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within the 15 year TIF period as the smaller project will be more financially feasible. He stated <br />that this would be 130 to 140 units of senior independent living which would include one, two, <br />and three bedroom units. He reviewed some of the amenities and advised that Dominium would <br />own and operate the project for at least 15 years and focuses on building a quality project. <br />Councilmember Riley asked for and received clarification that commercial/retail could be built <br />on the other portion of the site and Dominium would not be building that commercial/retail <br />aspect. <br />Mr. Anderson confirmed that Dominium has expertise in housing and would not be interested in <br />building the commercial/retail aspect and, therefore, would subdivide the property with the <br />ability for commercial/retail to be built on the other portion of the site. <br />Councilmember LeTourneau appreciated the input from Dominium and the ability to have <br />commercial on the other portion of the site but stated that he is struggling with the location and <br />would rather have the building on the site across the street from this location which better fits in <br />terms of zoning. <br />Councilmember Shryock asked and received confirmation that Dominium would only purchase <br />part of the parcel which would leave the other portion available for purchase. <br />Mayor Strommen stated that there has been discussion regarding the vision and trying to stay <br />true to the vision, noting that this parcel does not fit with that vision. She asked for input on the <br />market and how the City can achieve balance between housing and commercial/retail. <br />Brian Pankratz, CBRE, stated that there is a City well on the property and that portion of the <br />parcel cannot be developed. <br />Community Development Director Gladhill noted that the easement is 125 feet by 125 feet and <br />advised that there are some elements that can occur, such as above grade parking, but confirmed <br />that there are limitations. <br />Mr. Pankratz stated that typically multi -family residential developers do not want to incorporate <br />retail, noting that there is a large amount of retail turnover in those mixed use buildings and it is <br />difficult to obtain funding. <br />Councilmember LeTourneau stated that he would like to see this project, but would prefer <br />another location. <br />Mr. Pankratz stated that this is not the only retail piece of property within The COR and <br />identified a number of parcels available for retail development. He noted that in all likelihood, <br />this parcel would be one of the last retail parcels to develop for many reasons. <br />Councilmember Shryock stated that she would support working towards what has been started, <br />continuing the compromises which staff and the developer have been able to reach. <br />City Council / July 14, 2015 <br />Page 10 of 13 <br />