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Transcript of CCC-Apartment Final
ROSANOPARTNERS
ApartmentComplexBusinessPlan
FinalReport
CornerstoneCommunityConsultants
PresentedBy:PhuongNguyen
KennyHuKazumaOnoKyleKoleEllsonChen
May27,2016
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TableofContentsExecutiveSummary.............................................................................................................................................2
MarketAreaEvaluation....................................................................................................................................3
LocationEvaluation.............................................................................................................................................3
CommunityDemographics...............................................................................................................................6
CrimeDemographics..........................................................................................................................................7
IncomeDistribution............................................................................................................................................8
MarketRentAnalysis...........................................................................................................................................9
ApartmentCompetitors.....................................................................................................................................9
PricingDistributions...........................................................................................................................................9
HousingCompetitors.......................................................................................................................................12
RenterPreferences............................................................................................................................................13Recommendations..............................................................................................................................................15Amenities..............................................................................................................................................................15
Pricing....................................................................................................................................................................16
GovernmentRegulations................................................................................................................................17Restrictions..........................................................................................................................................................17
ApplicationProcess..........................................................................................................................................18
Recommendations............................................................................................................................................19
ImportantLinksandInformation..............................................................................................................20
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ExecutiveSummaryRosanoPartners,herebyour“Client”hasenlistedtheservicesofCornerstoneCommunityConsultants,“CCC”,toassistintheirbusinessinmarketingandgovernmentalresearch,andfinancialplanning.CCC’sresponsibilitiesincluderigorousmarketanalysisonprimaryandsecondarycompetitors,alongwithmarketdemographicevaluation.AlsoCCCwillincludeabreakdown of the market apartment pricing, and an in-depth government research onrestrictionsandentitlements.Baseduponourresearch,CCCispleasedtopresentourFinalReport,whichincludescustomizedrecommendationsbasedonourfindings.
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MarketAreaEvaluationLocationEvaluationOur lot of interest is a 1.6 acre piece of land right in the heart of National City, whichbelongs to thesouthwesternpartof theSanDiegoMetropolitanArea.Thecity is smallercomparedtoothercitiesintheSanDiegowithatotalareaof9.1sq.miandisboundedbySanDiegotothenorthandChulaVistatothesouth.NationalCityisalso15minutesawayfromtheUS-MexicoBorder(Tijuana). Thelotoftheplannedsubjectapartmentcomplex,located in lots 704-705 Highland Avenue, 704 Avenue & 720-724. The area ispredominantlyresidentialwithmixedusedlandinthesouth,withthenorthernsectionofthe lot as a residential space. The allotted area includes a corner lot with potential forrestaurants,retail,offices,hotel,motel,restaurants,andmixed-useresidentialpurposes.
SurroundingProperties:
Restaurants:133establishmentsnearby.Restaurantsarecenteredaroundthelocationoftheallottedaddress,andarefoundmoresporadicallysouthofthearea.Predominantlyethniccuisineandfastfoodrestaurants.
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GroceryStores:18establishmentsnearbyTheareaisinvicinityofaffordableshoppingoutletssuchasWal-MartSupercenter,Smart&Final,andFood4Less.SelectproducestoresincludingAsianmarkets,seafood,andorganicproducealsoavailableinvicinity.Nightlife:8establishmentsnearbyIncludesMcDini’s,Alotta’sCocktailLounge,etc.Cafes:8establishmentsnearby.IncludesStarbucks,Lollicup,TapiocaExpress,and7/1.
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Shopping:118establishmentsnearbyIncludeshomefurniturestores,fashionoutlets,electronicsstores,conveniencestores,etc.Beauty&Spas:64establishmentsnearbyAplethoraofhairandnailsalonscenteredinproximitytotheHighlandAveaddress. ActiveLife:13establishmentsnearbyInclude24HourFitness,UltimateFitnessCenter,communitycenters,parksandrecreationcenters.
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Schools:Schoolsbelongingtotheaddressinclude:
• CentralElementarySchool(0.23miaway)o 9333EAve,NationalCity,CAo GradesPK-6o AverageRating:5/10
• JohnA.OtisElementarySchool(0.40miaway)o 621E18thSt,NationalCity,CAo GradesK-6o AverageRating:5/10
• KimballElementarySchool(1.6miaway)o 302W18thSt,NationalCity,CAo GradesPK-to AverageRating:5/10
• NationalCityMiddleSchool(0.67miaway)o 1701DAve,NationalCity,CAo Grades7-8o AverageRating:4/10
• GrangerJuniorHighSchool(2.2miaway)o 2101GrangerAve,NationalCity,CAo Grades7-9o AverageRating:5/10
• SweetwaterHighSchool(1.39miaway)o 2900HighlandAve,NationalCity,CAo Grades9-12o AverageRating:6/10
CommunityDemographicsRace Hispanic White Asian/PacificIslander Black Two+Races Total# 36,546 5,620 11,314 2,615 1,425 57,799% 63% 10% 20% 5% 2% 100%Age Total PercentageLessthan18 14,939 25.50%18-24 9,472 16.20%25-44 15,892 27.10%45-64 12,076 20.60%65+ 6,203 10.60%
MedianAge 30.2
TheagedemographicsofNationalCityfollowverycloselytothedemographicsoftheUS,withalargerpercentageofpeopleintheyoungerages(18-44).ThemedianU.S.ageis36.8years,whilethemedianageofNationalCityresidentsis30.2years.AsthemedianageofNational City is so young,we recommend the construction and design of the apartment
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complex to include popular community and in-unit amenities to accommodate for theyoungergeneration.Furtherbelowonpage(9)detailspopularamenitiesamongNationalCityapartment,andonpage(13)detailspopularamenitiesnationally.
CrimeDemographicsAlthoughcrimehasdroppedsincethe1980sand1990s,NationalCitystillhassignificantgang and drug activity, and perennially leads San Diego County in violent crime. ThenumberofviolentcrimesrecordedbytheFBIin2003was546.Belowisapictureofcrimerates of different parts of National City with darker shades of blue indicating the saferneighborhoodsandlightershadesindicatingthemoredangerousneighborhoods.Thelotofinterest(theredsquare)liessomewherearoundthemiddleofthecrimeratescale.
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IncomeDistribution
AreaNationalCity
BayviewTower
HarborView
AddysinPark Centro
HighlandAve
MedianIncomes $39,517 $34,057 $34,057 $45,787 $26,003 $26,003AccordingtoCaliforniadata,themedianincomeforNationalCityisapproximately$39,517.However,themedianincomefortheHighlandAvenueaddresswherethenewapartmentcomplexwouldbebuiltissignificantlylowerwithamedianincomeof$26,003.Onemaincompetitor,CentroApartments, isalso locatedwithin thesamemedian incomeregionastheHighlandAvenueaddress. Weconclude that the loweryearlymedian incomeregionwouldaffect thepricingof theapartmentunits. Furtherbelow,weconducted studiesofrentalcostsbasedonper-square-foot,anddiscoveredthatCentroApartmentshastheleastexpensivecostsper-square-foottoaccommodateforthelowermedianincomeregion.Tobe competitive, the newly constructed apartment should have similar pricing. Furtherdetailsonprice-per-square-footcanbediscoveredonpage(11).
GrossRentLessthan$200
$200-$299
$300-$499
$500-$749
$750-$999
$1000-$1499
$1500ormore
Percentage 1.40% 4.80% 4.90% 9.40% 30.00% 34.80% 14.70%Additionally,themediangrossrentinNationalCityisapproximatelywithinthe$750-$999permonthrange.However,14.7%ofNationalCitycitizenspayover$1500,wheremostofthe average costs of units in Bayview Tower, Harbor View, and Centro Apartments lie.Thus, most modern apartment complexes target the higher income National Citypopulation. Furtherbelowonpage(10)detailsmedianmonthlyrentforapartmentunitsbasedonbedroomsize.
