L&H STATION/FARMERS MARKET

DEVELOPMENT PROGRAM PHASE I Midtown Farmers Market Square 45,000 sq ft 50 - 70 Vendor Stalls Market Support Building Market Rate Rental Housing 225 Apartments PHASE II Ofce/Retail Building 60,000 sq ft Ofce 20,000 sq ft Retail Senior Rental Housing 125 Apartments PHASE III Market Rate Rental Housing 125 Apartments PHASE IV Affordable Housing Phase A: 50 units Phase B: 50 units

Project Development Narrative The proposed L & H Station development is a mixed-use transit oriented development that includes office, commercial, retail and three types of housing. The multigenerational housing will include market rate rental, senior rental housing and affordable family housing. The separate developments will be connected to and integrated with an open public space that connects the transit station to YWCA and the neighborhood to the south along 23rd Avenue. At the LRT stop will be a public plaza and the location for the Farmers Market. The specific aspects of the development elements are as follows: 1. Farmers Market and Public Area/Plaza The public space will provide for the programmed requirements of the market for stalls and support functions. The 45,000 square foot space will be owned in common by the owners of the L+H development components and will be operated and maintained through a joint usage agreement. The Farmers Market will have a long term use agreement with the association. All of these agreements will be established as the project proceeds to implementation. 2. Office, Commercial and Retail This aspect of the development plan as proposed includes 80,000 square feet in a four story building. At the ground floor is 20,000 square feet of retail and or commercial space. It is located at the LRT plaza for restaurants with outdoor seating and retail extending along Lake Street. The remaining 60,000 square feet is in the upper three floors of the building for business, medical or government office uses. The parking for 160 to 240 spaces is needed in a shared parking area. The financing for this project will be a public private placement. 3. Market Rate Rental Housing The market rate apartment development is anticipated in two phases to include 350 units in five and six story structures. The apartments will be studios, one bedroom and two bedroom units ranging in size from 550 to 1050 square feet. The rental rates will similar to the new apartments along the LRT and slightly less than in the Uptown area. The project will be financed through private sources including banks and institutional investors such as pension funds. Included within the development will be amenity space and courtyards for the rental community. The ground level will have walk up style street access units to reinforce the streetscape. The parking will be one space per unit in an enclosed parking area screened from the streetscape and public view. 4. Senior Housing The senior housing is for age 55 and older residents seeking a location to stay in the neighborhood after leaving their single family home. The location for seniors is optimum within the development with access to the LRT, the YWCA and the retail and services of the area. There will be 120 to 150 senior units anticipated in the six story building. The size and style of the units will range from smaller one bedroom, one bedroom plus dens and some two bedroom units. The rental rates will reflect the market and funding program for the facility. The source of project funding will be a combination of private and public funding programs. There will be the potential for services and social functions within the facility. The parking will be enclosed and appropriate to the needs of the senior community. 5. Affordable Housing The housing will have an emphasis on family units in order to provide a range of residential options in the development. The size of the units will range from 800 to 1200 square feet. The rental rates will be based on the income levels of the residents and the requirements of the funding program. The 90 to 100 units will likely be in two or more phases. Within the facility will be amenity and service space for the residents. The parking will be enclosed with approximately one space per unit. The financing will be though a combination of public and private sources as is typical for affordable rental housing.

6. Shared Parking A parking plan is needed for the overall development that addresses the current and future uses at the site. The Farmers Market and the YWCA currently have access to the open parking which will be eliminated when the final phase of the development is in place. Each of the projects will have on their sites the required private parking needed to meet their needs. The shared open space will provide 45 to 50 guest spaces for the development. The 100 plus spaces needed for the Farmers Market and 100 plus spaces used by the YWCA needto be addressed through a shared parking facility.

This narrative represents the development goals for the property. The L & H Station development team is in process of finalizing land purchase terms with MPS, submitting entitlement applications to the City and establishing the development implementation steps to proceed with financing and construction. We have worked with the Corcoran Neighborhood and the Midtown Farmers Market to establish the development direction and continue to seek your involvement, ideas and support.