Item 31 - Density Bonus Agreement No. 2023-02: Residential Development (322 N Harbor Blvd.)

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SPR No. 2023-02 and DBA No. 2023-02 (322 N Harbor Blvd.) September 25, 2023 Page 7 costs and make the project financially infeasible. Moreover, due to the site's limited size, the project proposed podium level parking, and the residential units stacked above the podium parking. Creating a courtyard or forecourt, would result in the project reducing the number of units by two or more in order to adhere to the open space standards. When analyzed cumulatively, the requested concessions and waivers could be avoided if the project were designed on a different site or using a different site plan. If the project were designed on a larger site with a multi -level parking and/or subterranean parking structure, or if the applicant used different building materials to construct a taller project on a larger site, additional area on site would become available to provide the open space requirements and the allowed building frontage type. However, these changes would increase development costs, resulting in the housing project becoming financially infeasible due to the significantly increased financial implications of an alternative construction type compared to the relatively smaller scale of the project. In addition, these changes would reduce the number of units that could be constructed on the site and therefore eliminate the affordable housing units that would result from the project. In addition, the changes would increase development costs and reduce the financial feasibility of redeveloping the site, resulting in the affordable housing project becoming financially infeasible due to the significantly increased financial implications. Lastly, the proposed deviations are necessary to make the project economically feasible for the applicant to utilize a density bonus authorized for the development pursuant to Section 41- 1603 of the SAMC. Site Plan Review Pursuant to Chapter 3 (Land Use Plan and Development Standards) of the SP2, any structure that exceeds three (3) stories in height is subject to discretionary review and approval of a site plan review (SPR) by the Planning Commission, for compliance with the SP2. Planning staff has reviewed the project for compliance with the SP2 and all applicable development standards and City design guidelines. As proposed, the development would meet all required SP2 development standards and City design guidelines, with exception of the requested concessions and waivers identified as part of the density bonus agreement analysis (i.e., minimum common open space, building frontage and floor height, lot width, and onsite open space requirements). The proposed development will incorporate residential units that are in close proximity to the corridor, which will increase street presence and create new activity throughout the day. It would also add further visibility along the street, contributing to an improved sense of community and safety. As a result, the proposed project will bring a safer and more vibrant atmosphere for corridor users. Moreover, the proposed project will be compatible with adjacent development and achieve the design and development principles outlined in SP2. As previously mentioned, the project features a contemporary architectural style similar to many multiple -family or mixed -use residential communities under construction in the 9/25/2023 Planning Commission 2-7