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2. Development on Urban Corridors Everett Housing Action Plan 24 <br /> <br />Summary of Feedback from Public Engagement <br />Comments from the community generally supported the concept of multifamily housing near urban <br />corridors. Responses to expanding other housing types were mixed as described in Chapter 2 with may <br />expressing concerns and opposition while others welcomed the opportunities to enhance more <br />housing options besides multifamily types while ensuring community amenities are available. <br />Economic and Feasibility Analysis Summary <br />A detailed description of the feasibility analysis of prototype projects in the areas discussed in this <br />section is provided in Appendix G. Major findings applicable to projects in urban corridors include the <br />following: <br /> Current rent levels and development costs suggest that underutilized commercial areas in these <br />corridors may be suitable for housing. The areas examined along the Evergreen Way and North <br />Broadway corridors include potential development sites on underutilized commercial land in the <br />Business (B) and Mixed Urban (MU) zones. Given existing land prices and potential rents, these <br />locations could potentially be feasible for new multifamily development. These sites would likely <br />need to incorporate higher-end residential development to achieve a sufficient rate of return to <br />justify private development, which may need some additional growth in local rents. <br /> Encouraging development may depend on managing associated construction costs, especially <br />costs to provide parking. Although development in these areas is generally permitted to 7–9 <br />stories with no maximum density requirements, there will be limitations to achieving greater <br />housing yields as marginal construction costs increase. Higher buildings will require a shift of <br />building materials from wood to concrete and steel, and denser development may need to <br />accommodate parking in above- or below-ground parking garages. Providing options for <br />developers to reduce these marginal costs where possible, such as with lower parking <br />requirements, can help in supporting more development in these areas. <br /> As higher rents will promote more development, providing amenities and supporting <br />infrastructure will be important. The feasibility of new housing projects is tied with the amount of <br />revenue that property owners can receive from rents. Although the City cannot control market <br />rents in the area, there are opportunities to provide certain local amenities and services that are <br />valued by potential residents. Investing in an aesthetically attractive streetscape, developing local <br />parks, encouraging local retail, and providing for pedestrian and cycling connections in the area <br />can help to boost the appeal of the area for potential residents. <br /> Incorporating ground-floor retail/commercial development can be challenging in these areas <br />given the need to draw auto-oriented customers. One intent of promoting denser development <br />along urban corridors is to encourage new walkable areas where residents can more readily access <br />neighborhood services and shopping without the need for car trips. However, local businesses in <br />new commercial spaces, including in mixed-use projects, will still require establishing a customer <br />base over time. During the initial stages of development in the corridor, this will mean that many <br />of these businesses will still need to attract customers driving cars. If not planned correctly, this <br />can impact the ability for these developments to cater to pedestrians, cyclists, and transit riders in <br />the longer term.