Planning Commission Minutes 2019 02 14

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Planning Commission Meeting Minutes February 14, 2019 Page 4 of 17 specializes in these kinds of models. The model allowed staff to play out multiple scenarios for each application. Hsu asked why staff picked building F for the model. Zuccaro replied that he had not discussed that choice with the applicant. Staff chose it because it was the smaller building, making the model more conservative, and because a permit had been submitted for building F. Howe asked what would happen if the residential buildings got built and the commercial buildings did not. Zuccaro replied that the buy -in to start the process afforded some assurance. He noted that they could never eliminate the chance that the buildings would not be built, but you could reduce the risk if you required full build -out on the commercial building before giving any of the residential approvals. There was going to be a risk that there would be a vacant slab, even if that was not the developer's intent. Hsu asked if the 24 age -restricted units were tied to any specific building. Ritchie replied that they were not tied to a specific building and staff was still working on the deed language. Brauneis asked for further questions of staff. Seeing none, he invited the applicant to present. Justin McClure, 1002 Griffith Street in Louisville explained to the Commission that the project was originally envisioned in 2004. It had been a major process to get the project to meet the original PUD. His company takes on projects that push its capacity and focuses on legacy -based projects. The original intent was to build 70,000 square feet, which was a maximum based on FAR. If you want to park the project, it could accommodate closer to 40,000 square feet. He was cognizant of Code criteria and wanted to over -park the Foundry. He invited the Commission to ask any questions. Rice asked if they had decided which commercial building they were going to build first. McClure replied that they had always intended to build the Foundry building in conjunction with the residential buildings. The building required a tremendous amount of equity to execute from a lender and a tenant perspective. They had lenders who were interested, but he had already lost a lender because of the timeline and uncertainty of the process. Rice clarified that building F was the intended first building. He asked if it would be a problem if the Commission made the requirement to build building F rather than both the commercial buildings or tying it to the COs for the residential buildings. McClure replied that that would not be a problem, but he did request as much flexibility as possible.