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

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Density Bonus Agreement for 1212 E. Fourth Street October 17, 2023 Page 9 Standard Analysis 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 be furnished (e.g., coffee tables, chairs, lounge tables, etc.), where feasible. 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. Landscaping Pursuant to Section 41-2020 of the TZC, all setbacks, yards, and shared Standards common open spaces are required to be landscaped. In addition, a landscape buffer of not less than five feet is required to be provided to separate parking lot from an adjacent properties and the surface parking lot is required to be landscaped per City's commercial area standards. As designed, the project provides a landscape buffer of two feet proposed along the western property lines, three feet less than required. In addition, the project does not provide the required landscape planters in the surface parking lot. Due to site constraints, smaller than average lot size, and parking and landscaping requirements, the required landscape buffer and landscape planters cannot be accommodated. Maintaining the required landscape standards would result in a site redesign, reducing the number of parking stall, the drive aisle width, the ability of trash trucks to service the site, and ultimately lead to the loss of bedroom units, resulting in the project becoming infeasible. In order to provide the required landscaping and maintain the current proposed unit count, 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. When analyzed cumulatively, the requested concessions and waivers could be avoided if the project were designed on a different site or using a different site plan. If the project were designed with a multi -level parking and/or subterranean parking structure, or if the applicant used different building materials to construct a taller project, additional area on site would become available to provide the ground floor commercial, minimum required open space, landscaping, and the required building size and massing. However, these changes would increase development costs, resulting in the housing project becoming financially infeasible due to the significantly increased financial implications of an alternative construction type compared to the relatively smaller scale of