2004-03-16_Agenda - Laserfiche WebLink

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The site will have views of the wetland area and should have church parking lot connections to the open space and the neighborhood. Shared parking and access between the Church(and/or Armory) and the Guptil south site should be explored to reduce the hard parking and paving surfaces of the development, thereby increasing greenspace and maximizing site usage. A strength and complement to higher density housing in this area is the pathway connection along the McCarrons Boulevard connecting to the east side of Rice Street and the McCarrons Lake Pathway on the west. Economic Benefits: The following table summarizes the potential economic and social benefits to the neighborhood due to the redevelopment of 185 McCarrons (Guptil site) using the assumptions provided below. (The economic benefits of the longer-term redevelopment along Rice Street have not been estimated.) If the Guptil site were redeveloped with a mix of high and median density residential uses it is estimated that approximately 30-70 new residents, and $4 to $6 million in new property value would be created. Currently within the study area there are an estimated 511 residents, 100 jobs and $48.5 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 / 1.8 people per unit Townhomes: $200 to $250,000 per unit / 1.6 people per unit Small Lot Single Family: $200 to $250,000 per unit / 2.4 people per unit Description of Possible Future Land Acres Units Est Assessed Residents Use - Guptil Site Value A.1. S.F. Attached (Townhomes) 0.5 6 $1,500,000 10-12 A.2 . Small Lot single family 4 $1,000,000 9 B.1 Multi-Family (Apartments, Condo, 0.55 36-42 $2,400,000 to 50 Senior)$4,680,000 B.2. SF Attached (townhomes) .55 12 $3,000,000 19 Open Space/Right of Way 0.95 - Total 2.0 16-48 $4-$6 million 28 to70 - S.F. = Single Family Housing DRAFT MARCH 10, 2004 17