75A - PH - AMEND DEV AGMT 1901 E FIRST ST

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Amend DA No. 2007-01, VTTM No. 2013-04 & SPR No. 2013-03 August 26, 2013 Page 2 The project is located within the Metro East Mixed Use (MEMU) Overlay Zone, which is comprised of the properties generally bounded by the Santa Ana (1-5) Freeway on the west, Park Court Place and its prolongation to Tustin Avenue on the north, First Street on the south, and Tustin Avenue and the Costa Mesa Freeway (SR-55) on the east. The overlay zone comprises over 200 acres of land that is designated in the General Plan as District Center (DC) and is currently developed with commercial, office and several large vacant parcels along the western boundary of the overlay zone. Surrounding land uses include office development to the north, office and vacant land to the south and west, and office and office and commercial uses to the east (Exhibits 1, 2 and 3). Project Description The applicant proposes to construct a 254-unit condominium development with 2,400 square feet of retail space on a partially vacant parcel of land. The units, which will consist of a combination of flats and townhomes, will be located within four separate buildings. The project will initially operate as an apartment complex, with units available for rent. However, a vesting tract map is proposed to be approved for the project that will allow the eventual sale of the units as condominiums as the for-sale market dictates. A total of 240 units (flats) will be provided within two five-story buildings. A total of 186 units will located with the five-story, U-shaped building that will be constructed along the west side of the preserved parking structure and extend toward Cabrillo Park Drive. Another 54 units are within the five-story freestanding building that will be located on the north end of the site. Due to the location of the existing parking structure, a different type of unit is proposed to wrap the south and east side of the structure. To address this unique design challenge, the applicant is intending to construct 14 townhome units within two separate buildings. These three-story units will have access to private two-car garages that will be located within the existing parking structure. The entire project will contain one, two and three bedroom units. The flats will range in size from 769 square feet for the smallest one bedroom unit to 1,721 square feet for a two bedroom unit. The townhome units range in size from 1,613 square feet for a one-bedroom unit to 1,990 square feet for a three-bedroom unit. Table 1 on the following page provides a breakdown of the units within the project. 75A-6