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PZ Item 10 - Downtown Residences NarrativeOverview: The Downtown Residences ●Cooper & Stebbins (Applicant) is requesting approval of the Block 11 Development Plan which is comprised of 350 luxury Residential Lofts referred to as “Downtown Residences” in two buildings on approximately 7.3 vacant acres located in Southlake Town Square south of Division Street, north of Federal Way, west of State Street, and east of Carroll Avenue (the “Property”). ●Subject to approval of the proposed Development Plan, Cooper & Stebbins is requesting a rezoning of the Property from C-3 General Commercial to “DT” Downtown District.   •Southlake Town Square currently has approval for 171 residential units. Approval of this development plan would increase the approval to 521 total residential units within Southlake Town Square. The resulting gross residential density of Southlake Town Square would be approximately 4.2 dwelling units per acre, comprising approximately 13% of the total acreage of Town Square. Development Plan: The Downtown Residences ●The Downtown Residences proposal includes (1) two residential buildings ranging from three-story and maximum 40 feet in height on North Carroll Avenue to five-story and maximum 65 feet in height on State Street, and (2) a clubhouse building that is two-story facing N. Carroll Avenue and three-story facing State Street. ●The residential buildings would contain 350 residences with a minimum of 850 square feet per unit and averaging over 1,000 square feet per unit. Resident parking would be located in are two private, secured structured parking garages which will each contain 307 parking spaces for a total of 614 resident parking spaces (parking to a ratio of not less than 1.75 resident spaces per unit). There will be 86 surface parking spaces for guests including 46 surface parking spaces in a private lot on N. Carroll Avenue (parking to a ratio of not less than 0.25 spaces per unit).   The Downtown Residences: Development Plan ●Residents will have access to the secured north and south garage. ○The south garage will have an east and west point of ingress/egress on Federal Way that each provide for two-way traffic. There will be additional space for loading and trash removal on the eastside of the eastern point of ingress/egress. ○The north garage will have an east and west point of ingress/egress on Division Street that each provide for two-way traffic. There will be additional space for loading and trash removal on the eastside of the eastern point of ingress/egress. ●Guest parking access to the surface parking on North Carroll will be from a one-way driveways in and out of the private lot. ●The State Street entry court is for resident drop-off and pick-up only. It will be secured by a gate with private access limited to residents. Cars will be able to circulate around the entry court but there is no access to the parking garages from the entry court. There is no long-term parking in the entry court. Illustrative Site Plan: The Downtown Residences Rendering #1 – View from Northeast Corner of McPherson Park Rendering #2 – View of Downtown Residences Recreation Deck Rendering #3 – View of Downtown Residences Central Courtyard Rendering #4 – View From McPherson Park Behind Town Square Hilton Hotel Rendering #5 – Northbound View from State Street