HomeMy WebLinkAbout08-14-2012 Agenda PacketMayor
S. Scott Vandergrift
City Manager
Robert Frank
PLANNING AND ZONING COMMISSION
(LOCAL PLANNING AGENCY)
August 14, 2012
CALL TO ORDER
A. Invocation and Pledge of Allegiance
B. Roll Call and Determination of Quorum
II. CONSENT AGENDA
REVISED AGENDA
A. Minutes of the Planning and Zoning Commission Meeting held June 12, 2012
III. OLD BUSINESS
IV. NEW BUSINESS
A. HANCOCK — 628 E SILVER STAR ROAD PUBLIC HEARING
1. Annexation
2. Rezoning to R-1A
B. PARK PLACE (FKA LAKE BUTLER
PROFESSIONAL CAMPUS)
1. Rezoning to PUD/Land Use Plan
V. MISCELLANEOUS
A. Project Status Report
B. August Calendar
VI. ADJOURNMENT
OAP & ZWgendas\2012Wugust 14 2012 P & Z Agenda.doc
PUBLIC HEARING
Commissioners
Gary Hood, District 1
Rosemary Wilsen, District 2
Rusty Johnson, District 3
Joel F. Keller, District 4
7:00 PM
CITY PLANNER RUMER
CITY PLANNER RUMER
NOTE: Regular Planning and Zoning Commission meetings take place on the second Tuesday of every month at 7:00 pm in the
Ocoee Commission Chambers in City Hall unless otherwise advertised. Any person who desires to appeal any decision at this
meeting will need a record of the proceedings and for this purpose may need to ensure that a verbatim record of the proceedings
is made which includes testimony and evidence upon which the appeal is based. More than one Commissioner may participate
or hear discussions regarding a matter which will come before the Commission for action. Also in accordance with Florida
Statue 286.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact the Office
of the City Clerk, 150 North Lakeshore Drive, Ocoee, FL 34761 (407) 905-3105, 48 hours in advance of the meeting.
City of Ocoee • 150 N Lakeshore Drive • Ocoee, Florida 34761
phone: (407) 905-3100 • fax: (407) 656-8504 • www.ci.ocoee.fl.us
ITEM NUMBER II. A.
MINUTES OF THE
PLANNING AND ZONING COMMISSION MEETING
a�1-TIT
JUNE 12, 2012
MINUTES OF THE PLANNING AND ZONING COMMISSION
ACTING AS THE LOCAL PLANNING AGENCY
MEETING HELD TUESDAY, JUNE 12, 2012
CALL TO ORDER
Chairman Campbell called the meeting to order at 6:57 p.m. Following a moment of
silent meditation and the Pledge of Allegiance to the Flag, a quorum was declared
present.
PRESENT: Chairman Campbell, Member McKey, Member Sills, Member Dunn,
Member Marcotte, Member Dillard, Member de la Portilla and Member
West. Also present were City Planner Rumer, Principal Planner Fabre,
City Attorney Cookson and Recording Clerk T. Williams
ABSENT: Member Morris (A/E)
CONSENT AGENDA
Minutes of the Planning and Zoning Commission Meeting held on Tuesday, November
8, 2011.
Member McKey seconded by Member Sills, moved to accept the minutes of the
November 8, 2011, Planning and Zoning Commission meetin_g. Motion carried
unanimously.
OLD BUSINESS -none
NEW BUSINESS
BRIGHT HOUSE OCOEE — 844 MAGUIRE ROAD
Principal Planner Fabre briefed the board on the annexation and rezoning stating the
property is in an enclave which makes annexation a logical move. Staff recommends
approval of this annexation and rezoning.
Member McKey inquired if the reduced set -backs will affect any future development in
the area. Principal Planner Fabre stated the reduced set -backs should not affect
future development. Part of the reason staff supports the set -backs is because right-of-
way has already been conveyed to the City. Member McKey asked how this will affect
the future plans to connect Maguire and Bluford. Principal Planner Fabre stated it
should not affect those plans. Member Marcotte inquired as to why the additional right-
of-way was purchased. Principal Planner Fabre responded it was purchased for the
widening of Maguire Road.
Public Hearinq — Opened
Planning and Zoning Commission Meeting
June 12, 2012
no comments
Public Hearing — Closed
DISCUSSION
Member Marcotte inquired about the size of the proposed addition. Principal Planner
Fabre stated approximately 1200 square feet.
