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Project Development Narrative
The proposed L & H Station development is a mixed-use
transit oriented development thatincludes office, commercial,
retail and three types of housing. The multigenerational housing
willinclude market rate rental, senior rental housing and
affordable family housing. The separatedevelopments will be
connected to and integrated with an open public space that connects
thetransit station to YWCA and the neighborhood to the south along
23
rdAvenue. At the LRT stop
will be a public plaza and the location for the Farmers Market.
The specific aspects of the
development elements are as follows:
1. Farmers Market and Public Area/PlazaThe public space will
provide for the programmed requirements of the market for stallsand
support functions. The 45,000 square foot space will be owned in
common by theowners of the L+H development components and will be
operated and maintainedthrough a joint usage agreement. The Farmers
Market will have a long term useagreement with the association. All
of these agreements will be established as theproject proceeds to
implementation.
2. Office, Commercial and RetailThis aspect of the development
plan as proposed includes 80,000 square feet in a fourstory
building. At the ground floor is 20,000 square feet of retail and
or commercial
space. It is located at the LRT plaza for restaurants with
outdoor seating and retailextending along Lake Street. The
remaining 60,000 square feet is in the upper threefloors of the
building for business, medical or government office uses. The
parking for160 to 240 spaces is needed in a shared parking area.
The financing for this project willbe a public private
placement.
3. Market Rate Rental HousingThe market rate apartment
development is anticipated in two phases to include 350units in
five and six story structures. The apartments will be studios, one
bedroom andtwo bedroom units ranging in size from 550 to 1050
square feet. The rental rates willsimilar to the new apartments
along the LRT and slightly less than in the Uptown area.The project
will be financed through private sources including banks and
institutionalinvestors such as pension funds. Included within the
development will be amenity spaceand courtyards for the rental
community. The ground level will have walk up style streetaccess
units to reinforce the streetscape. The parking will be one space
per unit in anenclosed parking area screened from the streetscape
and public view.
4. Senior HousingThe senior housing is for age 55 and older
residents seeking a location to stay in theneighborhood after
leaving their single family home. The location for seniors is
optimumwithin the development with access to the LRT, the YWCA and
the retail and servicesof the area. There will be 120 to 150 senior
units anticipated in the six story building.The size and style of
the units will range from smaller one bedroom, one bedroom plusdens
and some two bedroom units. The rental rates will reflect the
market and fundingprogram for the facility. The source of project
funding will be a combination of privateand public funding
programs. There will be the potential for services and
socialfunctions within the facility. The parking will be enclosed
and appropriate to the needs
of the senior community.
5. Affordable HousingThe housing will have an emphasis on family
units in order to provide a range ofresidential options in the
development. The size of the units will range from 800 to
1200square feet. The rental rates will be based on the income
levels of the residents and therequirements of the funding program.
The 90 to 100 units will likely be in two or morephases. Within the
facility will be amenity and service space for the residents.
Theparking will be enclosed with approximately one space per unit.
The financing will bethough a combination of public and private
sources as is typical for affordable rentalhousing.
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6. Shared ParkingA parking plan is needed for the overall
development that addresses the current andfuture uses at the site.
The Farmers Market and the YWCA currently have access to theopen
parking which will be eliminated when the final phase of the
development is inplace. Each of the projects will have on their
sites the required private parking neededto meet their needs. The
shared open space will provide 45 to 50 guest spaces for the
development. The 100 plus spaces needed for the Farmers Market
and 100 plusspaces used by the YWCA needto be addressed through a
shared parking facility.
This narrative represents the development goals for the
property. The L & H Stationdevelopment team is in process of
finalizing land purchase terms with MPS, submittingentitlement
applications to the City and establishing the development
implementation steps toproceed with financing and construction. We
have worked with the Corcoran Neighborhood andthe Midtown Farmers
Market to establish the development direction and continue to seek
yourinvolvement, ideas and support.
