10 C20-2025-006 - Amendment to the East Riverside Corridor (ERC) Regulating Plan; District 3 - Affordability Impact Statement Signed — original pdf

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Affordability Impact Statement South Lakeshore Boulevard ERC Amendment Case number: C20-2025-006 Initiated by: Resolution No. 20250605-079 Date: 3/24/2026 Proposed Regulation The proposed ordinance would amend City Code to remove the 1.437‑acre South Lakeshore Tract, located at South Lakeshore Boulevard and East Riverside Drive, from the East Riverside Corridor (ERC) Regulating Plan. The site is currently a commercial property, and the proposed change would not result in the displacement of any existing multifamily housing. This change would allow the tract to be incorporated into the South Shore District Planned Unit Development (PUD). The resolution directs the City Manager to process the necessary code amendments and return with a draft ordinance for Council consideration alongside the PUD amendment. The amendment would add approximately 1.4 acres to the existing PUD, increase the allowable height on the tract to 180 feet, modify the Waterfront Overlay, and vest the additional acreage under the 2007 Parkland Dedication fees. These changes would enable redevelopment of the site at a higher intensity than currently allowed under the ERC Regulating Plan. The applicant is proposing a high‑density, mixed‑use development directly adjacent to the planned Project Connect light‑rail line. The site’s location along a future high‑capacity transit corridor may support reduced transportation costs for future residents by improving access to frequent transit service. The applicant is not proposing on‑site affordable housing. Under the PUD regulations, the applicant must pay a fee‑in‑lieu for any gross floor area exceeding 125,240 square feet at the rate specified in Section 2.5.6, In Lieu Donation. Fee‑in‑lieu contributions support the City’s affordable housing programs but do not produce income‑restricted units on the site. Overall, the proposed amendments are expected to have a neutral impact on housing affordability. The project would increase the supply of market‑rate housing in a high‑opportunity, transit‑oriented location, while fee‑in‑lieu payments would contribute to the City’s affordable housing funding. 1 10 C20-2025-006 - Amendment to the East Riverside Corridor (ERC) Regulating Plan; District 31 of 2Land Use/Zoning Impacts on Housing Costs The proposed changes would have neutral impacts on housing costs: • Removing the tract from the ERC Regulating Plan and incorporating it into the South Shore District PUD allows greater height than currently permitted, but no citywide land-use changes are proposed. • The project would add high‑density housing adjacent to the planned Project Connect light‑rail line, increasing market-rate housing supply and reducing transportation costs for future residents. Impact on Development Cost The proposed changes would have neutral impacts on development cost: • No direct cost impacts to other developments or citywide construction practices. Impact on Affordable Housing The proposed changes would have neutral impacts on affordable housing: • The Staff Report notes "the proposed rezoning request would provide additional market rate housing and resources for affordable housing. The developer would be required to pay the PUD fee in lieu of affordable housing, which is $9 per square foot above base entitlements, as opposed to the East Riverside Corridor (ERC) fee in lieu for affordable housing, which is $1 per square foot above base entitlements. The provision of additional housing options is particularly important next to the proposed rail station.” Overall Impact The proposed changes would have a neutral overall impact. Other Policy Considerations • The ERC Vision Plan and Regulating Plan are currently being updated to ensure they remain responsive to the area’s evolving needs and development patterns. PUD activity in the area highlights the need for this update and the importance of keeping the plan aligned with ongoing growth and planning initiatives. Manager’s Signature ______________________________________________________________ 2 10 C20-2025-006 - Amendment to the East Riverside Corridor (ERC) Regulating Plan; District 32 of 2