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City Council <br /> Meeting Minutes <br /> June 5, 2012 <br /> Page 5of16 <br /> b. Village Apartments (North) — 17.1 Units per acre; 2.5 stories in height <br /> c. Steel Ranch South - Proposed (East) — 30 units per acre 3 stories in height <br /> d. Christopher Village (East) 30.2 Units per acre 3.5 stories in height' <br /> Safeway proposal 4 31.4 units per acre —3 stories in height <br /> *He noted information regarding Christopher Village was requested. The <br /> property is further to the east and staff does not consider it adjacent to the <br /> Safeway property. <br /> 2) Research and describe the impacts of the contract to purchase has had on <br /> other sales offers for the site. <br /> Staff understands that a property with a contract limits the owner from <br /> accepting offers from other potential buyers of the property. As a result, a <br /> contract on the Safeway property may distort the property's market viability. <br /> However, it is staff's understanding that a contract does not prohibit <br /> prospective buyers of the property from inquiring, or demonstrating interest in <br /> the property to the owner. Staff also understands that this contract was <br /> modified and extended since the original submittal. Staff can only speculate <br /> on why Safeway extended the contract (either because of the price offer, or <br /> lack of interest from other parties). Only Safeway can document why the <br /> contract was extended. <br /> 3) Provide the number of residential units approved for Steel Ranch South. <br /> a. The General Development Plan allows 306 residential units. <br /> b. The Preliminary Planned Unit Development (PUD) approves 65 <br /> townhomes and 220 apartments. <br /> 4) Provide the unit count breakdown of the Loftus Proposal <br /> a. Studio - 34 Unite —Average size 580 SF <br /> b. One-bedroom —160 units — Average Size 740 SF <br /> c. Two-bedroom 63 units — Average Size 1,110 SF <br /> d. Three Bedroom i— 3 units—Average Size 1,479 SF <br /> 5) Provide the multi-family residential vacancy rate in Louisville <br /> The two comparable apartment complexes in Louisville are Grandview at <br /> Flatirons (180 units) and Copper Ridge (129 units). There are currently 3 <br /> units available at these locations; thus the vacancy rate is currently just under <br /> 1% (0.97%). <br /> The Planning Commission passed a resolution recommending denial for the following <br /> reasons: <br />