Resolution 6527 - Laserfiche WebLink

Downtown Core. Residential uses are limited to live work units on sites smaller than two acres in the C-2 ES zone. Current multifamily housing projects are occurring in lower density zones or at densities lower than the maximum level allowed. Most of the recent developments are built at 3 to 4 stories with a mix of surface and structured parking. Even in the zones without height limits, the recent buildings have not exceeded 80 feet. The R-3 zone allows 45 feet in height, but recent buildings are 2 and 3 stories. Most of the projects are single-purpose residential buildings. Several zoning classifications may provide opportunities for TDR. C-2ES zone near the Everett Station where no residential (other than live-work units or projects on sites two acres or larger) is currently allowed and where a major transit station and related public investment is in place. C-1 and B-2 zones (including proposed Mixed Use Overlay (MUO) and E-1 zones on Evergreen Way) along the SWIFT Bus Rapid Transit route. R-3 zone which is extensive and where the current allowed density is low. R-2 zone where duplexes could be allowed on smaller lots. R-1 zone where cottages could be developed at twice current densities to expand the range of available housing alternatives. MARKET OPPORTUNITIES The multifamily rental market is strong at the present time and should improve with an economic recovery in the region. Prevailing market rents are near the threshold for feasible development in some areas of the city. The opportunities for higher density new development that might benefit from TDR's are sites that offer unique and scarce features, thus justifying a cost premium; and in zones where existing development is at allowable maximum densities. These opportunities include high amenity settings and sites along the major transit corridors. Both offer the potential to provide higher-density development, while taking advantage of the excellent public transportation. In particular, the R-2 and R-3 zones west and east of Evergreen Way could accommodate increased density as the nodes on the corridor itself experience even greater density. In particular, R-2 zones along the Corridor could allow townhomes at densities comparable to R-2A. The C-2ES zone at the Everett Station is an obvious candidate as well. The outlook for retail is positive particularly for neighborhood and convenience retail. Such tenants are often found in mixed-use buildings. Prevailing rental rates are low compared to the region as a whole, and will be a factor in the overall feasibility of mixed- use development. General purpose office is not a strong candidate use for a mixed-use residential building, because the amount of upper level floor area is limited, and there are few mutual benefits between residential and office uses. EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 4