Treasure Island Development Program Flex Zoning and... · • This flexibility allows the...
Transcript of Treasure Island Development Program Flex Zoning and... · • This flexibility allows the...
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Treasure Island Development Authority
Treasure Island Development Program
Item 5: Flex Zoning and Height Requirements
March 19, 2019
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Treasure Island Development Authority
Design for Development (D4D) – T4.4 Maximum Height
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Treasure Island Development Authority
Figure T4.q – Maximum Height Plan
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Treasure Island Development Authority
T4.4.2 – Flex Height Zones
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Treasure Island Development Authority
T4.5 Flex Zoning – Building Separation
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Treasure Island Development Authority
Flex Zoning – Subphase 2
• D4D includes four parcels with Flex Height Zones, and TICD is currently designing buildings to take advantage of the allowable height.
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Treasure Island Development Authority
Flex Zoning – Subphase 3
• Subphase 3 Application includes potential towers at the indicated sites
• This pattern precludes most opportunities for TIDA to exercise flex zoning on our parcels, but not economically or programmatically advantageous
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Treasure Island Development Authority
Maximum Heights and Construction Types
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Treasure Island Development Authority
Construction Cost /Sq Ft By Building Type
Weighted cost/sf based on MOHCD Pipeline Projects
Type I: • Unlimited levels, typically concrete and/or steel• Construction cost/square foot ~ $528
Type III and Type V hybrid over Type I: • Up to 5 levels wood over 1-2 levels concrete• Construction cost/square foot ~ $475
Type V over Type I: • Up to 4 levels wood over 1-2 levels concrete• Construction cost /square foot ~ $461
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Treasure Island Development Authority
Authority Unit Parcel Analysis
CEQA cap – 8,000 unitsTotal affordable units = 2,173 (27.2%)
Of the 2,173 units: • 1,866 are “Authority Units” to be developed by
non-profit affordable housing developers on 20 pre-identified parcels
• Improved land is delivered free, clean and fully entitled
• 307 affordable units are inclusionary units within market rate buildings developed by TICD/affiliates
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Treasure Island Development Authority
Authority Unit Parcel Analysis
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Treasure Island Development Authority
Authority Unit Entitlement
• Based upon preliminary massing studies, TIDA has capacity to develop the 1,866 “Authority Units” utilizing fewer than our 20 allotted Authority Lots
• In these studies, most sites utilize Type V construction
• Additional units could be added by switching to Type III construction and be compatible within existing height limits adding approximately 180 units
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Treasure Island Development Authority
Parcel C3.1 Case Study
Parcel Size: 49,497 sq feet/1.14 acres
Height Limit: 40’ along shared Right of Way125’ along Avenue C
Target Population: Catholic Charities and Pre-DDA Households
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Treasure Island Development Authority
Parcel C3.1 Case Study
Parcel C3.1
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Treasure Island Development Authority
Parcel C3.1 Case Study
Unit Count: 135 Units 149 Units
Building Type on Shared ROW:
4 levels of Type V on grade
4 levels of Type I townhomes
Building Type on Avenue C:
5 levels of Type III over 2 levels of
8 levels of Type I on Avenue C
concrete/Type 1
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Treasure Island Development Authority
Parcel C3.1 Case Study
Unit Count 135 Units 149 Units
Hard Cost/Sq.Ft. $335 $349
Total Development Cost/Unit $750,929 $760,567
Total Development Cost $101,375,390 $113,324,430
Gap $44,168,835 $50,903,390
Gap/Unit $327,177 $341,633
Gap/unit for each of the 14 additional units $481,040
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Treasure Island Development Authority
Parcel C3.1 Case Study
Reasons why per unit cost for additional units are so high:
• Units are larger than typical to reflect replacement unit obligations
• Type I construction is more costly and costs include added expense for geotech work to accommodate a heavier building
• 10% of units must be built without subsidy to accommodate pre-DDA over income households at initial occupancy
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Treasure Island Development Authority
Parcel C3.1 Case Study
Conclusion:
The cost to increase from Type III to Type I is not worth the additional $6.7 million in gap based on existing affordable housing funding sources and program requirements
Would delay full funding and delivery of building.
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Treasure Island Development Authority
Developer Parcels
• Design for Development and zoning provide TICD with sufficient development flexibility
• This flexibility allows the development of Treasure Island to adjust to the economics throughout the build-out
• Flexible Height areas on east side of island and parcels zoned to 125 ft. provide ample opportunity to build seven stories or more over most of the Island
• The 8,000 cap on total units limitsdevelopment capacity, not the 65 ft height limit in the Cityside neighborhood
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Treasure Island Development Authority