1A, Arden Village Discussion - Laserfiche WebLink

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On March 8, 2010, the City Council gave land use approvals for the Arden Village project including Conditional Use Permit Amendment, Rezoning, Comprehensive Plan Amendment, Preliminary and Final Plat, and Master and Final Planned Unit Development. The Council also approved a development agreement. SCI went through several funding cycles with Minnesota Housing Finance Agency in their attempt to get tax credits to assist in financing the affordable housing project. They have not been successful in their attempts to secure funding. As a result SCI has decided to move forward with the construction of the apartment building, but as a market rate project, rather than an affordable housing development. SCI has also received funding from the Ramsey County HRA in the form of a loan from the HOME Investment Partnership Program for the Arden Village development. In exchange for the assistance, Arden Village must have four units set aside for households whose incomes are less than 80% of the area median (Attachment A). SCI has submitted a letter addressing their proposed plan modifications (Attachment B). Modifications to Plan In light of the project changing from affordable to market rate, SCI contracted with Maxfield Research to conduct a market study related to apartment demand. The study found a greater demand for single and double units, versus family sized 3-bedroom units. As a result of the market study, SCI is proposing to convert many of the 3-bedroom units in the building to 1 and 2-bedroom units. No efficiency units are proposed. Originally Approved Units Mix Proposed Revised Unit Mix 1 BR—9 units 1 BR—27 units 2 BR—23 units 2 BR—27 units 3 BR—23 units 3 BR—6 units Total= 55 units Total = 60 units The revised unit mix would create five additional units, which increases the density of the project from 20 units per acre to 21.7 units per acre. The total number of bedrooms in the building would decrease from 124 to 99. While the unit sizes vary slightly,the smallest 1-bedroom unit is 750 square feet,2-bedroom is 1,080 square feet, and 3-bedroom is 1,350 square feet. In addition to changes in the unit mix, SCI is proposing higher quality interior finishes, including granite counter tops, 9-foot ceilings, a larger community room, fitness center, and additional outdoor recreation areas and amenities. City of Arden Hills City Council Work Session for November 13, 2012 P:IPlanninglPlanning CaseW009(7aserfiched)M-021 Arden Village PUD,Plat,Rezoning(APPROVED)12012 Development Agreement AmendmentW-13-12-CC Work Session-Arden Village.doc Page 2 of 4