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General Master Plan Components: 1. Economic Benefits: The following table summarizes the potential economic and social benefits to the community using the assumptions provided below. It is estimated that when fully developed there could be 400 to 700 residents, 12 to 385 jobs and $20 to $70 million in new property assessed market value at the sites. Currently there are an estimated 263 residents, 140 jobs and$8.5 million in assessed market value. Assumptions: • Ownership condo units: $120 to $140,000 per unit /1.4 people per unit • Rental condo/apartment units: $60 to $80,000 per unit/ 1.4 people per unit • Townhomes: $130 to $185,000 per unit/ 1.6 people per unit • Small lot first time buyer single family: $130 to $160,000 per unit/ 2.4 people per Unit • Retail: $75 per sq.ft./ 1.5 jobs per thousand of 75% of total sq.ft. • Office: $90 per sq.ft./4.5 jobs per thousand of 85% of total sq.ft. Description of Land Use Acres % Units or Est Assessed Residents of total Square Feet I Value or Jobs Retail — Phase II 2.02* 6%* 10 —20,000 sq.ft. $750,000 - $15 mill 12-23 Existing Office Space Phase II 1.54 4% Office as an alternate use Phase II 1.94* 5%* 25 _76,000 sq.ft. $23 m $68 mill 96-290 Office as an alternate use Phase I 2 00 * 6%* 20 — 100,000 $18 - $9 0 mill 76-385 sq.ft. Small lot S F Detached .-Phase I & 111 441 12% 18—35 units $23 m $56 mill 43 —84 S F Attached (Townhomes) — Phase I & III 878 24% 61 — 105 units 68 0 -$19 mill 122-210 S F Attached (Townhomes) alternate use P h a s e 11 1.94* 5%* 14 —23 units $1 8o $43 mill 28-46 Multi-Family (Apartments, Condo, Senior) Phase II & III 487 13% 88-146 $5 2 - $20 mill 123-204 Above retail — Phase II 2.02* 6%* 24-48 $14 . $67 mill 33-67 Phase I alternate use 2 00' 6%* 36-60 $2 0 -S8.4 mill 50-84 Open Space/Right of Way — All Phases 104 30% 476,1 IO sq.ft. Total 3598 100% • housing units 191-417 $21 $64 million 400-700 commercial 10,000 —1 96,040 $4.8 - $17 million S.F.=Single Family Housing 2. Densities: The following is estimated density ranges used in the projected land uses for each phase: Small lot first time buyer single family housing: 4 ^ 8 units per acre • Townhome: 7 — 12 units per acre • Condo/Apartments/Senior: 18 to 30 units per acre,maximum 3 to 4 story (Phase II, III),up to 5 story senior condo (Phase I); underground parking required • Retail: 10,000 — 20,000 square feet (Phase II only) • Office: No more than 30 percent site coverage and maximum three to four story (Phase II) and five story (Phase I) Arona-Hamline Neighborhood Master Plan . 2002 Page 13 of 15