Item 7A and 7B Revision Letter 02-11-2020COOPER
AND COMPANY
February 11, 2020
Ken Baker
Senior Director of Planning & Development Services
City of Southlake
1400 Main Street, Suite 310
Southlake, Texas 76092
Re: Southlake Town Square — Block 11
Downtown Residences Development Plan and Rezoning Request
Dear Ken:
Cooper & Stebbins (Applicant) has previously submitted an application to request approval of a
Development Plan and associated Rezoning Request for up to 350 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 North Carroll
Avenue (the "Property").
In response to market feedback, the Planning and Zoning Commission hearing, and our conclusion of
economic feasibility through continued project underwriting, we have revised our application to (i)
decrease the maximum number of Residences being requested to 270 (originally 350 Residences), (ii)
increase the minimum Residence dwelling size to 1,000 square feet (originally 850 square feet), and (iii)
increase the average dwelling size of all Downtown Residences in any individual building or phase to
1,250 square feet (originally 1,000 square feet).
As mentioned at the Planning and Zoning Commission hearing, we continue to receive a stronger
response for 2 bedrooms plus den and 3 bedroom Residences, and less response for one bedroom
Residences — and with those wanting one bedroom Residences favoring larger one bedroom layouts.
Unfortunately, we were unable to complete our internal due diligence on the economic feasibility of
these project changes prior to the Planning and Zoning Commission hearing.
The net impact of these changes is fewer, larger Residences occupying the buildings as currently
presented. This will also increase average projected rents, which are now estimated at almost $3,750
per month (up from the original forecast of $3,000 per month). The building layout, building size,
renderings, etc. remain as before.
Southlake Town Square currently has approval for 171 residential units. Approval of this development
plan would increase the approval to 441 total residential units within Southlake Town Square, resulting
in a gross residential density of approximately 3.5 dwelling units per acre, and comprising approximately
13% of the total acreage of Town Square.
COOPER AND COMPANY U.S. INC. 1256 MAIN STREET, SUITE 240, SOUTHLAI(E, TEXAS 76092
T: 817 329 8400 F: 817 2518717 WWW.000PERANDCOMPANY.ORG
Attached in support of these changes are: (1) a revised text amendment to Zoning Ordinance Section 37
(DT Downtown District); (2) a revised Zoning Change Request Narrative; and (3) a revised Development
Plan Narrative.
Sincerely,
Cooper & Stebbins, L.P.
C
By:
Frank L. Bliss
President