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MarketRentAnalysisApartmentCompetitorsAmenities BayviewTower HarborView AddisynPark CentroA/C&Heat Yes Yes Yes YesBalcony/Patio Yes Yes Yes YesBBQArea Yes Yes No NoCarpet Yes Yes Yes YesCarport Yes No Yes YesCommonLounge No Yes No YesFurnished Available Available No NoGranite Yes Yes No Yes
Gym Yes Yes NoAtSisterProperty
HotTub Yes No No NoIn-UnitLaundry No Yes Yes YesLaundryFacilities Yes Yes Yes YesPool Yes No No YesStainlessSteel Yes Yes No YesTile Yes Yes Yes YesUndergroundParking No No No NoWood No Yes Yes No
Based on our research and analysis, Bayview Tower, Harbor View, Addisyn Park, andCentro Apartments will be the biggest competitors of the newly constructed apartmentcomplex. Wedeemed themmost similar to themodernstructurewithneweramenities,and a contemporary lifestyle that matches the type of apartment complex we believeRosanoPartnersaimstobuild.CentroApartmentsshouldbethenumberonecompetitor,sinceitiswithinthesamemedianincomeregion. Alloftheseapartmentcomplexeshaveeither a balcony or a patio, as mandated by the city ordinances. Also, the apartmentcomplex except for Addisyn Park have either refurnished or modernized kitchens, withstainless steel appliances, granite, and tile. AddisynParkhas the least amenitiesofferedcomparedtotheothercomplexes,whichexplainstherelativelycheapermonthlyrents.
PricingDistributions
UnitType Studio 1Bedroom 2Bedroom 3+BedroomAverageMonthlyRent $668 $786 $918 $1,324
Thetableabovestatestheaveragemonthlyrentalcostsfordifferentunittypes.TheseaveragecostsincludeallapartmentcomplexesinNationalCity.BelowincludesaveragemonthlyrentforBayviewTower,HarborView,AddisynPark,andCentroApartments,complexeswebelievethattargetasimilaraudience.
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ApartmentComplex 1BR
1BRMedian 2BR
2BRMedian 3BR+
3BRMedian
BayviewTower $1,200 $1,110 $1,500 $1,200 N/A $2,000HarborView $1,599 $950 $1,790 $1,450 $2,199 $1,650AddisynPark N/A $950 $1,400 $1,450 $1,625 $1,650Centro $1,650 $1,250 $1,950 $1,395 $2,250 $1,650HighlandAve
$898
$1,195
$1,750
We conducted research on four apartment complexes in National City: Bayview Tower,HarborView,AddisynPark,andCentroApartments.Thefifthapartment,“HighlandAve”isthelocationofwherethenewapartmentbuildingwouldbebuilt.Themedianpriceswerecalculated from apartment rent costs within ¼ of a mile of each site to give a betterunderstandingofhowlocalityaffectsrent.Thesepricesarebasedonlyontheunit,anddonottakeintoaccountofsquarefootage.
ApartmentComplex1BRVariance 2BRVariance 3BRVariance Average
BayviewTower 8.11% 25.00% N/A 16.55%HarborView 68.32% 23.45% 33.27% 45.88%AddisynPark N/A -3.45% -1.52% -3.45%Centro 32.00% 39.78% 36.36% 35.89%
TotalAverage 23.72%
$0
$500
$1,000
$1,500
$2,000
$2,500
BayviewTower
HarborView AddisynPark Centro HighlandAve
MonthlyRentsBasedonBedrooms
1Bedroom
1BedroomMedian
2Bedroom
2BedroomMedian
3Bedroom+
3BedroomMedian
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ApartmentComplex 1BRSq.Ft 2BRSq.Ft 3BRSq.FtBayviewTower 500 650 N/AHarborView 727 1034 1573AddisynPark N/A 916 994Centro 902 1120 1525ApartmentComplex 1BR$/Sq.Ft 2BR$/Sq.Ft 3BR$/Sq.FtBayviewTower $2.40 $2.31 N/AHarborView $2.20 $1.73 $1.40AddisynPark N/A $1.66 $1.63Centro $1.83 $1.74 $1.48
Based on our research, the average variance of price of each apartment complex to therespective.25-mileregionisa23.72%increaseinprices.HarborViewandBayviewTowerare locatedwithinthesamemedianincomeregion,buthavedifferingrentalpricesandvariances. Accordingtoourstudy,BayviewTowerislessexpensiveperunit,butdoesnottakeintoaccountofsquarefootage.Basedonthecostpersquarefoot,BayviewTowerissignificantlymoreexpensive. ThecostdifferencebetweenBayviewTowerandHarborviewalsoincreasesastheroomsincrease.WeconcludedthatBayview Tower is themost expensive based on the price-per-square foot ratio becauseBayviewToweroffersthemostamenitiesofalltheapartmentcomplexes,andalsositinthehighermedianincomeregionof$34,057yearlyincome.
