They are now being proposed as 80 apartment rentals. It grows once again. This thing started out as 2 stories with 45 units a year ago. Then it went to 60. Then it went to 81 units with 81 bedrooms. Now it’s 3 stories with 80 units and 116 bedrooms. The developer has indicated the units will initially be for rent and then anticipates submitting a request to the City for a condo map in the future. “Anticipate” is the word here, meaning it would be the developer’s call in the future to convert to condos AFTER the apartment rentals are built. And even if they did decide they wanted to convert, the City would still need to approve the request. Plus, there are additional costs associated with the conversion in increased taxes, fees and insurance. No guarantee at all that these apartment rentals would ever become condos. This project is being proposed as 80 apartment rentals, not luxury condos as one of the developer spokes-mouths stated earlier. And 400K to 500K is certainly not luxury prices. If anything, the developer is looking to build these things as cheaply as possible. That’s why the proposal is for 80 apartment rentals.
The developer has also requested a Density Bonus. This Density Bonus law requires cities to grant incentives and concessions, such as parking reductions and reductions in development standards. This means each unit would have less than one parking spot per unit, and available guest and commercial parking can be reduced. The reduction in development standards also means cheaper and less aesthetics, smaller off-set distances from the street and height variances. So let’s call this thing what it really is: a run-of-the-mill 3-story 80 apartment rental proposal.
What we also need to consider here is that this latest version of the project is showing many of the rental units with 2 bedrooms now instead of the original 1 bedroom per unit. This extra bedroom would prove to be very lucrative with this new parolee housing push going on now since regulations allow for 2 parolees per bedroom at $1,200 per parolee per month subsidized by the County’s parolee housing program. Do you see what’s going on here folks???
These are the latest plans for the proposed development: