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

City of Fort Walton Beach Sewer: 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 ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom PagePage 1616 31-31-  Sound Side Apartments Subject Site Description Zoning The subject is zoned PUD; Planned Unit Development. According to the Fort Walton Beach Code of Ordinances, the zoning restrictions are as follows: ZONING INFORMATION Zoning: PUD; Planned Unit Development Total Site 13. 5 Acres Usable Site 13. 5 Acres Note: All development restrictions are site specific. Therefore, development restrictions are established once the project has been approved and relatespecifically to the proposed project. Source: Fort Walton Beach Code of Ordinances. 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: I LAND USES IN IMMEDIATE AREA I 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 The subject property will use utility, right -of w - ay, and easements typically associated with apartment 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 market analyst 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. Value Tech Realty Services, Inc. www.gotovalue. com Page 17 32-  Sound Side Apartments Subject Site Description 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 18 Value Tech Realty Services, Inc. www.gotovalue.com 33-  Sound Side Apartments Improvement Description Improvement Description 4 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 Ceilin Fans Value Tech Realty Services, Inc. www.gotovalue. com Page 19 34-  Sound Side Apartments Improvement Description 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 A artments 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 mix 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 compete within the rental market oriented to families. Proposed unit floor plans will provide ample room and are well designed. Construction Quality Construction quality of the building and units as proposed appears to be good. We assume no responsibility for hidden or unapparent conditions beyond our expertise as market analyst. We are not proficient in construction techniques, and it is assumed that the improvements will be structurally adequate and in conformance with applicable building codes. Age and Condition The subject is proposed. The physical age of the building is therefore 0 years. Remaining Economic Life According to the Marshall Valuation Service, the average life expectancy for a good quality, Class D multiple residence building is 60 years. The subject is estimated to have an effective age of 0 years and a remaining economic life of 60 years following construction. Page 20 Value Tech Realty Services, Inc. www.gotovalue. com 35-  Sound Side Apartments Improvement Description Construction Details and Conditions Construction details are provided in the following table: IMPROVEMENT SUMMARY (AS PROPOSED) Construction Type: Class D ( Wood Frame) Parking: Yes No Rentable Area /# Units: 221, 092 SF ( 200- Units) On Site X Number of Buildings: 8 Paved X Number of Stories: 4 Garages X Year Built: 2011 Adequate X Effective Age: 0 Conforms to Zoning X Economic Life: 60 years Number of Spaces 400 Remaining Econ. Life: 60 years Spaces /SF /Unit 2. 00 Construction Quality: Good Landscaping: Good Construction Condition: New Lighting: Good Deferred Maintenance: None Plumbing: Meets code Ceiling: Drywall Office: On Site Electrical: Meets Code Restrooms: Units, Common Area Elevators: Two Roof Cover: Metal Exterior Walls: Hardiplank and Stone Security: No Floor Cover: Carpet, Tile Sprinklers: Yes Floor -to- Ceiling Height: 9 + / f-eet Apartments /Units: 200