Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

It iw i IF 0 l la lq q ,. alwl a Alq i fl irifr t ii ii iC iilrlllik` i iti i 1 E y t II y PagePage 1818 ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom 101-101-  Sound Side Apartments Subject Site Description Area and Dimensions The total site area is 13. 50 acres and all land is usable. The site is rectangular in shape and is sufficient in size to accommodate a multifamily development. Soil and Subsoil During our inspection, no soil or subsoil problems were apparent. This opinion is based solely on a visual inspection of the surface of the property. For appraisal purposes, we assume that hidden or unapparent conditions are beyond the area of our expertise as appraisers. Topography & Drainage The subject site is near .road grade with surrounding roadways. Drainage appeared adequate. Flood Hazard Statement According to the Federal Emergency Management Agency ( FEMA), the subject site is located in Flood Zone X:, an area outside both the 100 and 500 -year flood plains. This is illustrated in the following: FLOOD ZONE INFORMATION Zone: X Panel Number: 1201740461H Panel Date: December 6, 2002 Flood Insurance Required: No Utilities and Services UTILITIES AND RELATED SERVICES Water: City of Fort Walton Beach Sevier: City of Fort Walton Beach Electricity: Gulf Power Gas: Okaloosa Gas District Telephone: Bellsouth Police: City of Fort Walton Beach Fire: City of Fort Walton Beach ZoningZoning TheThe subjectsubject isis zonedzoned PUD;PUD; PlannedPlanned UnitUnit Development.Development. AccordingAccording toto thethe FortFort WaltonWalton BeachBeach CodeCode ofof Ordinances,Ordinances, thethe zoningzoning restrictionsrestrictions areare asas follows:follows: ZONING ZONING INFORMATION INFORMATION Zoning:Zoning: PUD;PUD; PlannedPlanned UnitUnit Development Development TotalTotal SiteSite 13.13. 55 AcresAcres UsableUsable SiteSite 13.13. 55 AcresAcres Note:Note: AllAll developmentdevelopment restrictionsrestrictions areare sitesite specific.specific. Therefore,Therefore, development development restrictionsrestrictions areare establishedestablished onceonce thethe projectproject hashas beenbeen approvedapproved andand relatespecificallyrelatespecifically toto thethe proposed proposed project.project. Source:Source: FortFort WaltonWalton BeachBeach CodeCode ofof Ordinances.Ordinances. ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom PagePage 1919 102-102-  Sound Side Apartments Subject Site Description The subject, as proposed, is a conforming use under the current zoning designation. Land Uses The land uses within the immediate site area are as follows: LAND USES IN IMMEDIATE AREA Location Land Use North Residential Support East Residential ( Low and High Density) / Residential Support West Residential ( Moderate Density) South Residential Low Density) The subject is positioned in an area of complimentary or similar land uses. Easements - ay, and easements typically associated with apartment The subject property will use utility, right -of w developments. However, this will not negatively impact the marketability or use of the subject. Noise There is no significant noise hazard impacting the subject. Hazardous or Toxic Materials During our visual inspection of the subject, we did not observe any hazardous substances. We are not experts, however, in determining the presence of hazardous substances, defined as all hazardous or toxic wastes, pollutants, or contaminants ( including asbestos, PCB, or raw materials) either used in construction or stored on the property. The appraiser has not been provided with certification from the client or current property owner that no hazardous substances are present, which would adversely affect the use of the subject property. We are not experts in determining the presence of hazardous substances, and this report reflects the assumption that the subject property is not so affected. Conclusion /Comments The site is of sufficient size and shape to support development of a residential multifamily complex. The subject is a permitted use under current zoning. No adverse conditions were noted at the time of inspection. Entrance to and from the subject property is easily accessible from both Carson Drive and Third Street. The subject is located in a neighborhood that supports residential and residential support uses. A multifamily land use is compatible for this area. The subject site's central location, access, topography, and availability of utilities, are considered to be suitable for development of a property such as the subject. Page 20 value Tech Realty Services, Inc. www.gotovalue. com 103-  Sound Side Apartments Improvement Description Improvement Description h a V k Overview The subject' s construction will be comparable to, or superior than, existing apartments in the area built within the last five years. The subject layout will be similar to newer complexes in the region and boast comparable amenities and unit features. The unit mix was based on the anticipated tenants that the property will attract. These include single individuals, couples, and families. Overall, the layout is well designed and should provide the subject with a competitive position in the market. The project amenities and unit features will provide an attractive ambiance. Project amenities are listed in the following tables: PROJECT AMENITIES Fitness Center Pool Computer Room Clubhouse Playground / Picnic Area Community.Center Unit amenities include the following: UNIT AMENITIES Air Conditioning Garbage Disposal Cable or Satellite Hook up Dishwasher Washer/ Dryer Microwave Internet Connection Ceiling Fans Value Tech Realty Services, Inc. www.gotovalue. com Page 21 104-  Improvement Description Sound Side Apartments Floor Plans The subject is a proposed, three /four -story apartment complex that will contain 200 -units housed in eight 8) separate residential buildings. The unit mix is considered appropriate for the proposed use of the complex. The subject will contain one, two, three and four bedroom units. The mix is shown in the following table: Sound Side Apartments SUBJECT UNIT SIZE ANALYSIS Unit Type Units Percent Square Feet Living Area One Bed/ One Bath 68 34.0% 770 52, 360 Two Bed/ Two Bath 72 36. 0% 1, 158 83, 376 Three Bed/ Two Bath 48 24. 0% 1, 384 66, 432 Four Bed/ Two Bath 12 6. 0% 1, 577 18, 924 Total/ Weight Average 200 100. 0% 1, 105 221, 092 The unit rnix is considered appropriate relative to competitive apartment complexes in the market. As such, the subject' s unit sizes and mix will allow the property to