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3. Mixed Use <br /> DESCRIPTION <br /> • The original vision for The COR was a mixed-use development. Unfortunately,the definition of <br /> mixed-use is not clear for The COR—a formal policy does not exist. Below are the three <br /> general perspectives: <br /> o (A) Mixed-use is focused on The COR-1 Zoning District only. This zoning district should <br /> have a mix of uses within each individual development project (for example, <br /> commercial/office below and apartments above within the same building). Some <br /> people refer to this as vertical mixed-use strategy. Some desire the city take a strong <br /> stance on vertical mixed-used policy for The COR (make it required with The COR-1 <br /> Zoning District). <br /> o (B) Mixed-use is focused on The COR-1 Zoning District. This zoning district should have <br /> a mix of uses within certain geographic areas (i.e. office building next door to an <br /> apartment complex). Some people refer to this strategy as a mix of uses within a <br /> block. This alternative still allows for option A above to occur—however, it does not <br /> require option A. This is the current method currently being deployed by staff. <br /> o (C) Mixed-use is focused on The COR as a whole. The COR, as a whole, should have a <br /> mix of uses located within close proximity to each other (i.e.we have a district for <br /> apartments, retail, business park, etc.). The COR-1 Zoning District should be flexible, <br /> and allow for various uses (as the market demands). Again,this alternative still allows <br /> for option A and B above to occur—however, it does not require option A or B. <br /> • This item has become an issue because three different perspectives exist. When actual <br /> development projects have come forward to the City(e.g. PSD apartment, Residence at The <br /> COR apartment, Common Bond), the city has dealt with this item on a case-by-case basis, with <br /> no formal policy to follow. As a result, some people feel the City is not following our vision for <br /> a vertical mixed used development (within The COR-1 Zoning District). <br /> 07: <br /> Market Panel/Developer/Real Estate Professionals <br /> o Generally, new vertically mixed-use development is very challenging to attract in today's <br /> economy, specifically in suburban areas. This is due to: <br /> o Developers' lack of knowledge/comfort/specialization in vertical mixed use projects. <br /> Outside of major cities/downtown areas, vertical mixed use if very uncommon. <br /> o Finical institutions unwillingness to fund projects. Many developers have told the <br /> City—even if we wanted to complete a vertically mixed use project, we couldn't—our <br /> bank won't fund it. We would need to cover that portion of our project with equity. <br /> Page 5 of 8 <br />