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Appendix G: Development Feasibility Everett Housing Action Plan G-10 METHODOLOGY Scenarios The objective of this analysis is to highlight the feasibility of prototype projects to determine potential barriers to long-term development in Everett. To ensure that this represents a range of housing that can highlight possible infill development and redevelopment projects across the city in key locations, we provide three high-level base scenarios to discuss development:  A 3,745 square foot duplex project on a corner lot, as shown in the diagram in Exhibit 8(a).  A set of four 2,000 square foot townhouses, built according to the plan shown in Exhibit 8(b).  A multifamily development consisting of stacked flats/multifamily residential apartments, consistent with the general formats highlighted in Exhibit 9. Development in these zones would be expected to change characteristics based on changes in the parameters of the model but would be expected to be multistory buildings at higher densities than duplexes and townhouses. These formats were selected to highlight types of development of interest in R1, R2, and UR4 zones, respectively, as they are projects that would be expected to accommodate additional infill growth within these areas. Model Parameters The pro forma modeling for these scenarios incorporates different types of parameters:  Overall model assumptions. The pro forma models assume either that the housing constructed is intended to be owner-occupied housing (R1/R2 models) or that rental properties constructed are held for 8 years and then sold on the market.  Development regulations. Scenario inputs included consideration of the zoning and development regulations currently in place in Everett as of the passage of the Rethink Zoning amendments in November 2020. Exhibit 10 summarizes major regulations from Title 19 EMC (Unified Development Code) regarding urban form that would be strongly related to development design and feasibility.  Land costs. This pro forma model relies on current assessed land and improvement values in the market, based on a selection of properties drawn from areas in the same zone, as well as properties identified as developable according to Buildable Lands reporting. These are intended to provide general estimates of the cost to acquire developable lands. These estimates are provided in Exhibit 11 on a per acre basis, with Exhibits 12 and 13 providing the distribution of improvement values per acre for occupied or developable parcels with less than 2 housing units in R1 and R2 zones respectively.