Planning Commission Agenda and Packet 2019 02 14

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January 18, 2019 Rob Zuccaro Planning and Building Safety Director City of Louisville 749 Main Street Louisville, CO 80027 Via e-mail: rzuccaro@louisvilleco.gov Mr. Zuccaro: We are committed to completing the Foundry which will become the flagship project of Steel Ranch. The Foundry represents the final phase of the Steel Ranch neighborhood and will become an iconic gateway to the City of Louisville along Highway 42. The overall development plan for the Foundry at Steel Ranch envisions an approximate 14,100 square foot "Foundry" building consisting of retail and restaurant space (including a rooftop deck), 17,800 square feet of in -line commercial/retail space and 32 condominiums inclusive of a landscaped plaza, public and private parking including pedestrian connections throughout the community. The Foundry Final Development Plan / Planned Unit Development (PUD) and final plat were approved by the Louisville City Council on January 19, 2016. Lack of clarity within the resolution of approval (Resolution No. 3, Series 2016) has led to a difference of opinion between City Staff and Foundry Builders regarding the timing of construction. Current market and financing conditions make it impossible to construct both the Foundry commercial building and in -line commercial space (which total approximately 32,000 square feet) prior to completing some or all of the condominiums. In response to these challenges we respectfully request an amendment to the PUD and associated resolution of approval that will provide clarity to the development schedule for both the commercial and residential components of the Foundry project, Our primary concern is the market viability to secure tenants for all 32,000 square feet of commercial space at once. This proposed amendment will allow us to build out the commercial component in a phased approach by commencing with one of the commercial buildings first (prior to or concurrent with the residential condominiums) to be followed by the second commercial building in a later phase as market conditions and financing dictate. As an example, DeLo Plaza, the 14,000 square foot retail center, is still experiencing high retail vacancy since the building was completed in 2017. In addition to existing vacancy at DeLo Plaza, two approved pad commercial buildings have yet to be constructed on site. I2ir9 PEARL STREET. SUITE I4 • BOULDER. (:0 803112 • WV'VG:FOUNl]IZYBU1i t ERS.COM FOUNDRY BUILDERS 26