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
BayviewTower HarborView AddisynPark Centro
Price-Per-Square-Foot
1Bedroom
2Bedroom
3Bedroom
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AddisynParkistheleastexpensiveoftheapartmentcomplexesbasedonprice-per-square-foot,butalsotendstobelessexpensivethantherespective.25-milemarketduetothelackofin-apartmentandcommunityamenities,ascanbeseenabove.CentroApartments has the least expensive price-per-square-foot at an average of $1.68.The relative cheap per-square-foot price correlates to the relatively lowmedian incomeregion that Centro Apartment resides in. Centro Apartments has on average a 35.98%increase in monthly rent. This is relatively high for the surrounding area, but CentroApartments offers the largest unit, in terms of square footage. We recommend averagemonthlyrentstobecompetitivewithCentroApartments,duetocloseproximity. Pricingshouldbebasedonasquarefootbasis,totakeintoaccountdifferingapartmentsizes.Ourrecommendationsforamenitiesandpricingcanbefoundonpage(15).
HousingCompetitorsTotalhousingunits 16,942 16,942Nobedroom 453 2.7%1bedroom 3,972 23.4%2bedrooms 6,628 39.1%3bedrooms 3,989 23.5%4bedrooms 1,525 9.0%5ormorebedrooms 375 2.2%Median(bedrooms) 2.8 Housingunitswithamortgage 3,343 3,343Lessthan$300 3 0.1%$300to$499 34 1.0%$500to$699 45 1.3%$700to$999 190 5.7%$1,000to$1,499 861 25.8%$1,500to$1,999 966 28.9%$2,000ormore 1,244 37.2%Median(dollars) 1,795
The median cost for houses is $1,795 per month. The median bedroom size is 2.8bedroomsperhouse.
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RenterPreferencesBased on a study performed by Kingsley Associates, renters indicated the greatestimportance of neighborhood features is proximity to local businesses,walkability of thearea, and restaurants. Apartment renters prefer grocery stores, restaurants, bars, andpublic transit to be within walking range. Conversely, renters place less importance onimmediateproximitytoworkandofficedestinations,buttheselocationsmustbewithinashortdrivefromtheapartment.
Fromthelocationevaluationonpage(3),theHighlandAveaddresshascloseproximitytomanycafes,restaurants,grocerystores,anddifferentgradelevelsofschools.
High-speed Internet access continues to be the apartment feature that generates thehighest level of interest.While still remaining important, residents' interest in a patio /balconyhasdeclinedfourspotsfrom2013.However,aprivateopenspaceforresidencesis mandated by government regulations (see page (13)). Residents also indicated highlevelsofinterestinwalk-inclosets,soundproofwalls,andsmartthermostats,allnewtothesurveyin2015.
Belowisalistofthetop10areas(outof69totalfeatures/amenities),sortedbypercentinterested(4sand5sona1-5scale).Inadditiontoresidents'interestinamenities,belowisalsoinformationonwhatresidentsexpecttopayfortheadditionalamenities.
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Amenity 2013 2015 PricingHigh-SpeedInternetAccess 93% 94% $35Parking N/A 94% $32Walk-InCloset N/A 89% $49SoundproofWalls N/A 88% $62PatioorBalcony 93% 87% $52Washer/DryerinUnit 88% 87% $64Microwave 85% 87% $21GarbageDisposal 88% 83% $17RefrigeratorwithWater/Ice 83% 85% $31Pool N/A 83% $46Belowisalistofthetop10amenities,5forthecommunityamenitiesand5forhomeamenities,sortedbyinterestthroughthesamescaleasstatedabove.CommunityAmenities Percentage HomeAmenities PercentageParking 94% High-SpeedInternet 94%Pool 83% Walk-InCloset 89%FitnessCenter 82% SoundproofWalls 88%SecuredCommunityAccess 80% PatioorBalcony 87%Recycling 80% Washer/DryerinUnit 87%
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RecommendationsBasedonourmarketresearchofthearea,apartmentcompetitors,andrenterpreferences,weconcludethatthenewapartmentcomplexshouldbeconstructedanddesignedwithamodernandupscaleapproach. Also, thedesign shouldbeaccommodatedmore towardstheyoungergeneration,asthemedianageofNationalCityis30.2.
