Item 23 - Density Bonus Agreement No. 2023-01: 4th and Grand (1212 E. Fourth Street)

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feet. Without the increase in the allowable building size and massing standards, the project would need to be redesigned, resulting in several impacts to the feasibility of the site's development. These impacts would include a loss parking spaces; an incompatible design and unbalanced composition of massing the project site; and a smaller building footprint that would reduce the building's interior floor area and individual unit sizes and result in a loss of units. In order to provide the required building size and massing standards, the developer would be required to construct an additional level, resulting in a different type of construction (steel - frame versus wood), or build underground parking, further increasing development costs and making the project infeasible. Open Space Standards (Waiver) Pursuant to Section 41-2022 of the TZC, the residential building is designed as Flex Block Building Type. This building type requires common open space to be designed as a courtyard or in the front as a forecourt, have it open to the sky, and to be equal to 15- percent of the lot. Moreover, private open space is required to be provided for each residential unit, no less than 50 square feet with a minimum dimension of six feet in each direction. The total common open space required is 1,875 square feet and the total private open space required is 750 square feet. As proposed, the project provides 433 square feet of common interior space, provided in the form of lobby space (approximately 3.5-percent of lot). To the extent feasible, the lobby space is to be furnished (e.g., coffee tables, chairs, lounge tables, etc.). The project also provides 591 square feet of private open space, in the form of private decks for nine units. The gross site area and existing site conditions severely restrict the ability for the project to accommodate any common open space, and restrict the ability to provide the fully required private open space. Providing the required common open space standard would lead to the elimination of three or more units, which would affect the feasibility to construct the project. In order to maintain the current proposed unit count, the developer would be required to construct additional floor levels or required to provide underground parking, which would further increase development costs and make the project financially infeasible. To help alleviate the common open space deficiency, the project proposes an average of 40 square feet of private open space per unit, through use of private balconies/decks. Resolution No. 2023-XX Page 5 of 13