RDA Min 1997-04-14 - Laserfiche WebLink

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" " Mr. Irmer said that he couldn't find fault with building rentals on that site. He said the housing market was "abloom once again after a dormancy of very many years." '- Mr. Irmer said there was a real need for entry level housing in Redwood City, especially for young people. He said if the City did not build to meet their needs, the City just "might lose our young people." He said the growth of entry level employment dictate the need for apartment living. Mr. Irmer said it was critical to include the elements that "make up a sense of community" and be "attractive enough to encourage redevelopment and the sustainment of this continuum we are trying to bring forth in our community." In response to Board Director's questions, Mr. Irmer said homeowner association lawsuits have dampened the enthusiasm of condominium developers, and it is a problem. He said he did not build condominiums anymore for that reason. Mr. Irmer said he believed the ceiling on "for sale" units was $230,000 to $250,000 maximum, regardless of size, numbers of bathrooms, fixtures, etc. Simply based on its location. "There are other inventories in the marketplace that perhaps would be a better 'for sale' investment." He said he would not summarily dismiss the idea of full rent housing. In response to Board Director's questions regarding appropriate density for the Lonestar site, Mr. Irmer said he hadn't seen the site nor site plan, hadn't worked with any of the numbers, and hadn't done the analysis necessary to have that answer, but his gut reaction might be that the proposed density might be a little high. He said he was - speaking as a private citizen with no interest in the property, and was invited to address the Agency Board by Director Church to offer his knowledge as a builder/developer. In response to Board Director's questions, Mr. Irmer, said it appears that the mortgage on "for sale" units priced around $200,000 to $225,000 would be close to the projected rents of $1,600 to $1,800 per month at the Lonestar site. He said the interest deduction was one of the last tax write-offs remaining for the American people. Mr. Irmer said, "I would not like to see a mix of rental and 'for sale' on that tight a site (Lonestar site only.) If we were talking about a larger site of 30,40, 50 acres and it was a planned unit development with areas of activity - a rental community has a different feel than an ownership community. It is not that apparent, but there is a difference about it. There is a little more activity of move-ins and move-outs, and by its very nature it's going to be a little more active. I would not like to see this project in that frame-work. "As far as the mixed use of retail and residential, be it rental or 'for sale', I think that El Camino has to be treated very carefully. I am concerned about any retail up there divorced ITom the major body of retail interests which is our downtown and Sequoia - SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 409 PAGE 7