SR 05:258 - Laserfiche WebLink

Income (or low income) but would be affordable for those within 120 percent of the AMI (or moderate income). The public hearing was opened. Ron Winter, applicant, stated that there are very few small lot projects like his because commercial developers typically propose "research and development" office and retail buildings. He explained that these 1,200 square foot homes were designed to respond to the need of young couples who lived and grew up in Pleasanton and wished they could come back and settle here. He expressed his frustration with the long process his project has had to go through, having to redesign and redraw his plans several times and go through the Pleasanton Downtown Association process even if the project site is outside the Association's jurisdiction. He indicated that he did not volunteer the replacement of the tree fund with the in lieu parking fee and added that the units are located within walking distance of the Downtown and would have no need for additional vehicular parking. He expressed his appreciation for the Housing Commission's support and comments. Chairperson Stark noted that affordability means different things to different people and that even million dollar homes may be "affordable" to some. He noted that the staff report mentions that the proposed purchase price for the single family units was $500,000 and that it would not be unreasonable for houses of this size and location to command a price of $600,000 to $625,000. He asked Mr. Winter what his plans are in terms of pricing and ifhe had any intention of making these affordable to first time homebuyers. He further inquired ifhe already had some homebuyers in line for these units. Mr. Winter explained that he was not doing this project strictly for profit and that it would be easier to build two or three bigger units in this location. He reiterated that his intent was to build small houses for young couples who want to come back to Pleasanton. He indicated that he did not know at this time what the selling price for those units might be and added that he has had young couples come to him with a request that they be considered to purchase a home when these units become available. Chairperson Stark asked the applicant ifhe intended to continue to own and manage the rental units and what their management structure and rental rates would be. Mr. Winter replied that it was his intent to own the rental units and rent them out to young couples looking to come back in town. He indicated that he did not know what the rental market was like in the Downtown area and that the two bedroom, 2.5 bathroom units are designed to create a home for two individuals who may not necessarily be related. The public hearing was closed. Page - 5 -