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Page 2 of 3  Mixed-use residential has not been successful in suburban markets. Developers felt that requiring commercial readiness standards on the first floor of pedestrian-oriented frontages would be a financial burden and a disincentive for development.  Developers want a 10-year payback period for any “green” upgrades. Most energy savings are being realized through technological advances in construction and building materials.  Condominiums are currently only being built in very selective areas and are usually very high-end. In order for the developer to get construction financing, 70% of the units must be sold.  As the market improves, there may be limited demand for upscale condominium units in buildings of approximately 50 units. Developers cautioned that there is limited and untested demand for this product type – maybe one or two buildings in the Neighborhood Transition area in a location near both retail and open space. Following the panel discussion, the City Council considered its vision for the Town Center and Neighborhood Transition Districts. The Council also discussed adjustments to land uses as a result of the Spine Road realignment. City Council direction was as follows:  Prohibit residential as a component in mixed-use buildings.  Remove commercial readiness requirements.  Establish a maximum density of 40 units per gross acre in the Town Center District.  Align green spaces along a generally east-west pedestrian corridor connecting the retail/office areas west of the Spine Road with the Town Center and park on the east side of the site.  Reduce retail on the east side of the Spine Road to approximately 2.5 acres. Orient this retail towards the east-west pedestrian corridor.  Increase the Town Center area by approximately 2.5 acres to a total of 17 to 18 acres.  Divide the Neighborhood Transition into lower- and higher-density zones with an overall average maximum density of 10 units per acre. Revisions to Land Use Map Kimley Horn has revised the land use map to reflect the Spine Road realignment (attached). Acreage numbers have been revised. Based on the revised acreages and City Council direction regarding maximum density on November 24 and December 15, the total maximum possible number of residential units would be as follows. Neighborhood Average Units/Acre Adjusted Acres Previous Acres Adjusted # of Units Creek 3.0 41.72 43.0 125 Hill 4.5 62.30 66.0 280 Transition 10.0 38.27 47.0 383 Town Center 40.0 17.00 15.0 680 Total 9.22 159.29 171.00 1,468