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<br />Mr. Breihan stated that the planning process is not a development proposal for a particular site; it <br />is a neighborhood sustainability plan. He stated that it takes development potential into account <br />and they have looked at market opportunities for new residential and commercial development <br />and tried to orchestrate in a coherent way that supports the existing qualities and characteristics <br />of the area and balanced them with where the development market would suggest the products be <br />best developed. <br /> <br />Mr. Breihan summarized some of the ideas from the market study. He stated that there is a <br />demographic opportunity for compact housing and walkable, mixed-use development; this is an <br />area that could have Transit Oriented Development (TOD); the neighborhood has been following <br />a positive trajectory and there are latent values in that people want to live there. He stated that it <br />is also on the socioeconomic edge so a careful and rational approach is needed. <br /> <br />Mr. Breihan summarized some of the strategic considerations including to utilize a mix of old <br />and new housing, rents need to be higher to be economically sustainable, and development <br />opportunities are site specific. <br /> <br />Mr. Breihan stated that when Development Strategies (consultant) looked at the development <br />program of 1,900 new residential units there was a small market for 210 high density <br />condominiums, high end condominium development ranging from $250,000 to $400,000. He <br />stated that these condos needed to be on The Loop and that was a key component of the market <br />potential. He stated there were two sites they identified where this could occur; on the north <br />surface parking lot and at Eastgate and Delmar where the Washington University project is <br />proposed. He stated that the market study is tied to particular locations. <br /> <br />Mr. Breihan stated that the market study underpinned the options and conception of the <br />sustainability plan which consists of other initiatives beyond development. Mr. Breihan <br />summarized some of the key components which include opening up connections within the <br />neighborhood to make it more accessible, reconceive the parks and public space, improving the <br />streetscape and pedestrian experience, increasing accessibility to public transit, increasing bike <br />connectivity, encourage economic development along neighborhood edges, create infill housing <br />in the core of the neighborhood, and to look at a variety of housing types. He stated that it was <br />supported by the market analysis of the neighborhood and orchestrated to maximize development <br />values. <br /> <br />Mr. Breihan discussed how parking was addressed in the Plan. He stated that they looked at <br />parking from two perspectives, residential and The Loop. He stated that in order to analyze <br />Loop parking they recognized that it generally does not meet code and there is a lot of shared <br />parking; they added up building square footage and all parking spaces; currently there is one <br />space per 500 square feet of development, a little below what the Code requires. He stated that <br />for some times of the week it works and recognized that it is a limited commodity. Mr. Breihan <br />stated that if the current ratio was kept, looking at development potential, a minimum of 466 <br />additional parking spaces would be necessary to preserve that ratio. He stated that the Plan <br />recommends the creation of 990 additional parking spaces, a net increase of 990, including <br />private structured parking, public structured parking, and surface parking. <br /> <br />tm; <br /> <br /> šE <br /> <br /> <br /> <br />