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2017-1220_PC Appeal_tvlernol 12/20/2017 Page 4 -I- PARTNERS (468 parking stalls) provides 27 parking stalls above the existing entitlement. Resulting in a 6 percent increase over the existing entitlement. Economic hardship would be incurred in providing additional parking and another subterranean level. The economic hardship is detailed below. Economic Necessity For Parking Variance The proposed development of the Madison's 260 units requires a parking ratio of no more than 1.8 parking spaces per unit (a total of 468 parking spaces) to be economically viable. A parking ratio of no more than 1.8, or 468 total spaces is a complete economic necessity for the property to be developed as requested. It is difficult to develop on the property for several reasons, including the property's lack of accessibility to the 5 freeway and being surrounded on two sides by large office buildings. Thus, "Podium Parking" (parking that is directly under the above grade structures as compared to parking that is beside the above grade structures) is necessary. This is an extremely expensive way to park but results in an increased number of units compared to other parking designs, thus increasing City fees and overall economic activity. It is also seen by residents and guests as creating a superior design. Other property owners and third -party developers have thoroughly reviewed alternatives to develop the property and all have concluded that to provide an economically viable apartment community, the parking must be under the building, as opposed to a separate above grade parking structure. Of note, the cost of parking is shown in the marketplace as being a significant deterrent to the development in the area. Specifically, there have been no apartments with Podium Parking in this area. Across the street, the apartment community known as Nineteen 0 1, has separate above grade parking, and importantly, this parking existed at the time the developer, Lyon Communities, purchased the property, so no additional parking cost was necessary for the projects viability. Additionally, the nearby Colton office park, on Cabrillo Park Drive, recently fell out of escrow as the party proposing to purchase the property, Lincoln Property Company, was unable to bankroll a viable apartment community. While there has been talk of other developments in the immediate neighborhood this talk is nothing more than lines on paper as there is no demonstration of a viable apartment community that can be developed in the subject neighborhood with Podium Parking of more than 1.8 per unit and, in fact, there is no development in the subject neighborhood of any apartment development with Podium Parking at any level. 75A-77