703 Third St.

The project proposes to redevelop and consolidate two contiguous Downtown parcels, currently developed with existing one- and two-story commercial buildings and associated surface parking. The project proposes to construct a 6-story, 73’-tall, mixed-use building with 120 rental units or apartments above a 969 sq. ft. commercial space and 121 garage parking spaces, including 112 mechanical parking lifts.

The proposed configuration of the new residential apartments includes:

• 33, Studio units; 342-539 sq. ft. in size
• 44, 1-bedroom units; 525-795 sq. ft. in size
• 43, 2-bedroom units; 520-1,068 sq. ft. in size

The project proposes 9 affordable or ‘below-market-rate’ units (5 at the ‘very low-income’ household levels and 4 at the ‘low income’ household levels, which represents 20% of the maximum base density (45 units) allowed on the project site. By meeting the affordable housing requirement, the project is automatically granted a State Density Bonus of an additional 16 ‘market-rate’ units. The project requests; 1) An additional State Density Bonus of an additional 59 ‘market-rate’ units; 2) A height bonus of an additional 7’, from 66’ to 73’, under the State Density Bonus law; 3) Reduced parking rates under the State Density Bonus law; and 4) A waiver of the required 5’ front setback along Third St., under the State Density Bonus law. The project proposes to demolish the existing commercial buildings on the sites.