Planning Commission Agenda and Packet 2021 08 12

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concurrent construction of the commercial and residential development. In 2019, the City approved a change to the phasing plan for the development, allowing the owner to construct only one of the two commercial buildings concurrent with the residential buildings. The phasing also required a minimum of 30% of the space to have letters of intent for leasing prior to issuance of certificates of occupancy for the first phase of residential development. The full concurrency language is shown on Resolution 6, Series 2019, included as an attachment. The reason for the change in phasing was a change in market conditions impacting financing and leasing for new commercial development. The Planning Commission reviewed and recommended approval of the proposal on February 14, 2019 and City Council approved the proposal on February 19, 2019. Following this approval, the owners' also received a one year extension of the PUD, which lapsed on April 2, 2020. PROPOSAL: The applicant requests approval of the seventh amendment to the Takoda GDP. The primary change is to increase the residential allowance from 32 units to 59 units and to reduce the maximum commercial development from 76,055 sf to 15,000 sf within the Foundry portion of the development. While the current GDP allows up 76,055 sf, the current PUD includes 31,960 sf of commercial development. The applicant also includes a request to strike the requirement for 75% of the residential units to be occupied by persons 55 years and older in the original subdivision agreement. The application materials include a narrative that describes the applicant's rationale for the changes. The applicant notes that the reduction in commercial development reflects a soft commercial market where there is already vacant commercial space in the area and that it is not likely that the market conditions will change in the near future. The application materials also state that the reduction reflects the neighborhood desire for a decrease in traffic impacts and neighborhood scale development and the change in the residential responds to the demand for a diversity in housing mix and regional housing demand and less concern over local school crowding. The circulation and site planning for the GDP remains largely unchanged. The site plan continues to identify a central gathering space oriented toward Kaylix Avenue and Steel Ranch Park. The GDP still contemplates single family detached and attached development, and includes an allowance for mixed use buildings with both commercial and residential development. Because this is a GDP, there is not yet a specific site plan, however the application includes a conceptual site plan, included as an attachment. Foundry GDP Amendment Page 3 of 12 PC — August 12, 2021 12