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ARDEN HILLS PLANNING COMMISSION – January 7, 2015 12 • Townhomes are most likely to be developed in the neighborhood transition area, but the market could also support a limited number of townhomes in the Hill or Creek neighborhoods. Senior Housing, Apartments, and Condominiums • Senior housing and apartment buildings need 150-250 units per building in order to support the common areas and amenities desired by the market. Apartment buildings would likely be 4 stories of apartments (3-5 acre parcels) above one story of underground or enclosed parking. • Senior housing and apartment development wants to be located close to goods and services. Density in new senior and apartment developments averages approximately 40 units per acre. • The demographics of renters have changed over the past 20 years. Today’s renters want high-end finishes and amenities – essentially a condominium-type product but without ownership. • 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 only currently 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 a maximum of one or two buildings in the Neighborhood Transition area in a location near both retail and open space. City Planner Streff stated that in nearly every conversation, developers have stressed the need for flexibility to respond to changes in market demand and to allow for innovation and creativity in development style. City Planner Streff commented that on November 3 and 24, 2014, the City Council discussed the Hill and Creek neighborhoods and provided direction regarding zoning and design standards. The City Council approved “Option B” in which the Neighborhood District is replaced by three new zoning districts: NB – Low Density NB – Med Density NB – High Density Residential use definitions have been created or amended as follows: NB Low Density Single family use developed at a gross density of no greater than two (2) units per acre. NB Medium Density Single family use developed at a gross density of no greater than four (4) units per acre.