HPD Affordable Housing Panel PresentationNORTH 40 PHASE II
MASTER PLAN
Properties not
under GA control
Phase IIPhaseI
0 400 Ft
Site Boundary
SITESTRATEGY
Meadow
Phase 1
Phase 2
Plateau
Plateau
Plateau
•A “meadow” of open
space running through
the center of the site is
surrounded by three
higher “plateaus” of
development.
•Areas around existing old
growth,high-quality trees
are preserved for open
space.
•Using a “cut-fill”strategy,
soil is repurposed on the
site to raise the ground
floor level of new
development and obscure
parking.
•Approximately 5-foot drop in
elevation from edge of Phase 1 to
Phase 2.
Re-Thinking the Topography
SITESTRATEGY
Two New Concepts
•Residential-focused neighborhood
•Mix of housingtypes for a mix of households
Both Concepts Feature:
•New community open space and "placemaking"around restored barn
•Integrated urban agriculture with variety of farm-to-table opportunities
•Mixed-use neighborhood with housing,
office,and other amenities
•Community-oriented north side
destination
0 400 Ft200
Conceptual Resident ial S cenario
Plan developed to illustrate potential development program and density for discussion purposes.
Program Yields
Residential 500 to 700 Units
(20 to 40 du/acre)
Placemaking ~15K SF
Development Character
Height 3to 5Stories
Open Space 36%SITE STRATEGY
What We've Heard...
Potential impacts
on local schools
Site history is
important
Improve the character of
Los Gatos Boulevard
Need more community
uses on north side of town
Opportunities to
promote and grow
plant-based food
Need more housing
options for different
family types
Desire for community
gatheringspaces
More open space
opportunities
Potential traffic impacts on
surroundingneighborhoods
•Compatible with general plan’s
community place districts
•More "internal"trips
•A new neighborhood to
complement Downtown
•More more favorable fiscal impact
•More amenities for entire
community to enjoy
•Greater shared parking potential
Why is the Residential
Concept Less Preferable?
•More housing in one part of town
•More drivers traveling to/from site
•On-site amenities may be
perceived as "private"when
surrounded by housing
•Limited shared parking potential
Why is the Mixed-Use
Concept Preferable?
9
Land Use Plan
Program Yields
Residential ~295 Units
(20 to 40 du/acre)
Commercial ~281K SF
Placemaking/Retail ~20K SF
Development Character
Height 3 to 5StoriesSITESTRATEGY
Multi-Family
Townhome
Commercial
Public Realm/Civic
Placemaking
Retail
Parking
Development Representations of Mixed-Use and
Multi-Family Development
FAR:1.5
ProposedDevelopment
Development Representations of Mixed-Use and
Multi-Family Development
FAR:2.5 plusparkinggarageSITESTRATEGYBuildingHeights
Source:Los Gatos General Plan 2040
SITESTRATEGYBuilding Heights
62 ft
52 ft
50 ft
42 ft
30 ft
30 ft
30 ft
28 ft
65 ft
65 ft
Note:Assuming +12 ft MEP height for residential buildings;+15 ft MEP height for commercial buildings.
NORTH 40 PHASE 2 2
Summary of Typologies Considered
General residential typologies that are being considered: For-Sale Type V Town Homes; Rental V/1
Apartments; For-Sale V/1 Condominiums; Inclusionary Affordable Housing, and Specialized Affordable
Housing (targeted to certain demographic, affordability requirement, etc.). One office typology is being
considered, Lower Density (generally conforming to the height requirements and other development
parameters in the North 40 Specific Plan). Typologies and assumptions are summarized below:
Residential Type V (Wood Frame) Townhome
1) Townhome For-Sale Program:
Program Summary:
100 units at 24 units/acre, 1,500 square foot average unit size. 80 units is the ideal scale for many
Bay Area public and private builders.
Data Points for Discussion:
•Estimated hard construction costs of $325/gross sf includes cost of parking as these have
garages built in.
•Municipal Fees at $80-90K/unit (Los Gatos)
Financial Summary:
Total Costs: $945/sf ($1.32M per unit)
Outsell Price: $1,100/sf ($1.65M per unit)
Valuation: $10-12M/acre
FOR ILLUSTRATIVE PURPOSES ONLY
NORTH 40 PHASE 2 3
Residential V/1 Podium – Type V (Wood) Construction over Concrete Podium Parking Deck
2)V/1 Podium For-Rent Program:
Program Summary:
50+ units/acre, 870-950 sf net average unit, 200 units is an ideal size for apartment management.
Data Points for Discussion:
•$348/sf construction cost PLUS $30,000 per parking stall for above ground or free-standing parking.
Typically, $60,000 per stall for one level below ground.
•30-32% annual Operating Expenses must be accounted for
•Municipal Fees at $50K/Unit
Financial Summary:Total Cost per Unit: $701K
Revenue: $3.70/sf (untrended) or $664K value. $5.25/sf trended or $942K per unit valuation
Valuation: Zero Land Value at $3.70. $5-7M/acre if using projecting $5.25/sf rents.
3)V/1 Podium For-Sale Program (Move-Down Product):
Program Summary:
30 units/acre, 2,000/sf net average unit
Data Points for Discussion:
•$435/sf construction cost
o 25% additional construction costs vs. for-rent for increased Spec Level
•Municipal Fees at $80K to 90K/Unit (Los Gatos Fee Calculator now up-to-date)
Financial Summary:
Average Price: $1,100+/sf
Valuation: $1.5M per acre
FOR ILLUSTRATIVE PURPOSES ONLY
NORTH 40 PHASE 2 4
Office Low Density
Office Low-Density Program:
Program Summary:
300,000 Gross sf, 3-4-story buildings, 2 to 3 buildings.
Data Points for Discussion:
•32K to 35K SF floor plates
•1 multi-tenant building 50KSF to 75K SF per tenant/1 or 2 single tenant buildings
•Parking: 3 spaces per 1,000 SF minimum, possible to do 3.3 spaces per thousand. Consider
sharing with other uses
•$395/gross sf office construction cost
•$30K psf for stand alone structured parking.
•$90-100/sf Tenant Improvement allowance
•5.75% exit capitalization rate
Financial Summary:
Average Monthly Rent: $5.00NNN+/sf (NNN = tenant pays opex)
Land Valuation: $2 to $5M/acre
FOR ILLUSTRATIVE PURPOSES ONLY
NORTH 40 PHASE 2 5
Neighborhood Serving Retail / Restaurants
Retail:
Program Summary:
20,000 SF of Neighborhood Serving Retail, Restaurants, and Cafes.
Financial Summary:
Average Annual Rent: $62 per square foot NNN
Construction Costs: $150 to $225 per gross SF (cold shell)
Tenant Improvement Allowances: $50 per square foot (in-line) to $200+ per square foot for restaurants
Land Valuation: $2M/acre
FOR ILLUSTRATIVE PURPOSES ONLY