Member de la Portilla seconded by Member Dillard, moved to approve the
annexation and rezoning to PUD of the Brighthouse Ocoee property for
recommendation to the City Commission for approval. Motion carried
unanimously,
Member Marcotte wanted to ensure that proper inspections were completed on the
stormwater pond prior to approval. Principal Planner Fabre stated once it comes into
the city the necessary inspections will be done. City Planner Rumer stated with the
additions to building and parking, the applicant will be improving the stormwater pond.
MISCELLANEOUS
Election of chairperson and vice -chairperson
Member McKey nominated Bradley Campbell for chairperson seconded by
Member Sills for a term ending June 2013. Motion carried unanimously.
Member West nominated Robert Mckey for vice -chairperson seconded by
Chairman Campbell for a term ending June 2013. Motion carried unanimously.
Vice -Chair McKey welcomed City Attorney Cookson to the board. City Attorney
Cookson gave a brief background of himself.
Project Status Update
City Planner Rumer briefed the board on development activity and methods the city is
exploring to encourage development in the city. He explained how the city has
approved reducing and suspending impact fees in various areas of police, fire or
building. He also explained the tri-city alliance Ocoee has entered into with Winter
Garden and Apopka.
West Road Subdivision, SE corner of West Road and Apopka Road currently has
Walgreens and McDonalds is scheduled for construction.
Ingram Estates on McCormick Road, the subdivision has been bought and the name
will be changing.
2
Planning and Zoning Commission Meeting
June 12, 2012
Arden Park South on Clarcona Road had a ground breaking recently. Arden Park North
will revise the plans and have some modifications.
Ocoee Town Center has the silt fence up as they clear the land to begin phase I. The
city has the approved site plans for the RaceTrac gas station.
Small Scale Site Plan at the West Orange Five to improve entering and exiting of
patrons.
Fountains at Tivoli Place has submitted the plans for Primrose Daycare and revisions to
the subdivision plan phasing.
Lake Butler Professional Plaza has reverted back to the bank and a reputable builder
has come forward and proposed 242 apartments on the site.
City staff has met with Unicorp on the Casa Mirella site. Currently the developers have
completed construction on the 42,000 sq. ft. of commercial and 16,000 square foot
daycare and will be closing on a loan for apartments on the site.
Family Dollar and Dollar General consistently enter pre -applications weekly on various
sites throughout Ocoee.
Lexington Park, the 54 unit memory care facility was withheld because the title opinion
found errors in the legal description of the property. The city will not sign off until the
error is corrected.
ADJOURNMENT
The meeting adjourned at 7:30 p.m.
Attest:
APPROVED:
Tisha Williams, Recording Clerk Bradley Campbell, Chairman
3
ITEM NUMBER IV. A.
PUBLIC HEARING
Hancock — 628 E Silver Star Road
1. Annexation
2. Rezoning to R-1A
Mayor
S. Scott Vandergrift
City Manager
Robert Frank
f t--- ,
STAFF REPORT
DATE: August 14, 2012
TO: The Planning & Zoning Commission
FROM: Michael Rumer, City Planner
SUBJECT: Hancock Property — 628 E Silver Star Road
Annexation/Rezoning
AX-07-12-35 & RZA 2-07-04
ISSUE:
Commissioners
Gary Hood, District 1
Rosemary Wilsen, District 2
Rusty Johnson, District 3
Joel F. Keller, District 4
Should the Planning & Zoning Commission recommend approval of the Annexation and Rezoning to R-
1A of 2.04 acres known as the Hancock Property?
BACKGROUND:
General Location: The subject property is located on the North side of East Silver Star Road; 900 feet
west of the intersection of Woodson Avenue and East Silver Star Road.
Parcel Identification Numbers: 17-22-28-0000-00-119
Parcel Size: 2.04 +/-acres
Actual land use and unique features of the subject properties: The parcel currently contains one (1)
single-family residence and includes a boat house on Starke Lake.
