RDA Min 1997-04-14 - Laserfiche WebLink

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I I I ]1 environmental issues, parking constraints with a ratio of up to 2 per unit, and the need to architecturally integrate this development within the Franklin Street Area Plan. - Mr. Dodman said lAC's proposal, a high density, mixed use project with 50 units per acre, included between 220-240 apartments with 1-2-3 bedrooms, buildings with 3-4 floors over a parking podium deck, with up to 15,000 square feet retail component for EI Camino Real. Mr. Dorfman said there are designed amenities throughout including the 15% affordable units (36). Mr. Dorfman said the units will feature high quality architecture, ITom 750 square feet to 1300 square feet, some will be townhome units. Also, lAC realized that this independent, quality development will be self sufficient, in case the rest of the Franklin Street Area Plan does not develop. Mr. Dodman said his company knew the target market, they had developed over 5,000 apartments over the past 15 years in Northern California. He said the average residents would be professionals, local employees and employers, between 32 and 45 years of age, less than 10% would have school age children, and their estimated average incomes would be around $75,000. Mr. Dorfman said renters choose to live near their jobs. They will shop and dine locally and support local merchants. Mr. Dodman said lAC had looked at this site as a "for sale" opportunity, but decided on rental units: I) This development has to stand alone because there is no guarantee that other site around it will be redeveloped; 2) the density decreases significantly, 50 to 70% fewer units, the total value created decreases, and apartment units are provide a - significantly higher and better use for that site. Mr. Dodman said lAC, a well-capitalized developer, wanted to build a high quality, luxury project, which would include 36 affordable units, describing it as a project that is well financed and ready to move forward. Mr. Dodman displayed a site plan that showed the abandonment of Franklin Street between Jefferson and Maple, partial abandonment of Monroe, and condemnation of the "auto electric parcel." He said the site plan showed "the retail along EI Camino Real, as well as some parking for that retail; and all of the parking under the podium will support the amenities, the pool, leasing office and recreation facilities as well as the units." Tim Kelly and Debbie Kearns, Keyser Marsten Associates, Economic Advisors to the Redevelopment Agency, described the site alternatives ITom the Redevelopment Agency perspective. Mr. Kelly said they were familiar with downtown Redwood City and urban infill projects in other communities, such as a 1,000 apartment unit complex in downtown San Jose. - SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 405 PAGE 3