Planning Commission Minutes 2019 02 14

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Planning Commission Meeting Minutes February 14, 2019 Page 7 of 17 McClure noted that the horizontal infrastructure would be a huge investment already of at least $3 million that increased the likelihood of development. Williams asked if the spaces would be parking if there were no building. McClure replied that it would be finished with landscaping improvements. Williams stated that they would need to build the residential buildings first to get the financing for the rest of the buildings. McClure replied that they had separate lenders for residential and commercial and the situation was therefore highly unusual. Hsu asked about the age -restricted units. He asked what kind of language the applicant would be comfortable with to ensure that at least some of the age -restricted units would be built in some of the earlier buildings and not left to the last building. McClure preferred to add clarity to the language overall, not to make changes. He would not support any additional language for that reason. Hsu asked why McClure did not want the requirement in the language if it was his intent to execute it anyway. McClure noted that the lending process was easier when he as a developer had flexibility rather than complex title issues. Hsu replied that he appreciated that the applicant needed flexibility, but the Commission needed some security for the City and the PUD criteria. McClure considered the current language on the age -restricted requirements a compromise between himself and the City. He reiterated his intent to build more than 24 age -restricted units. As the age -restricted language sits now, it was a very strong provision to benefit the City. Brauneis opened the floor for public comment. Gary Larson, 2189 Park Lane in the Steel Ranch section of the development, stated that he had been working with the applicant as a concerned resident since 2014. They put together a coalition of 11 HOAs and over 1,700 houses between South Boulder and Arapahoe Roads. They had disbanded as an organization, but he had no sense that anyone was against the development of the Foundry. Their coalition supported the Foundry, because they all felt comfortable in dealing with Justin and they liked having age restrictions on the condominiums, since the majority of residents in the area were older residents. Larson noted that the coalition's agreement with Justin was contingent on the applicant building the Foundry first. The Foundry was a big draw, with the potential to nice retail, a rooftop bar, and/or a brewery. They also felt it was a better development than other nearby proposals full of gas stations and drive-thrus. The Foundry was meant to be more upscale.