The future land use & requested initial zoning classification of the subject property:
CURRENT
PROPOSED
Jurisdiction/Future Land Use-
Orange County / Low Density Residential
City of Ocoee / Low Density Residential
Joint Planning Area Land Use
(@ Less than 4 dwelling units/acre)
(@ Less than 4 dwelling units/acre)
Classification
Jurisdiction/Zoning
Orange County / R-1
City of Ocoee / R-lA "Single -Family
Classification
"Single -Family Dwelling"
Dwelling"
The current future land use and zoninq classifications of the surrounding properties:
DIRECTION:
CURRENT FUTURE LAND USE
CURRENT ZONING
North
Orange County Low Density Residential
Orange County/ R-1 "Single -Family
East
Orange County Low Density Residential
Orange County/ R-1 "Single -Family
South
Orange County / Low Density
Residential
Orange County / R-1 "Single -Family
West
City of Ocoee / Low Density Residential
City of Ocoee / R-IAAA "Single -Family
City of Ocoee - 150 N Lakeshore Drive - Ocoee, Florida 34761
phone: (407) 905-3100 - fax: (407) 656-8504 - www.ci.ocoee.fl.us
CONSISTENCY WITH STATE & LOCAL REGULATIONS:
Annexation: With respect to State annexation criteria, Chapter 171.044 of the Florida Statutes grants
municipalities the authority to annex contiguous, compact, non -circuitous territory so long as it does not
create an enclave. The subject property is considered contiguous to the City of Ocoee since it is
bordered by property located within the City limits on the northern boundary.
Joint Planning Area Agreement: The subject property is located within the Ocoee -Orange County Joint
Planning Area (JPA) and is being considered for annexation as outlined in the JPA Agreement. City
staff is concurrently requesting rezoning of the property to R-1A (Single -Family Dwelling).
Orange County has been notified of this petition in accordance with Subsection 13-A of the City of
Ocoee -Orange County Joint Planning Area Agreement.
Rezoning:
City staff has requested a City of Ocoee zoning designation of R-1A (Single -Family Dwelling).
According to the Land Development Code, the R-1A zoning designation is intended for areas shown on
the Future Land Use Map as "Low Density Residential". The R-1A zoning designation is consistent with
the adopted future land use designation of Low Density Residential, shown on both the City of Ocoee
and Orange County Joint Planning Area future land use maps.
Comprehensive Plan: The annexation is consistent with the Future Land Use Element Policy 2.5 that
states in part, "The City shall consider requests for voluntary annexation into the City when those lands
are logical extensions of the existing City limits, when services can be properly provided, and when
proposed uses are compatible with the City's Comprehensive Plan, the JPA Agreement, and the City's
Annexation Policy...." [Emphasis added]. The rezoning is consistent with Future Land Use Element
Policy 1.15 that states in part, "The City may assign an initial zoning, after annexation, which is
consistent with both the Future Land Use Map and the JPA Agreement..."
DISCUSSION:
Annexation Feasibility & Public Facilities Analysis Report: Because the property is an enclave in the
City, it already benefits from City Police and Fire Rescue services via a joint "First Responder"
Agreement with Orange County.
Summary: The proposed annexation is a logical extension of the City limits, urban services can be
provided, and the annexation meets state and local regulations. The land use and initial zoning are
also consistent and compatible with surrounding properties (See Existing Zoning Map).
DEVELOPMENT REVIEW COMMITTEE (DRC) RECOMMENDATION:
On August 7, 2012, the DRC met to determine if the proposed annexation was consistent with the
City's regulations and policies. The DRC recommended approval of the annexation of the Hancock
property.
Page 2 of 3
STAFF RECOMMENDATION:
Based on the above analysis and the subsequent DRC recommendation, Staff recommends that the
Planning & Zoning Commission, acting as the Local Planning Agency, recommend approval of the
annexation of the 628 E Silver Star Road known as the Hancock property, and rezoning to "R-1A"
Single -Family Dwelling District.
Attachments:
Location Map
Surrounding Future Land Use Map
Surrounding Zoning Map
Annexation Feasibility Analysis Report
Page 3 of 3
Hancock Annexation
Location Map
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LAKE STARKE
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CITY OF OCOEE
ANNEXATION FEASIBILITY ANALYSIS
CASE NUMBER: AX-07-12-35 & RZ-12-07-04
APPLICANT NAME: Sammie Hancock
PROJECT NAME: 628 EAST SILVER STAR ROAD. ANNEXATION AND REZONING
This form is used to evaluate annexation requests to determine the feasibility of providing urban
services to individual properties. Each department has filled in the appropriate section and the findings
are summarized below.
I. PLANNING DEPARTMENT Michael Rumer
A. Applicant/Owner
1. Owner (if different from Applicant): Sammie Lee Hancock
B. Property Location
1.
General Location:
North side of East Silver Star, 900 feet West of the
intersection of Woodson Avenue and East Silver Star
Road
2.
Parcel Identification Numbers:
AX-07-12-35 & RZ-12-07-04
3.
Street Addresses:
628 East Silver Star Road
4.
Size of Parcels:
2.04
C. Use Characteristics
1.
Existin Use:
Single -Family Dwelling
2.
Proposed Use:
Single -Family Dwelling
3.
Density / Intensity:
N/A
4.
Projected Population:
2.99
D. Zoning and Land Use
1.
Orange County Future Land Use:
Low Density Residential
2.
Orange County Zoning:
R-1
3.
Existing Ocoee Future Land Use:
Low Density Residential
4.
Proposed Ocoee Zoning:
R-1A (8,000 so
E. Consistencv
1.
Joint Planning Area
Yes
2.
Comprehensive Plan:
Yes
FIRE DEPARTMENT
1. Estimated Response Time:
3 Minutes
2. Distance to Property:
Distance from Station 2 (Clarke Rd & A.D. Mims) is
1.25 miles
3. Fire Flow Requirements:
Residential Flow is 500 gpm
III. POLICE DEPARTMENT
1. Police Patrol Zone / Grid / Area:
Zone 1 / Grid 105
2. Estimated Response Time:
30 seconds for emergencies
Page 1 of 3
Applicant Name: Sammie Hancock
Project Name: 628 E. Silver Star Road Annexation and Rezoning
Case #: AX-07-12-35 / RZ-12-07-04
3. Distance to Property: Distance from Police Station is Approx. 3 miles.
4. Average Travel Time 4 minute normal drive time
IV. ECONOMIC VALUE Michael Rumer
1. Property Anoraiser Taxable Value- $177.972
2.
Property Appraiser Just Value
$152,927
3.
Estimated City Ad Valorem Taxes:
$955.00
4.
Anticipated Licenses & Permits:
N/A
5.
Potential Impact Fees:
N/A
6.
Total Project Revenues:
N/A
V. BUILDING DEPARTMENT Michael Rumer
1. Within the 100-year Flood Plain: No
VI. UTILITIES David Wheeler, P.E.
A. Potable Water
1. In Ocoee Service Area:
Yes
2. City Capable of Serving Area:
Yes
3. Extension Needed:
Yes
4. Location and Size of
Nearest Water Main:
6" Water Main on Center Street. Property will connect
via a 2" inch line.
C
C.
Sanitary Sewer
1.
In Ocoee Service Area:
Yes
2.
City Capable of Serving Area:
No
3.
Extension Needed:
No
4.
Location and Size of
Nearest Force Main:
N/A
5.
Annexation Agreement Needed:
No, Applicant will use on -site septic.
Other
1. Utility Easement Needed:
Yes, provided
2. Private Lift Station Needed:
No
3. Well Protection Area Needed:
No
Page 2 of 3
VII.
Applicant Name: Sammie Hancock
Project Name: 628 E. Silver Star Road Annexation and Rezoning
Case M AX-07-12-35 / RZ-12-07-04
TRANSPORTATION Michael Rumer
1. Paved Access:
Yes
2. ROW Dedication:
No
3. Traffic Study:
No
4. Traffic Analysis Zone:
568
. PRELIMINARY CONCURRENCY
EVALUATION Michael Rumer
At this time, adequate transportation capacity exists.
A.
Transportation:
At this time, adequate park/recreation capacity exists.
B.
Parks / Recreation:
At this time, adequate water/sewer capacity exists.
C.
Water / Sewer:
N/A
D.
Stormwater:
At this time, adequate solid waste capacity exists.
E.
Solid Waste:
No impact fees will be assessed.
F.
Impact Fees:
IX. SITE SPECIFIC ISSUES All Departments
The subject property is divided by Silver Star Road. The subject property incorporates and
existing boat dock on Starke Lake.
X. CONSISTENCY WITH STATE REGULATIONS: Michael Rumer
This property is contiguous with the City Limits and will reduce the area of an enclave; therefore
this annexation is consistent with CH. 171.043 (1) & (2), Florida Statutes.
Page 3 of 3
ITEM NUMBER IV. B.
PUBLIC HEARING
Park Place (FKA Lake Butler Professional
Campus)
1. Rezoning to PUD/Land Use Plan
Maw
S. Scott Vandergrift
City Manager
Robert Frank
STAFF REPORT
TO: The Planning & Zoning Commission
FROM: Michael Rumer, City Planner
DATE: August 14, 2012
RE: Park Place Rezoning from
and PUD Land Use Plan
Project # RZ-12-06-03
Commission District #3 — F
ISSUE:
Commissioners
Gary Hood, District 1
Rosemary Wilsen District 2
Rusty Johnson, District 3
Joel F. Keller, District 4
C-3 (AKA Lake Butler Professional Campus) to PUD
Johnson
Should the Planning and Zoning Commission recommend approval of a request from Skorman
Development Corporation for the rezoning from C-3 (General Commercial) to PUD (Planned
Unit Development) on 14.11 acres of land known as the Lake Butler Professional Campus and
recommend approval of the associated Park Place PUD Land Use plan?
BACKGROUND:
The subject property, is zoned C-3 (General Commercial) and has an approved site plan and
development agreement for the Lake Butler Professional Campus. The Lake Butler Professional
Campus was originally approved in 2008, and was proposed to be developed with the following
uses on the Property: Lot 1 will consist of a mix of professional and medical offices. Lot 2 is
proposed in the southwest corner of the property and will consist of a mix of retail and
restaurant uses (see site plan attached). The proposed Park Place PUD will include 242 multi-
family units on 11.34 acres and 2.60 acres of commercial and retail? The apartments will
feature a club house and pool amenity with landscaped park space within the development. The
proposed apartments and commercial out parcels will be architecturally cohesive with the
surrounding development. Access is proposed via a northbound right in on Maguire and an
additional access from Tomyn Blvd.
The table below references the future land uses, zoning classifications and existing land uses of
the surrounding parcels:
Direction
Future Land Use
Zoning Classification
Existing Land Use
North
Road right-of-way
Road right-of-way
Florida Turnpike
East
Commercial
C-3 (General
Commercial)
Master stormwater pond for the Villages
of Wesmere
South
High Density
Residential
PUD (Planned Unit
Development)
Villages of Wesmere
West
Commercial
C-3 (General
Commercial
Vacant Parcel
August 14, 2012
Planning and Zoning Commission
Page 2
DISCUSSION:
The rezoning from C-3 (General Commercial) to Planned Unit Development allowing high
density residential in a Commercial Future Land Use designation is permitted via the City of
Ocoee Comprehensive Plan. Therefore no land use change is being requested. The
Comprehensive Plan states in the definition of land uses that: "...certain forms of high and
medium density residential housing may also be permitted within this land use when economic
conditions dictate a lower intensity use when the development is compatible and integrated into
the surrounding urban framework."
In order to help staff determine if the economic conditions exist, staff required the applicant to
provide a market analysis of the current office and multi -family trends. A copy of the market
study has been included in this packet. A discussion on the market study will be provided at the
Planning and Zoning hearing.
Several off -site improvements will be required based on the proposed development and
previous development agreement commitments.
EXISTING AND PROPOSED WAIVERS/ REQUESTS:
The first waiver previously granted that is requested is to remain in place is to Section 6.14.0
(2)(b)(i) of the Land Development Code. This section of the Land Development Code requires a
25-foot wide landscape buffer along Maguire Road. The applicant is requesting a waiver to this
requirement to allow a reduction of this buffer from 25-feet to 15-feet for the portion of the
property that has frontage along Maguire Road. The applicant has justified this request by
providing a right turn lane leading into the site which will encroach into a portion of the plant able
area of the required landscape buffer.
The second waiver previously granted that is requested is to remain in place is to Section
6.14.C(2) (b)(i) of the Land Development Code. This section of the Land Development Code
requires a 25-foot wide landscape buffer along Tomyn Blvd. The applicant is requesting a
waiver to this requirement to allow a reduction of this buffer from 25-feet to 15-feet for
approximately 192-feet along the portion of the property that has frontage along Tomyn Blvd.
The applicant has justified this request by providing a right turn lane leading into the site which
will encroach into a portion of the plant able area.
The applicant has requested two additional waivers from the requirements of the Land
Development Code. The City Commission has sole discretion to approve waivers from Code
requirements based upon four criteria:
1. If the project is part of an integrated and master planned development;
2. If the project is compatible with surrounding developments;
3. If the project imposes no impacts on City infrastructure greater than that generated by other uses
normally permitted in the underlying zoning districts; and /or,
4. If the project provides an offsetting public benefit which is technically sound and measurable.
The first waiver that is being requested is to Section 6.15.G of the Land Development Code.
This section of the Land Development Code requires a 10-foot wide landscape around all
buildings. The applicant is requesting a reduction of this requirement from 10-feet to 5-feet for
the multi -family lot only. The applicant has justified this request by stating the reduction will
enhance the units by providing privacy with the diversion of landscaped areas and sidewalks.
Pedestrian areas will be designed to provide walkways to the interior of the project diverting
pedestrian traffic away from front windows.
August 14, 2012
Planning and Zoning Commission
Page 3
The second waiver that is being requested is to Section 6-4 G (1)(b) of the Land Development
Code. This section of the Land Development Code requires 2.25 parking spaces per dwelling
unit. The applicant is requesting a reduction to this requirement from 2.25 spaces to 2.15 for the
multi -family development only. The applicant has justified this request by stating that the
reduced parking will provide for additional landscaping and green space with the flexibility to
add additional spaces if occupancy levels dictate.
DEVELOPMENT REVIEW COMMITTEE RECOMMENDATION:
The Development Review Committee (DRC) met on August 7, 2012, and reviewed the
Proposed PUD and PUD Land Use Plan. The applicant was notified of outstanding concerns on
the plans from the Planning Division and the Legal Department. Finalization of the revised
developer's agreement was also discussed, and the DRC voted unanimously to recommend
approval of the proposed rezoning to PUD, the associated PUD Land Use Plan, and the two
new waivers, subject to the satisfaction of the outstanding concerns prior to the plans being
presented to the City Commission.
STAFF RECOMMENDATION:
Staff recommends that the Planning and Zoning Commission recommend approval of the
rezoning from C-3 to PUD for Lake Butler Professional Campus, and all seven waiver requests,
subject to the satisfaction of the outstanding concerns prior to the plans being presented to the
City Commission.
Attachments: Location Map
FLU Map
Zoning Map
Aerial Map
Park Place PUD Rendering
Lake Butler Professional Campus Site Plan and Rendering
Ocoee and Southwest Orange County Apartment and office Market Overview dated July 24, 2012
Park Place Land Use Plan
Park Place (FKA Lake Butler Professional Campus)
Location Map
Floridas Turnpike
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Ocoee and Southwest Oran' a ounty a and ffice arket verview
Introduction
This report analyzes recent trends in the Orlando area rental apartment and office markets, with
focus in the Ocoee and West Orange county sub -markets. ley data analyzed includes inventory,
occupancy rates, lease rates and construction trends:
Conclusions
As local employment gradually improves, the Orlando area apartment market continues to posh
solid operating results as measured by occupancy and lease rates. Rents are rising as leases
renew and new rental households are formed. Limited new construction over the past four years
magnifies the growth in tenant demand. While homeownership is more affordable now than in
previous years, households continue to choose renting due to; high down payment requirements
and stringent mortgage underwriting. Demand remains strongest for newly constructed units
throughout the Orlando market area and Southwest Orange County. The March 2012 occupancy;
rate at the newest rental communities in this market area ranges from 94% to %, which i
above average for the Orlando metropolitan area.
The national recession has had a significant impact on the Orlando area office market. Vacancy
rates have increased and rental rates have decreased over the past four years. These changes
are especially dramatic in the Ocoee - Winter Garden sub -market where the January 2012 office
vacancy rate is 23.4% and lease rates have fallen almost 23% since 2007. Average office lease
rates are currently at the lowest level since 2003.
The market implications for the subject property are as follows:
• Rental apartments are the strongest real estate sector today, and are forecast to remain
the strongest segment as the national and local economies recover from the recession.