Amenities:Werecommendthatcommunityamenitiesshouldinclude:
• BBQArea• Carport• CommonLounge• Gym• Pool
Werecommendthathomeamenitiesshouldinclude:
• A/Candheat• Balcony/patio• Carpet• Granite• Wood/tile• StainlessSteel• High-speedinternetaccess• In-unitlaundry• Availableasfurnishedunits
Webelievetheseamenitieswillmakethenewapartmentcomplexcompetitivewithothersurroundingcomplexes. We formed theserecommendationsbasedonwhetherornotatleast2outoftheother4apartmentcomplexesalsohadtheseamenities.Werecommendthatallapartmentunitshaveaccesstohigh-speedinternet,asmostrentersnowdeemthatasamust-haveamenityascanbeseenonpage(14).Weproposethatthekitchenspacesbeconstructedwithamodernandcontemporarydesign,withtheinclusionofstainlesssteel,tile,andgranite.Webelievethataapartmentcomplexbuiltinthe2020’smust includeanupdatedkitchen. Also,webelieve that in-unit laundrywill increase thevalueoftheapartmentunits.In addition, we strongly recommend a carport parking space, instead of undergroundparkingiffundingislimited.Undergroundparkingisthemostexpensivemethod,ascanbeseen on the follow page (16) in the chart. The chart details that on average anunderground parking structure increase total construction costs by 47% compared to a31%increasewithanabovegroundparkingstructure.Furtherinformationongovernmentregulationsofparkingcanbefoundonpage(19-20)
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Pricing:Ourrecommendationsforapartmentsarebasedonbedroomcountincludes:
• 1bedroom:$1100-$1650• 2bedrooms:$1700-$2000• 3bedrooms:$2100-2500
These pricing recommendations are ranges, to take into account the differences in floorlayoutplansandsquare foot sizedifferences. Webasedour recommendationsoffof theother four apartment competitors’ pricing, and the amenities we believe should beincluded.Theamenitiesincludedareinthetop10preferredasnotedonpage(14),soasaresultshouldincreasetheoverallvalueofeachapartmentunit.
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GovernmentRegulations
Restrictions• Cannotexceed3storiestall(unlessdiscretionarypermitisapproved)• Atleast75%ofbuildingfrontage,andatleasttwocornersofthebuilding,mustbe
touchingthesidewalk• Parkingmustbebehind,above,orbelowtheapartmentcomplexsothatparkingis
notinplainview• Somedegreeofarchitecturaldesignisrequired
o Variationsinheightineachbuilding,hitchedroofs,balconieso Privateopenspaceavailableforthefamilieswhomaychoosetolivethere
• All plans must be accompanied by drawings to illustrate measurements for anyproject,drawntoscale,andsufficientindetailforeasyverification
• MXD-2Buildingformandplacementmustfollowtheseguidelines:
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• 20%ofnetsiteareamustbelandscaped• Parkingconsiderationsareoutlinedinthefollowingtwotables:
o Note that it would be easier to apply for a mixed use purpose versus aresidentialpurposewhenitcomestoplanningforparking
ApplicationProcess• Mustschedule,beforesubmittinganapplication,apre-applicationconferencewith
the appropriate planning/housing division staff (in our case, the National Cityplanningdepartment)
o Provideabriefdescriptionofproposeddevelopment,minimumtotalnumberof units, total number target units, total number density bonus unitsproposed(moreondensitybonusbelow)
o Combined general plan/zoning designations, assessor parcel number(s) ofprojectsite
o Vicinity map and preliminary site plan, drawn to scale, including buildingfootprints,driveway,parkinglayout,etc.
o Explainifanyadditional incentivesrequestedandtheirdescriptions(foundinGovernmentCodeSection65915)
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o Submit project pro-forma, outlining revenue sources, expenses, projectedprofit,andexplanationofhowincentiveswillallowforprovidingaffordablehousing
• Includewithapplicationo Waiversandmodificationstotheplan
• ExampleofanincentiveistheDensityBonusHousingAgreemento Providesasetrateforrent,leewayinregulationsifconvincingargumentfor
costreduction,etc.
