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

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DBA No. 2023-01— 4th and Grand (1212 E. Fourth Street) August 28, 2023 Page 6 Standard Analysis adherence to ground floor commercial requirement would be economically infeasible, as it would require adding and additional story to the building to meet the ground floor commercial requirement and to still provide the number of units that the applicant is entitled to under State law. Maximum Height The maximum height permitted in the CDR district of the TZC is three stories. As proposed, the maximum height of the new structure would be four stories (58-feet, nine -inches). However, only the stairwell and elevator penthouse will be at the maximum height, the rest of the four-story structure would be 51-feet, nine -inches in height. The proposed fourth story is required to accommodate the number of units permissible under the Density Bonus Law. The gross site area and existing site conditions severely restrict the applicant from providing a site plan that could accommodate the proposed number of units with a three story building type. With the current maximum height restriction, the applicant could propose underground parking to take advantage of the limited gross site area. However, this would result in a project that is financially infeasible. Strict adherence to the maximum height requirement would result in a loss of four residential units, would physically preclude construction of the project, and would preclude the construction of the affordable unit to be dedicated to very -low income occupants. This would also make the project infeasible and would not allow the applicant to achieve the full 27.5-percent density bonus to which the applicant is entitled under State law. Building Size and Pursuant to Section 41-2022 of the TZC, the residential building is designed Massing Standards — as Flex Block Building Type. The building type establishes a maximum ratio Maximum Ratio for each for each flex block story/level. Specifically, the second through fourth floor Flex Block story can only be 85-percent of the ground floor volume/gross floor area. As designed, the second through fourth floor cannot exceed 3,309 square feet. The second through fourth floor of the proposed building exceed the allowable ratio and are 97.9-percent of the ground floor's volume. The second through fourth floor are proposed to be 3,811 square feet, exceeding the maximum allowable by 502 square feet. The proposed site has a smaller than average lot depth and lot width, compared to most lots in the downtown area. Lots in Downtown area range in lot depth and width but are on average 250 feet by 250 feet. The subject site is approximately 100 feet by 125 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.