High occupancy rates at existing communities in the market area demonstrate strong'
demand for new units. Initial lease -up rates at new communities in the market area
suggests that a new rental apartment community could achieve stabilized occupancy
within two years after the first certificate of occupancy is granted.
• The current inventory of vacant office space in the market area represents a four- to five-
year supply at average absorption rates experienced over the past four years. Because
of the inventory of vacant office space in the market area today together with declining
lease rates, construction of new office space on the subject property could not be
supported until the market strengthens• This analysis shows that four or more years may
be required before construction of office space can be supported:
NAIReaivest
Ocoee and S,
Overall Apartment Market Conditions
The March 2012 inventory of rentable apartments in the Orlando metropolitan area was 153,084
units. With about 142,5335 units occupied, the overall occupancy rate was 93.1 %.
The following table summarizes current inventory, occupancy and absorption data for rental
apartments in 12 sub -markets in the Orlando area as surveyed by Charles Wayne Consulting,
Inc. in March 2012. Comparable and competitive communities for the subject property are
located in the Winter Garden -Ocoee -West Orange and Dr. Phillips -Windermere sub -markets.
The occupancy rate in the Winter Garden -Ocoee -West Orange sub -market was 88.7% and
93. % in the Dr. Phillips -Windermere sub -market.
ORLANDO AREA APARTMENT MARKET SUMMARY
March 2012
Rentable Units Under Occupied Occupancy
Sub -market Units Construction Units Rate
A Sanford --Lake Mary 9,403 328 8,736 92.9%
B Longwood -Altamonte Springs 10,783 8 10,134 94.0°l
Casselberry-Winter Springs -Oviedo 10,413 3 9,833 94.4%
D Apopka 850 0 794 93.4%0
EWinter Garden -Ocoee -West Orange 5,128 339 4,549 88.7%
F North Orlando -Winter Park -Maitland 13,940 481 12,598 90.4%
G South Orlando 27,562 379 25,630 93.0%
H East Orange--UCF 31,232 693 29,528 94.5%
I South grange County 10307 264 9,659 93.7%0
J Dr. Phillips -Windermere 12,192 300 11,389 93.4%
K Kissimmee 11,981 444 11,187 93.4%
L- Lake/Northeast Polk 9,293 11 8,98 - 91.4%®
Metro Area Total 153,084 3,250 142,535 93.1 %
NOTE. Units under construction includes units undergoing renovation.
SOURCE: Residential Market Reports; Charles Wayne Consulting, Inc.
Note: Units Under Construction does not include 216 units at Casa Mirella in the Dr. Phillips -
Windermere sub -market,
0
Ocoee and Southwest Orange County Apartment and Office Market Overview
Apartment Construction Trends
•- e' - .a _ �, �* • r - • .e - GIs �
• r � • s ii
Survey Date
Number of
Rentable
Units Under
Total
Complexes
Units
Construction
Inventory
March 2000
516
118,869
13,003
131,872
September 2000
532
15,361
11,297
136,658
March 2001
544
131,767
8,202
139,969
September 2001
553
136,370
6,511
142,881
March 2002
568
141,135
5,564
146,699-
September 2002
575
144,526
4,951
149,477
March 2003
585
146,802
5,822
152,624
September 2003
590
150,064
3,761
153,825
March 2004
598
151,948
4,688
156,636
September2004
596
151,037
6,196
157,233
March 2005
598
151,496
4,440
155,96
September2005
592
147,154
3,940
151,09
March 2006
577
140,052
3,308
143,360
September 2006
563
134,459
3,783
138,242
March 2007
557
135,782
4,050
139,832
September 2007
567
136,987
5,598
142,585
March 2008
586
139,605
6,675
146,280
September 2008
604
144,659
3,699
148,358
March 2009
618
147,511
3,888
151,399
September 2009
623
149,672
3,169
152,841
March-2010
627
150,955
1,627
152,582
September 2010
623
151,156
1,526
152,682
March 2011
630
151,952
2,000
153,952
September 2011
629
152329
1,929
154,258
March 2012
635
153084
3,250
156,334
SOURCE: Residential Market Reports; Charles Wayne Consulting, Inc.
