Agenda - Council Work Session - 02/11/2020 - Joint CC & Planning

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3. Villa buyers are somewhat more insulated from economic conditions so regardless of the outside factors, this product sells well in all market conditions as opposed to the expensive single family that almost unsellable in a down market. 4. The build out process for Villa's is much shorter than the build out process for single family as they tend to have less than half the time on market as single family. Attached to this memo are some market statistics to show this. In our last development, we sold 44 villas in less than 2 years. Our last single-family development is still selling at this time and was opened in early 2016, similar to the single-family cul-de-sac on the north side of Alpine that has not yet sold since it became available almost 5 years ago. 5. According to the US Census Bureau there are 10,000 baby boomers that retire every day. This is our main consumer and target market. The demand is not being met and that is part of the reason that we can barely build them fast enough. This is not the case with single family. There is an overabundance of opportunity to build single family homes on both acreage and city lots in all surrounding communities and many sit half empty due to the over saturation of this product. With regards to the plat as it currently sits, the reason we have the product split right down the middle of the site is to keep the product's separated by our walking path. The reason for this is because the product is not the same and the buyers want the definition between the two, as well as the product's difference in size. The 2 story homes would tower over the one level villas, blocking the views and looking down into the homes. This does not create an aesthetically pleasing neighborhood or experience for the consumers, neighbors, or city. We believe that it will disrupt the flow of the site and take away from the professional development standards that we hold ourselves to as well as protecting the city from having a very un-appealing site that would hinder the over all benefit to the community this site should bring. As far as the Riverstone site is concerned, we do not feel a connection would benefit either development or the city. The products do not mesh well with one another within a single site as well as the traffic aspect. I would anticipate the Riverstone developer would feel the same way. We are selling a bit higher end golf community vs the starter home packages they are selling on smaller lots with much cheaper floor plans/ exteriors so for that reason our buyer wont want to look at split entries and their buyers do not want to look at 2 story custom homes. Bk Land is a development company that is always striving to meet the demand of the consumer. Our goal is to leave a city better than when we entered. We have many parcels of land within your community that we are looking at, so it is in our best interest to make a great first impression with the city and Council. We always want to be welcomed back for more development opportunity and we appreciate the chance to work with you on this project.