60A - 4TH AND MAIN MIX USE DEVELOPMENT

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Site Plan Review No. 2019-01 and Density Bonus Agreement No. 2019-01 — Fourth and Main Mixed -Use Residential and Commercial Development November 19, 2019 Page 2 Staff is recommending approval of the applicant's request due to the project's satisfaction of meeting the intent of the Transit Zoning Code to promote a pedestrian -oriented environment with a mix of land uses. The project will also provide additional affordable rental housing stock to an underserved segment of the region's population. PLANNING COMMISSION ACTION On September 23, 2019 the Planning Commission held a public hearing on the project. The project was continued to October 28, 2019 to provide ample time to address four areas of concern: onsite amenities, the requested density bonus agreement, historic preservation options, and parking. Following the September 23 public hearing, the developer met with local historic preservation group representatives and City staff to discuss options to preserve and incorporate any intact fagade and interior building components into the project. At a work-study session on October 14, 2019, City staff presented additional details on the four areas of concern, and the public provided additional input on the project, voicing general support but expressing a strong desire to incorporate any intact, historic elements into the project. One week later on October 21, 2019, the developer presented a project alternative that includes an option to preserve two portions of the underlying building into the project, which was received positively by most historic preservation groups in attendance. Additional details are provided in the "Option to Preserve Onsite Building Facades" subsection on Page 5 of this report. On October 28, 2019, following identification of the fagade preservation option and conditions of approval crafted to ensure an open and transparent demolition process to determine feasibility of the fagade preservation option, the Planning Commission voted unanimously (5-0) to recommend that the City Council approve the project. PROJECT DESCRIPTION The project includes demolition and removal of the former and now largely -vacant First American Title Company headquarters building at 114 East Fifth Street, and removal of a surface parking lot at 117 East Fifth Street. However, a careful and phased demolition of the site is intended to reveal whether portions of the existing structures onsite can be incorporated into the overall project through fagade preservation. Additional details are provided in the "Option to Preserve Onsite Building Facades" subsection on Page 5 of this report. Once the onsite buildings are dismantled and the sites are cleared, the applicant proposes to construct a mixed -use development community on two development sites, Site A and Site B, containing up to 220 residential units, 12,350 square feet of leasable commercial area, and 332 onsite parking spaces. Table 1: Project and Location Information Item Information Pro ect Address 114 and 117 East Fifth Street Nearest Intersection Fifth and Main streets and Fifth and Bush streets General Plan Designation District Center (DC) 60A-2