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1 <br /> <br /> <br />Project Narrative <br /> <br />Location <br />The subject property is an undeveloped 1.6-acre parcel of <br />land located in downtown Centerville. It comprises the <br />eastern two- The <br />property was acquired and is owned by the City. It is located <br />in what is considered the downtown area. <br /> <br />The City of Centerville utilized Community Development <br />Block Grant (CDBG) funds from the U.S. Department of <br />Housing and Urban Development (HUD) to acquire the <br />property. A small portion of the property was acquired from <br />the County highway department over 20 years ago. There is a regional trail that runs through the <br />property and the development plan aims to preserve or relocate the trail in a creative way to benefit the <br />community. <br /> <br />Project Overview <br />rate multifamily rental housing project. The development <br />project will transform this long vacant lot into a three-story <br />apartment building with detached parking garages. The <br />building and the garages will be well designed to fit in with <br />the surrounding downtown area. <br /> <br />The property is zoned M-2 (Mixed Use Neighborhood) which <br />would allow a density of 12 units/acre, with a maximum of 30 units/acre. The project proposes 56-units, <br />seven units more than the allowed 48, and will required to be rezoned to a PUD to achieve that many <br />units. <br /> <br />The 56-unit building will consist of studio, one-bedroom, one-bedroom plus den, and two-bedroom units. <br />Three of the two-bedroom units will be dedicated to households at or below 80% of the Area Median <br />Income (AMI). Those units will likely benefit young families in the community who may not yet be ready <br />for home ownership. <br /> <br />Target Demographics include young people who are not ready to commit to purchasing or cannot <br />afford to purchase a home. Additionally, we believe that empty nesters looking to downsize their lives <br />would be interested renters. Based on the proposed rents of this apartment community, individuals or <br />households would need to make between $44,000 (for studio units) up to $60,000 (for two bedroom <br />units) annually to make the unit attainable at 30% of their income. Individuals attracted to the <br />proposed rents would likely be working class individuals or households in occupations such as <br />teaching, government services, manufacturing, restaurant/food services and warehousing. <br /> <br />www.ebertconst.com <br /> <br />