RDA Min 1997-04-14 - Laserfiche WebLink

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City had enough rental units, it didn't make economic sense to buy a condo and rent it out anymore, and it would be difficult to sell homes in that area next to a massive apartment complex at a later date. In response to Agency Board questions, Mr. Butler said he agreed that the top price of "for sale" units would probably be around $200,000, he supported retail on EI Camino as a buffer, 27 "for sale" units to the acre "on grade" would be more appropriate for that site with a 3-story maximum, and parking garages interlaced on the first floor. In response to Agency Board questions regarding affordable "for sale" units, Mr. Butler said that could be achieved in various ways, and the subsidy that would be required could be accomplished if the whole project area was utilized, or perhaps just a portion somewhere that had rental units, contiguous to "for sale" areas. He summarized by saying it would be very difficult to sell any project to homeowners, no matter the quality, that will be situated next to a dense, 4-story apartment complex on a podium, and reiterated that the first development built will set the tone ITom that point on. David Irmer, developer of Sequoia Station, described his experience with housing in the Bay area, and how the success of Sequoia Station had positively impacted the Franklin Street area neighborhood. Mr. Irmer agreed that what is done with the first 4.5 acre site in the Franklin Street Are is very important, because the wrong move could stop the progress and growth in that area. He said that density is not a problem if it is in a dense area already, contiguous dense areas. Mr. Irmer said the proposed project and its planned density would be a first in that area, and everything following in that area will have to address that development. Mr. Irmer said he had not analyzed the site, but the density must be considered carefully. He said this was just the beginning for the improvements to this whole area that will make it an integral part of the downtown City Center core. He said all the requirements needed for a good housing site is present in the Franklin Street Area Plan, including transportation, shopping and restaurants, a growing downtown area and job market, and solid housing proposals, whether they be rental or "for sale." He also listed the challenges such as traffic on EI Camino Real and the railroad tracks, resulting in acoustic qualities. Mr. Irmer described a "for sale" development he built in downtown Tiburon with 20% affordable units, and said he defied anyone to tell which units were full market and which were affordable. He said the development itself and the management of the deed-restricted units were working out extremely well. He said "we don't have to build down" to achieve affordable units. SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 408 PAGE 6