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Item 5 Copper and Stebbins Downtown Residences PresentationLAKE DISTRICT DOWNTOWN RESIDENCES Design Architect Landscape ArchitectDeveloper Purpose and Intent Cooper & Stebbins will be requesting approval to: 1.Create a new district in Town Square. 2.Re-zone the +/-7.3-acre parcel of land located west of McPherson Park in the Town Center overlay to “DT” Downtown District zoning with Downtown Residences as a permitted use. New District: THE LAKE DISTRICT 13+ acres currently located in the Southlake 2035 Plan Town Center Overlay ➢Downtown Residences ➢McPherson Park future conference center expansion / performing arts space relocated to the northwest corner of park ➢Phase 2 Granite Office Building ➢Restaurant Pad Site The Lake District ▪Enhanced streetscape ▪New identity and wayfinding signs ▪Redeveloped McPherson Park with gateway entry building Lake District Enhanced Streetscape A Lake District Streetscape Plan will reinforce pedestrian connectivity as well as a desired type of character to help define the new district. The enhanced streetscape will help advance and support the principles identified in Southlake’s Downtown District Design Guidelines and Major Corridors Urban Design Plan. New Streetlight Signage on North Carroll Avenue and Federal Way Two new wayfinding signs on State Street at Federal Way and Division Street Lake District Identity & Wayfinding Cooper & Stebbins’ proposal includes a newly dedicated ½ acre parcel of land at the northwest corner of McPherson Park for the City’s future development of a conference center / performing arts space, if ever needed. ▪Gateway opportunity into Town Square from S.H. 114 ▪Ideal location on the city park ▪Takes advantage of existing parking New Gateway Entry Building on McPherson Park The amenities and residences truly embody the spirit of Southlake Town Square, where architecture and design combined with high quality construction meet to achieve the City of Southlake’s goals for “DT” Downtown District zoning.Downtown Residences NUMBER OF RESIDENCES 350 AVERAGE SIZE 1,000 Square Feet MINIMUM SIZE 850 Square Feet AVERAGE RENT PER MONTH $3,000 TARGET UNIT MIX 1 Bedroom = 45% -55% 1 Bedroom + Den = 10% 2 Bedrooms = 35% -45% Downtown Residences Summary BuildingsFit the NeighborhoodFromState Street 5 stories maximum and 65-foot maximum height within 200 feet of State Street (Shorter than DPS and Granite Place office building) 3 stories maximum and 40-foot maximum height within 100 feet of North Carroll Avenue (Shorter than Fire Station Clocktower) 50-foot set back from North Carroll Avenue 4 stories maximum and 52-foot maximum height between North Carroll Avenue and State Street height limitations Building Heights Step Down toCarroll Avenue Downtown Residences Section View 5 stories max and 65’ max. height within 200’ of State St. 50’ setback from N.Carroll Ave. 3 stories max. and 40’ max. height within 100’ of N. Carroll Ave. 4 stories max. and 52’ max. height between N. Carroll Ave. and State St. height limitations 5’ setback from State St. The exterior design and façade will be consistent with the Downtown District Design Guidelines for Southlake Town Square. Primarily brick façade with elements of cast stone and other materials. Elegant Masonry Façades Classic & Timeless Design Features Stately gated entry court Classic & Timeless Design Features Exclusive sense of arrival Classic & Timeless Design Features Covered colonnade Classic & Timeless Design Features Intimate courtyards Serene Landscape Plan 7 beautifully landscaped courtyards Serene Landscape Plan Outdoor spaces to complement your lifestyle Serene Landscape Plan Secure, gated access •Over 15,000 square feet of club room and amenity space on 3-levels •10,000 square foot recreational deck with 60’ pool, lounge area, outdoor cabanas, and grills Community Amenities •Two private dining suites and an additional entertainment suite •Expansive fitness club with multi-purpose studio overlooking the landscaped Central Courtyard Community Amenities Community Amenities Private club room Community Amenities Boardroom and business center Community Amenities Modern fitness center overlooking the Central Courtyard Community Amenities Multi-purpose studio room Our Vision to create a place as much about a luxury lifestyle as it is about luxury real estate. •Thoughtfully designed residences to deliver a well-appointed home •Stone countertops with abundant kitchen cabinets •Oversized walk-in showers •Large private terraces and balconies Residence Features •Larger than average unit sizes with 9’ ceiling heights for light-filled living •Spacious walk-in closets with built-in shelving and storage •Full-size washer and dryer Residence Features FREQUENTLY ASKED QUESTIONS The following are frequently asked questions about the Downtown Residences and answers/responses. Does Southlake allow multi-family residential? If so, is there any in Town Square? Yes. The Parkview Residences is a 36-unit residential loft building in the “DT” Downtown District. Is the site currently zoned for multi-family? No. The site is currently zoned C-3 General Commercial District. The property’s SH 114 Corridor Land Use designation is Town Center which includes residential uses (guidelines for residential land use mix equal 15% with flexibility of +/-15%). The subject proposal would increase Town Square’s total residential land use mix to approximately 13%. Why don’t you build per the existing C-3 general commercial zoning? Town Square is a mixed-use development whose retail has been substantially complete since 2009. Cooper & Stebbins does not believe another retail/commercial development similar to the West Side District, Carroll Pointe shopping center, or the surrounding garden office developments would help Town Square evolve in today’s changing retail world. West Side District Carroll Pointe What was the original vision for this land? The original vision was for 500+ multi-family residences for rent. What is Cooper & Stebbins’ goal with residential? Cooper & Stebbins’ goal is to continue to enhance and support Town Square with a mix of high quality uses that will help our Downtown to evolve and protect itself from changing market conditions and competition . What is the City’s goal for Town Square? “DT” Downtown District Purpose & Intent (Zoning Ord. §37.1) “The purpose of the Downtown District is to encourage the creation of a pedestrian oriented, mixed -use urban environment,providing shopping, employment, housing, and business and personal services. Downtown is intended to be the focal point of the community. This is achieved by promoting an efficient, compact land use pattern; encouraging pedestrian activity; reducing the reliance on private automobiles within the district; promoting a functional and attractive community through the use of urban design principles;and allowing developers flexibility in land use and site design….” Will the proposed development increase traffic? Yes. Any development on the site will increase traffic; however, the Downtown Residences are projected to increase traffic less than (1) a retail / restaurant development, or (2) a medical office development. Does Cooper & Stebbins need 350 Downtown Residences? Yes. 350 Downtown Residences provide the critical mass to support the quality and amenities of the luxury lifestyle proposed. Who would live in the Downtown Residences? Empty Nesters Traveling Executive Family Situations (Parents and in-laws, separated or divorced parents, etc.) Traveling Lifestyle Does this set a precedent in Southlake? No. No other development in Southlake has “DT” Downtown District zoning, which is specifically designed for Town Square’s pedestrian oriented, mixed-use urban environment. Does it negatively impact Carroll ISD? No. Cooper & Stebbins estimates a maximum increase of 35-53 students. The proposed development would increase total property value by over $100 million (approximately 20% of Town Square). CISD maintenance and operations taxes are projected to exceed $1 million per year, which is protected from Robin Hood via Town Square’s Tax Increment Reinvestment Zone. End of Presentation