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(J v tai is <br /> kV- <br /> JA <br /> F <br /> Mr. Allan Giffen 1 3 12005 <br /> City of Everett Planning and CITY OF EVERETT <br /> Community Development Planning Dept. <br /> 2930 Wetmore Avenue, Suite 8A <br /> Everett, WA 98201 <br /> January 31,2006 <br /> Dear Mr. Giffen <br /> The purpose of this letter is to describe changes to the Rockefeller Avenue project since <br /> The signing of the developer's agreement with the City of Everett on August 23, 2005. <br /> Since then, several important developments have occurred with the project. <br /> The first and most important development concerns a marketing study performed by New <br /> Home Trends,dated August 31, 2005. The study confirmed that the site was excellent <br /> for rentals and marginally good for condominiums. The salable value of the project as <br /> condominiums exceeds the value as a rental development. With this information, the <br /> project started directing design energy towards for sale units. <br /> The target demographic of this project is single women,both working and retired,empty <br /> nesters looking to downsize, and young couples without children. Their yearly income is <br /> between $60k and $100k. These three groups are an increasing proportion of Everett's <br /> population. In increasing numbers, young couples are buying affordable housing in the <br /> Everett area. Additionally, the Baby Boomer population is now starting to downsize and <br /> look for this kind of development. <br /> The original project had parking and area for 44 smaller apartment units. Since <br /> condominiums require larger unit sizes,the unit count was cut by 10%to 40. The <br /> following is the designed unit mix and size breakdown: <br /> Unit Description Unit Count Ave. Unit SF <br /> One Bedroom/One Bath 12 800 <br /> Two Bedroom/Two Bath 18 1075 <br /> Two Bedroom/Two Bath (w/loft) 6 1075 <br /> Three Bedroom/Two Bath(w%loft) 4 1425 <br /> Totals: 40 +/-41,000 <br /> Each of the ten units on the fourth floor will have loft spaces containing a bedroom and <br /> bath. We believe that this brings added value and street appeal to the project. The <br /> building setback along the back alley side of the building was reduced to allow for larger <br /> unit sizes while not impacting the street frontage. The street frontage setback remains <br /> 51 <br />