Recommendations Fromourresearch,wefoundthatmultipleproposalshavebeensenttotheNationalCitygovernmentforapproval,butfewhavemadeitthroughthewholeprocessduetothe3mainconcerns.MainProblems:
• Design:NationalCityrequirestheoutsideofthebuildingtobewelldesigned.Ifthebuilding is industrial instyleor form, like theshapeofa simplecube, itwillmostlikelyberejected.
• Parking: Due to the parking restrictions stated above,minimal parking should beprovided.Forapproval,NationalCityrequiresthatthefirstfloorofthebuilding,ortheflooralignedtothesidewalk,tonotbeaparkinglot.Duetothehighcostoftheregulations,alotofprojectscouldn’tfundenoughmoneytocarryonordidnothavethelandtoimplementasolution.
• Firelanesandwatermeter:Firelanestakeupacertainamountof landandwatermeterscostalottoinstall;unfortunatelybotharerequiredforcityapproval.
Solutions:• For the design andwatermeters, we recommend to take these two into account
whenrunning themodels toestimateconstructioncost.Weresearcheda recentlyapprovedprojectof80unitsthatisundergoingconstructionandthedesignislikeabighouse.Sothecitydoesnotrequireustohavestateofartdesign,butrequiresusto put in a noticeable effort to make it feel appealing and beneficial to thesurroundingatmosphere.
• After consultingwith theNationalCityoffice,we recommend that thebuildingbedesigned as amixed used building. By doing this, we can drastically reduce theamountofparkingspacesrequiredforeachunit,andthereforereducethecost.
• Forparking,therearethreesolutionsthatwerecommend:o Parking structure: Due to the land being in a rectangular shape, we can
build a parking structure in the middle of the land. It will be accessedthrough a single tunnel as shown in the picture below to minimize theamountoflandneeded.Therestofthebuildingstructurewillbebuiltaroundit. The recently approved also implemented a parking structure similar tothisone.
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o Roofparking:Thissolutionutilizesthetoppartofthebuildingtoimplementparking.Werecommendusingaspirallanetoleadtothetopofthebuilding.Similardesigns are seen inparking structures orparking lots inwholesalestoreslikeCostcoinAsiancountrieswherelandtodevelopisscarce.
o Undergroundparking:This is themost ideal situation in terms of designandlandusage,butcoststhemost.Iffundingissufficient,thiswouldbethemost desired solution. However, if money is limited, we suggestimplementingoneoftheothertwosolutions.
• Ofcourse,forfurtherdetails,werecommendconsultingwithindividual(s)whoareexperiencedwithconstructionforcostestimation,andcitydevelopmentforalltherequiredregulations.
ImportantLinksandInformation:
• Chapter18oftheMunicipalCodedetailinglandusageandplanningo https://www2.municode.com/library/ca/national_city/codes/code_of_ordin
ances?nodeId=CD_ORD_TIT18ZO• CurrentZoningMap
o http://www.nationalcityca.gov/Modules/ShowDocument.aspx?documentid=5515
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o LotinconsiderationislocatedinMXD-2zone(mixedusezone)o National City administration has been advocating the growth ofMixedUse
landusage• AssessorParcelNumberfortaxpurposes
o Giventoanylotwithorwithoutabuildingaddresso 704HighlandAvenueAPNis556-414-04-00
• GeneralPlano http://www.ci.national-city.ca.us/index.aspx?page=549o Outlinesthebasicsofwhatadevelopmentplanshouldcontain
SimilarProjectinNationalCity:
• Address:1449SherylLane• CurrentlycontractedwithKirEbuilders• Twobuildingapartmentcomplexwith80units• Thirdbuildingdedicatedtoparking