CITY LOFTS View from High Street Parking Garage

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Charity Cross
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1 CITY LOFTS View from High Street Parking Garage 1. Create new PDU zoning district 2. Rezone property from B-3 to PDU 3. Approve Development Plan for City Lofts as part of the PDU rezoning

2 James Blair Middle School High Street City Lofts Sylvia Brown Apartments Lawson Apartments

3 Planned Development Urban District PDU Similar to Planned Development College District PDC used for Tribe Square Designed to encourage high-density multifamily housing that includes student housing Can only be used for property designated as General Commercial land use and not fronting on Richmond Road

4 Planned Development Urban District PDU Dwelling unit occupancy 2 unrelated persons in efficiency or 1-bedroom apartment 4 unrelated persons in a 2 or more bedroom apartment Permitted residential uses Multifamily dwellings and student dwellings Residential density 56 bedrooms/net acre Equivalent to Tribe Sq. (14 units/net acre * 4 bedrooms/unit ) Height 45 feet (same as B-3 District)

6 RCA UNIT Study Rooms Resident Manager Bike Garage Note: RCA = Resident Community Assistant

7 RCA UNIT Study Rooms Laun -dry Note: RCA = Resident Community Assistant

9 City Lofts

10 City Lofts Proposed Rezoning of 1406 Richmond Rd APPLICANT S PRESENTATION

11 Rezoning of 1406 Richmond Road The proposed project meets the demand for off campus student housing in an area outside the residential neighborhoods surrounding the College; The proposed rezoning allows the conversion of a property that cannot survive in its current use when considering The current and future market conditions; The location of this property off the primary commercial corridor of Richmond Rd; and The current condition of the property.

12 Property description: Tax Map number: Parcel size: acres Current zoning: B-3 Improvement: 4-story building constructed in 1986 consisting of 182 hotel rooms Converted in 2003 to 118 hotel suites Tax assessment: Land $1,591,100 Improvements 4,033,500 Total $5,624,600

13 An April 2012 survey of the student body gathered responses showing strong demand for a student apartment complex Given a choice to live on-campus or off-campus, 53.9% of survey respondents prefer to live off-campus; 78.6% of respondents who prefer to live off campus would rather live in a student apartment in close proximity to campus than in a house in a neighborhood; 91.7% of respondents indicated it is desirable to live in a student-only apartment complex; and 91.9% of respondents prefer to share an apartment rather than living alone. Source- April 2012 survey of the W&M student body in which 1,009 students responded (see appendix)

14 The property is no longer viable as a hotel Age/quality of asset: Older properties operating as budget hotels are struggling across the Greater Williamsburg market; Frontage: unlike most of its competition, this property lacks frontage on our primary commercial corridor; Over-supply: Currently the supply of hotel rooms in the Greater Williamsburg market greatly outpaces their demand, resulting in low occupancy rates and numerous foreclosures; Economic conditions: Even if the mildly positive trend in hotel occupancy continues, the age, quality and location of this hotel will continue to stifle its success; Value: the market value of this property far below its tax assessed value.

15 Additional merits for repurposing the property for residential rental use Eco-friendly: this project will enhance the productivity of an existing building while maintaining its original footprint, using minimal additional materials and increasing energy efficiency; Student Life: high quality student rentals enhance the student experience in Williamsburg and improve town-gown relations; Location: convenient access to the College via the bus route or by vehicle on Treyburn Drive. Adjacency to High Street and Richmond Road will provide convenient off-site amenities to residents as well as supporting local businesses; Neighborhood impact: by delivering this residential supply to the marketplace and attracting student tenants, the project will help curb the transition of residential neighborhoods from owner occupied to rental. Value: repurposing this property will move it towards its highest and best use in the current market.

16 Extensive renovations are expected to require an investment of more than $2 million and include: Complete apartment rehab; New roof installation; Enhanced security system; and Building mechanical system upgrades.

17 CITY LOFTS The City of Williamsburg s Premier Student Apartments Planned Amenities include: Community wide WiFi Fitness center Lounge Media room Coin and full service laundry services Limited service dining facility Coffee bar Recycling facilities Resident social events Internet cafe Business center Quiet zone study areas Bike garage (indoor storage)

PLANNING COMMISSION WILLIAMSBURG, VIRGINIA WORK SESSION AGENDA Wednesday, May 23, 2012

PLANNING COMMISSION WILLIAMSBURG, VIRGINIA WORK SESSION AGENDA Wednesday, May 23, 2012 The meeting will be called to order in the third floor Conference Room (Room 310), Williamsburg Municipal Building,