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18 <br /> SECTION V <br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />G.1 Multifamily Rental Discussion <br />We were not provided with detailed information from the Developer on the product <br />offerings for the 3,750 multifamily units to be built-out on the Project site. However, <br />based upon the information provided, our research identified that the Project should <br />contain an average multifamily unit approximately 900 SF in size that would <br />accommodate a mix of studio, one-bedroom, and two-bedroom apartments. <br />We also reviewed a computer rendering of the site (Figure 10) included in the Specific <br />Plan that led us to believe most multifamily buildings would be up to 8 stories, as <br />permitted by the City Zoning Code. This assumption is further supported by the need <br />for a high-density product to accommodate 3,750 residential units on about 25 acres, <br />which yields an overall density of about 150 units per acre. Below is a schedule of acres <br />and units provided by the Developer that summarizes their proposed density. <br />Table 7: Project Density <br />Phase Total Phase <br />Acres <br />Residential <br />Acres <br />Units in <br />Phase <br />Implied Density Per <br />Acre <br />Phase 1 19.47 10.29 2,375 DU 231 DU/Ac <br />Phase 2 14.10 5.79 822 DU 142 DU/AC <br />Phase 3 9.50 8.96 553 DU 62 DU/AC <br />Total 43.07 25.04 3,750 DU 150 DU/AC <br />Although the Specific Plan does not contain proposed building configurations, DTA developed a model to determine if the proposed <br />product mix would be feasible and accommodate the proposed density. With the proposed target densities, DTA’s first task was to confirm <br />that the property could accommodate the targeted densities, especially the 231 multifamily units per acre proposed in Phase 1. As can <br />be seen from the table below, the highest density of 230 units per acre could be achieved in an 8-story building that covered 80% of a <br />parcel, with the first floor set aside for retail. This further assumes the average unit size is 900 SF and that 15% of each floor is set aside <br />for non-residential space. <br />Figure 11: Rent per Bedroom Count <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 541 9/17/2024