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HomeMy WebLinkAbout220 E. OLIVE ST. - MOD. OF STAND. - MOD120005 - REPORTS - MODIFICATION REQUEST< -._. _: Y ito,�y ` .`•' ., . t `"� } ��� �. �r ` �.'_..r-. '..ui;� _ g sly' .;z" more like downtown than a neighborhood. With a planned stop for the Mason Street Corridor at Olive Street and Mason Street, the property is in closer proximity to a stop than many properties actually in the TOD. At this time we are requesting that a standalone zoning modification for 220 East Olive Street be approved to allow the construction of up to 42 multi -family units, of which no more than 14 shall be two bedroom units, with no on -site parking requirement. Allowing this modification to no on -site parking is required to ensure the property does not become non -conforming at some point in the future due to circumstances beyond the property owner's control. Summary Employment in downtown Fort Collins is important to the vitality of the local economy and health of downtown retail stores, bars and restaurants. Infill development that is bike, pedestrian and transit oriented will allow employees of downtown businesses to eliminate their automobile, or at least reduce their vehicle miles traveled, and allow them to live a true downtown urban lifestyle. Applicant has met with downtown employers including New Belgium Brewing and OtterBox and shared this vision. Those employers have expressed positive feedback regarding the project and its potential to improve the lifestyle of their employees by providing them quality.housing at market prices very close to their place of employment. Approval of this request for a standalone zoning modification would facilitate a transit - oriented development without adverse neighborhood impact and would upgrade an existing property that is an eyesore and a magnet for graffiti. OLIVE STREET PROPERTIES, LLC 6 JUNE 6, 2012 parking spaces will of course be created, the use of public parking does not dramatically exceed that of the prior use and in fact the project's bike, pedestrian and transit orientated features may result in a lesser impact on neighborhood parking than the previous office use. Redevelopment Vision The applicant's vision for redevelopment of this property is to remove the existing structure, eliminate the head -in parking on the Olive Street side of the property and create around 13 new on -street parking spots on Olive Street and Mathews Street. The streetscape on Olive and Mathews would also be upgraded to current City standards. The new building is envisioned to be in context with downtown Fort Collins with the look of a "new old warehouse" that has been converted to lofts. If the project's budget permits a substantial amount of brick facade is planned for the first two stories of the structure. Applicant plans to recycle brick and stone from the existing structure to be used in the new one if that proves feasible. We are also exploring a potential partnership with the City's Office of Sustainability Services to create a showcase FortZed net zero energy development. The result of this redevelopment project would b a substantial improvement to this corner of Library Park and to the neighborhood. Request for Standalone Zoning Modification The subject property abuts the Transportation Overlay District (TOD), which ends in the alley on the West side. The TOD does not require any parking for an apartment project of this type, instead encouraging transit oriented development and use of the Mason Street Corridor. While this property is not in the TOD, it borders the TOD, and "feels" OLIVE STREET PROPERTIES, LLC 5 JUNE B, 2012 Rent reduction (cash out) for certifying resident does not own a vehicle - Subsidized TransFort passes to encourage use of public transit, i.e. Mason Street Corridor which will have a stop just two blocks away at Olive and Mason Through the use of these incentives applicant believes that a significant portion of its tenants will not require ownership of an automobile and will instead seek the benefits and cost savings of being vehicle -free. Meeting the Parking Need The applicant recognizes that some of its tenants will require use of a vehicle and is working with the City of Fort Collins Parking Services department to secure 40 parking permits for the surface parking lot at the southwest corner of Olive Street and Mathews Street, directly across Olive Street from the subject property. A recent informal survey of the evening parking on Mathews Street and Olive Street at 7pm, when resident activity is highest, found a large supply of readily available spots very near the subject property. This reflects the primarily daytime use of the spots that surround Library Park since visitors to the library or the park are almost always daytime visitors, leaving many open spots overnight. Between new public parking spaces being created on Olive Street and Mathews Street, readily available street parking within reasonable proximity to the site and the permits in the City lot across the street, applicant is confident that tenants' parking needs can be fully met. Neighborhood Impact Redevelopment of this property will add quality apartments in downtown Fort Collins and improve the Library Park neighborhood. While some additional competition for OLIVE STREET PROPERTIES, LLC 4 JUNE 8, 2012 apartment building with 36 to 42 units consisting of primarily one -bedroom apartments and no more than one-third two -bedroom apartments. Given its two -block proximity to Old Town Square this location is highly attractive to employees of downtown businesses. As the Mason Street Corridor is completed the project becomes easily accessible to staff at CSU and other employers along the corridor. Current Parking Standard The current standards for parking in NCB require 1.5 parking spaces for each one - bedroom unit and 1.75 spaces for each two bedroom. At the maximum envisioned density of 28 one -bedroom units and 14 two -bedroom units that would be 67 parking spots. To put this in context with prior uses of this site, when the subject property was used as a City municipal building and an office building the.public parking within close proximity had no issue supporting up to 60 employees, contractors and visitors at peak utilization. Parking Demand Management The vision of the project is to encourage and incentivize bike, pedestrian and transit oriented tenants by focusing on alternate transportation and providing financial incentives to not own an automobile. Alternate transportation features that are planned: - Secure individual bike lockers, tentatively one for each dwelling unit - Possible use of shared use electric vehicles (may be third party) Financial incentives that are planned: OLIVE STREET PROPERTIES, LLC 3 JUNE 6, 2012 Today there is an opportunity for urban renewal of this property with infill of a bike, pedestrian and transit oriented residential project that is described through this request for a standalone zoning modification. Historical Use of the Property Previous uses of this property have included: a) Use of the southeast corner as a drive -through to pay utility bills (exhibit 1) b) Use of the alley warehouse to repair vehicles (exhibit 4) c) Use of at least 6 garage bays on Olive Street to repair vehicles d) Use as a research and development lab for Vipont e) Use as office space for the Northern Front Range Metropolitan Planning Organization including operation of the SmartTrips and VanGo programs f) Use as office space by the City of Fort Collins including where the public was instructed to pay parking tickets prior to the construction of its new offices g) Use by a software company that regularly brought in customers for training courses The peak parking requirement for employees, contactors and visitors of these users was about 60 vehicles accommodated through the use of 6 head -in parking spots on Olive Street and other public parking available in the immediate vicinity of the property. Prospective Use of the Property Recently the applicant has been working on plans to redevelop the property in context with the existing neighborhood, creating a bike, pedestrian and transit oriented OLIVE STREET PROPERTIES, LLC 2 JUNE 6, 2012 Request for Standalone Zoning Modification For 220 East Olive Street Background This request is for 220 East Olive Street in Fort Collins and the applicant is Olive Street Properties, LLC. The subject property is a 12,600 square foot lot with an existing 12,162 square foot building at the Northwest corner of Olive and Mathews that includes office space and warehouse space. The property faces a city parking lot to the South and Library Park to the East. Just to the North is a historical apartment building and just to the West is an alley. The current single story building on this property was constructed in the 1960's with a floor to area ratio of .97 with no on -site parking, in character with other nearby urban development in downtown Fort Collins. Prior to the Great Recession the City approved a number of modifications required to make a condominium project feasible on the property. Unfortunately after an asbestos remediation project was completed on the building in summer 2008 there was a downturn in the Fort Collins real estate market and construction of the condos was halted, leaving the building in a state of partial deconstruction. See Exhibits 1 through 4. The building has been vacant for the last 4 years during which time it was actively marketed for use as office space without success. The applicant also pursued a potential microbrewery on the property in the second half of 2011, which met with neighborhood opposition and the Application for Permitted Use was withdrawn. OLIVE STREET PROPERTIES, LLC 1 JUNE 8, 2012