompson said 'for sale' housing will take longer, and that involves more market risk and more economic risk. He added that both uses will work well together, and the real issue was "planning for the overall area, and providing for the opportunity to do both." '- In response to Board Director's questions regarding density and size on the Lonestar site affecting the whole Franklin Street Area, Mr. Thompson said, "I'm not sure density is the correct issue. I think the quality of the housing that is built is the important issue. I have seen very low density poorly conceived, and very high density well conceived excellent properties. Clearly, this is an urban area, a downtown site, it offers transit oriented housing. I am certain if I were before you with a Specific Plan to be approved for 220-250 apartments I would have a long line of speakers here tonight who would speak about the urgency of providing that exactly in an urban area such as this. That kind of density doesn't make sense in a suburban situation. It wouldn't make sense in Redwood Shores. But this is an opportunity to create a deal of housing in an area that can certainly sustain and support it. I think quality is the bigger issue, not density, and there is no question about the ability of good architects to design good projects." In response to Board Director's questions regarding quality in the two types of housing, Mr. Thompson said, "I'm not sure technically there are very many significant differences. You are looking at the Uniform Building Code, structural requirements that are about the same. The issues that come up before condominium 'for sale' or apartments 'for rent' in my experience have revolved more around the - SPECIAL REDEVELOPMENT AGENCY MEETING ~INUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 413 PAGE 11