treasure island development program flex zoning and... · • this flexibility allows the...

Treasure Island Development Authority

Treasure Island Development Program

Item 5: Flex Zoning and Height Requirements

March 19, 2019

Treasure Island Development Authority

Design for Development (D4D) – T4.4 Maximum Height

Treasure Island Development Authority

Figure T4.q – Maximum Height Plan

Treasure Island Development Authority

T4.4.2 – Flex Height Zones

Treasure Island Development Authority

T4.5 Flex Zoning – Building Separation

Treasure Island Development Authority

Flex Zoning – Subphase 2

• D4D includes four parcels with Flex Height Zones, and TICD is currently designing buildings to take advantage of the allowable height.

Treasure Island Development Authority

Flex Zoning – Subphase 3

• Subphase 3 Application includes potential towers at the indicated sites

• This pattern precludes most opportunities for TIDA to exercise flex zoning on our parcels, but not economically or programmatically advantageous

Treasure Island Development Authority

Maximum Heights and Construction Types

Treasure Island Development Authority

Construction Cost /Sq Ft By Building Type

Weighted cost/sf based on MOHCD Pipeline Projects

Type I: • Unlimited levels, typically concrete and/or steel• Construction cost/square foot ~ $528

Type III and Type V hybrid over Type I: • Up to 5 levels wood over 1-2 levels concrete• Construction cost/square foot ~ $475

Type V over Type I: • Up to 4 levels wood over 1-2 levels concrete• Construction cost /square foot ~ $461

Treasure Island Development Authority

Authority Unit Parcel Analysis

CEQA cap – 8,000 unitsTotal affordable units = 2,173 (27.2%)

Of the 2,173 units: • 1,866 are “Authority Units” to be developed by

non-profit affordable housing developers on 20 pre-identified parcels

• Improved land is delivered free, clean and fully entitled

• 307 affordable units are inclusionary units within market rate buildings developed by TICD/affiliates

Treasure Island Development Authority

Authority Unit Parcel Analysis

Treasure Island Development Authority

Authority Unit Entitlement

• Based upon preliminary massing studies, TIDA has capacity to develop the 1,866 “Authority Units” utilizing fewer than our 20 allotted Authority Lots

• In these studies, most sites utilize Type V construction

• Additional units could be added by switching to Type III construction and be compatible within existing height limits adding approximately 180 units

Treasure Island Development Authority

Parcel C3.1 Case Study

Parcel Size: 49,497 sq feet/1.14 acres

Height Limit: 40’ along shared Right of Way125’ along Avenue C

Target Population: Catholic Charities and Pre-DDA Households

Treasure Island Development Authority

Parcel C3.1 Case Study

Parcel C3.1

Treasure Island Development Authority

Parcel C3.1 Case Study

Unit Count: 135 Units 149 Units

Building Type on Shared ROW:

4 levels of Type V on grade

4 levels of Type I townhomes

Building Type on Avenue C:

5 levels of Type III over 2 levels of

8 levels of Type I on Avenue C

concrete/Type 1

Treasure Island Development Authority

Parcel C3.1 Case Study

Unit Count 135 Units 149 Units

Hard Cost/Sq.Ft. $335 $349

Total Development Cost/Unit $750,929 $760,567

Total Development Cost $101,375,390 $113,324,430

Gap $44,168,835 $50,903,390

Gap/Unit $327,177 $341,633

Gap/unit for each of the 14 additional units $481,040

Treasure Island Development Authority

Parcel C3.1 Case Study

Reasons why per unit cost for additional units are so high:

• Units are larger than typical to reflect replacement unit obligations

• Type I construction is more costly and costs include added expense for geotech work to accommodate a heavier building

• 10% of units must be built without subsidy to accommodate pre-DDA over income households at initial occupancy

Treasure Island Development Authority

Parcel C3.1 Case Study

Conclusion:

The cost to increase from Type III to Type I is not worth the additional $6.7 million in gap based on existing affordable housing funding sources and program requirements

Would delay full funding and delivery of building.

Treasure Island Development Authority

Developer Parcels

• Design for Development and zoning provide TICD with sufficient development flexibility

• This flexibility allows the development of Treasure Island to adjust to the economics throughout the build-out

• Flexible Height areas on east side of island and parcels zoned to 125 ft. provide ample opportunity to build seven stories or more over most of the Island

• The 8,000 cap on total units limitsdevelopment capacity, not the 65 ft height limit in the Cityside neighborhood

Treasure Island Development Authority