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<br />2 <br /> <br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> Private developers feel the Creek neighborhood is most suitable for upscale, large-lot single <br />family and twin homes targeted towards families and empty nesters. Density would be in the <br />range of 1 ½ to 2 units per acre. <br /> Developers see the Hill neighborhood as largely single-family homes on lots of at least 50 feet. <br />According to Mattamy Homes, a 65x65 foot lot is their best seller which equates to a density of <br />3 units per acre. <br /> <br />Townhomes and Row Homes <br /> Townhomes or row homes are usually developed as 3- or 4-unit buildings since the end units are <br />most popular. Detached townhomes are generally around 5 or 6 units per acre. Row homes can <br />be built at up to 10 units per acre. Developers suggested that an average of 7 to 8 units per acre <br />for townhome products is reasonable. <br /> Townhomes are most likely to be developed in the neighborhood transition area, but the <br />market could also support a limited number of townhomes in the Hill or Creek neighborhoods. <br /> <br />Senior Housing, Apartments, and Condominiums <br /> Senior housing and apartment buildings need 150-250 units per building in order to support the <br />common areas and amenities desired by the market. Apartment buildings would likely be 4 <br />stories of apartments (3-5 acre parcels) above one story of underground or enclosed parking. <br /> Senior housing and apartment development wants to be located close to goods and services. <br />Density in new senior and apartment developments averages approximately 40 units per acre. <br /> The demographics of renters have changed over the past 20 years. Today’s renters want high- <br />end finishes and amenities – essentially a condominium-type product but without ownership. <br /> Mixed-use residential has not been successful in suburban markets. Developers felt that <br />requiring commercial readiness standards on the first floor of pedestrian-oriented frontages <br />would be a financial burden and a disincentive for development. <br /> Developers want a 10-year payback period for any “green” upgrades. Most energy savings are <br />being realized through technological advances in construction and building materials. <br /> Condominiums are only currently being built in very selective areas and are usually very high- <br />end. In order for the developer to get construction financing, 70% of the units must be sold. <br /> As the market improves, there may be limited demand for upscale condominium units in <br />buildings of approximately 50 units. Developers cautioned that there is limited and untested <br />demand for this product type – maybe a maximum of one or two buildings in the Neighborhood <br />Transition area in a location near both retail and open space. <br /> <br />In nearly every conversation, developers have stressed the need for flexibility to respond to changes <br />in market demand and to allow for innovation and creativity in development style. <br /> <br /> <br />Hill and Creek Neighborhoods <br /> <br />On November 3 and 24, 2014, the City Council discussed the Hill and Creek neighborhoods and provided <br />direction regarding zoning and design standards. The City Council approved “Option B” in which the <br />Neighborhood District is replaced by three new zoning districts: