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V. TDR SCENARIOS Based on real estate market opportunities and the characteristics of existing zoning designations, we identified six scenarios with potential for application of a Transfer of Development Rights program. The scenarios are site-specific in most cases, but are intended to be reflective of opportunities throughout a designated zone. E-1 Mixed Use Overlay Evergreen Way. The proposed Evergreen Way corridor zoning will provide increased density along this major transit corridor. The proposed zoning would allow for 58 dwelling units per acre with additional density allowed in return for transfer of development rights, provision of parking below grade, or permanently reserving units affordable to households with income levels at or below 80% of the area median. The Evergreen Way Corridor study provided examples of potential development at opportunity sites along the corridor. The opportunity site at 42nd Street between Colby and Hoyt is actually outside the final boundaries for the E-1 MUO zone, but is still considered to be a representative scenario for the current study. The concept for the site achieves a density of 102 units per acre. The additional building area beyond the 58 unit per acre base density is considered bonus density for this analysis. C-2 ES. The land around the Everett Station enjoys access to the same high capacity transit service as the Evergreen Way Corridor. This zone does not currently allow housing other than live-work units or on sites two acres or larger. A change in zoning to allow housing here through transfer of development rights is a logical scenario for this study. The site chosen for the analysis is a 1.8 acre site facing the station across Smith Street. The property was purchased recently, but no plans have been announced at this time. The base case for this analysis is a new office building sized to match the capacity of a ground floor devoted to parking. The TDR scenario would feature 205 housing units, a density of 100 units per acre. B-2. The B-2 zone allows for a mix of uses including housing at a maximum of 58 units per acre, except for the B-2 zoned area east of Interstate 5 and south of 100th St. SE where the density is limited to 29 units per acre. The B-2 zone along 19th Avenue near Silver Lake provides an attractive location for mixed use development and might support a much higher density than the current base. A developer has assembled a 6.5 acre site with views and access to Silver Lake as well as proximity to a neighborhood shopping center. Our concept for this site features 341 housing units, a density of 52 units per acre, which would be less than the allowable density for the B-2 zone in the all other areas of city. The requirements for structured parking and the irregularly shaped site limit the density under this concept. EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 37