Title
Resolution to Approve The Vic Village South Site Plan and Development Agreement, 1100 South University Avenue (CPC Recommendation: Approval - 9 Yeas and 0 Nays)
Memorandum
Approval of this resolution will allow for the construction of The Vic Village South, a 12-story mixed-use building on the north side of the 1100 block of South University Avenue.
Petition Summary:
* The Site Plan proposes a 13-story, 205,055-square foot, 859% FAR building containing 131 apartment units and 17,377-square foot of retail space on the first floor. The residential use and affordable housing premiums are used to exceed the normal 400% FAR allowance. After Planning Commission, the number of units was decreased by two and the size of the building decreased slightly by 1,779 square feet. As a result, the total FAR was also reduced from 867% to 859%.
* The 131 apartments proposed include one bedroom (42 units), two bedroom (33 units), three bedroom (32 units) and four bedroom units (24 units). No five or six-bedroom apartments are planned.
* This development is utilizing the affordable housing premium which permits for 3,000 square feet of floor area for every affordable unit with a minimum of 600 square feet per unit. Units must be guaranteed affordable for the life of the building. The developer is proposing 14 affordable housing units for a premium floor area increase of 38,021 square feet. These 14 units will be remain affordable to households at or below 80% of the Area Median Income, which is currently $60,400 for a household of two.
* 110 off-street parking spaces are required. The DDA has approved the petitioner's request for 40 limited overnight parking permits in the Forest Avenue parking structure. Contracts for permits in the public parking system is one of the available options to providing required premium off-street parking in the downtown area. The remaining parking spaces are being provided on site.
* A development agreement has been prepared to ad...
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