8.1. PCSR 01-25-2022 - Laserfiche WebLink

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Mr. Zack Carlson January 10, 2022 City of Elk River Page 4 Height As proposed the project would be four stories and an estimated 45’ to 48’ pending the parapet. Parking The City of Elk zoning code identifies off-street parking for 2.5 stalls per unit for multifamily dwelling, one space of which must be completely enclosed. It is our professional opinion that this parking requirement is excessive as manycities have revised their zoning codes to 1 stall per unit + guest stalls. The zoning code also specifies one parking stall for every 200 square feet of floor area for retail space. Thus, a total of about 19 stalls would be needed for this parking ratio. As proposed, the project would have 91 total stalls, including 51 underground and 41 surface stalls. This results in a parking ratio of 1.65 stalls per unit; which we believe is sufficient to meet the needs of renters and commercial users on the site. Given this ratio, the developer will be requesting a variance for parking quotas on the site. Market Justification The City of Elk River has low vacancy rates and pent-up demand for rental housing. The most recent housing study for Sherburne County (2020) indicated the City of Elk River could support 288 market rate, 120 affordable, and 72 subsidized units over this decade. The Mullins Group, Inc. has found Elk River has a vacancy rate of less than 3% in 2021, a bal- anced market is considered a 5% vacancy; indicating strong demand for rental housing. We have also inventoried all the new rental construction along the Highway 10 and Interstate 94 corridor and have found new construction vacancy rates are 2.8%. At this time there are no other market rate rental developments formally proceeding in Elk River and we find the proposed project will help meet the need for housing in Elk River. The proposed project will feature larger unit sizes that will be attractive for larger households and a live-work environment as more households desire flexibility and more space since the pandemic. Renters are also seeking out locations outside the core Twin Cities as they seek more affordable housing options, good schools, more space, and flexibility. the mullins group