Note: Units Under Construction dues not include 216 units at Casa Mirella,
4
Ocoee and Southwest Orange County Apartment and Office Market Overview
}� o a r • s� • • m • �s •. •
• • s • • as -�a ••• • •
0
Ocoee and h est Orange County Apartment and Office Market Overview
Comparable Market -rate Apartment Communities
The table below summarizes data for the newer, conventionally financed market -rate apartment
communities in the vicinity of the subject property. Key observations from this analysis include:
• The eight comparable 'market -rate rental communities were built between 199 and
2008.
• Lake Sherwood was originally planned as a 240-unit condominium community. Half of
the units were converted to rental apartments in March 2010.
• The March 2012 occupancy rate at these communities ranges from 9% to 100%,
which is above average for the Orlando metropolitan area,
• Unit absorption rates during initial lease -up at these communities ranged from 14 to 20
units per month.
Community
Year Built
Units
Acres
Density
Occupancy
Rate
Lease Rates
Lake Sherwood
1724 London Crest Drive
2006
120
N/A
N/A
100%
$1,074 - $1,149
Orlando 32818
Villa Tuscany
753 Sherwood Terrace Drive
2002
342
24.0
14.3
94%
$815 - $1,175
Orlando 32818
Key Isle at Windermere Phase 1
2415 Treasure Landing Parkway
1999
282
N/A
N/A
95%
$790 - $1,145
Ocoee 34761
Key Isle at Windermere Phase 2
2415 Treasure Landing Parkway
2007
165
N/A
N/A
96%
$885 - $1,275
Ocoee 34761
Hawthorne Groves
204 Hawthorne Groves Boulevard 2001 328 2T.5 11.9 93% $784 - $1,164
Orlando 32835
1 .,
8008 Bala Sands Boulevard 2002 298 29.0 10.3 96% $859 - $1,297
Orlando 3281$
Falcon Square
14600 Avenue of the Groves 2008 379 N/A N/A 89% $910 - $1,405
Winter Garden 34787
ltis at Lakes of Windermere
11598 Lachlan Lane 2008 280 N/A N/A 90% $895 - $1,545
Windermere 34786
SOURCE: Residential Market Reports, Charles Wayne Consulting, Inc.
NAIReaivest 0 6
Ocoee and Southwest Orange County Apartment and Office Market Overview
Office Market Conditions
The table on the following page shows quarterly office market statistics for the Ocoee -Winter
Garden sub -market from 2001 through January 2012. Key observations from this analysis
include,
• The inventory of office space as measured by total rentable square feet increased during
this period as a result of more properties being included in the quarterly survey and new
construction.
• The national recession had a dramatic impact on the office market beginning in the
second quarter 2007 with double-digit vacancy rates. Office vacancy rates reached a
peak of 31.0% in the fourth quarter 2008 and have recovered modestly to 23.4% in
January 2012.
• As a result of decreased demand for office space, average lease rates have fallen almost
2% since 2007. Average office lease rates are currently at the lowest level since 2003.
• Based upon the average annual absorption rate over the past four years of 25,800
square feet, the existing inventory of vacant office space in the market area would
require over four and one-half years to reach a 94% occupancy rate. Almost five years
would be required to fully lease all of the space currently available in the market area.
Ofto Inventory and Vacancyate
600,000 35,0%
500.000
1450,000
c
,
000
36D,000
1300,000
260,000
200,E '
150,0W
f
"total Rentable s - Vacancy
EM
0
m
2011 4Q 59 551,595 1 7, 1 23.1% (,486) 1
20113Q 58 545,595 114,133 20.9% (4,491) 0
20112Q 58 545,595 109,642 20.1% 27,775 1
57 512,305 119,789
57 512,305 123,888
2007 4Q 51 399,056 78,2
2007 3Q 51 399,056 72,4
2007 2Q 50 386,506 , 42,7
2007 IQ 49 37,154 27,2
Y
2005 4Q 42 324,253 22,3
005 3Q 42 324,253 26,1
2005 2Q 41 319,253 2,6
2005 IQ : 41 319,253 31,0
0034Q 87 291,897 21,8
2003 3Q 37 291,897 22,6
2003 2Q 34 269,057 18,9
2003 IQ 34 26,057 18,8
2
1 �
20014Q 32 254,161 17A
20013Q 31 242,625 14,200 5.9% 37,448
20012Q 27 204,677 13,700 6.7% (600)
2001 1 Q 27 204,677 13,100 6.4% 5,200
Source: Costar Property
W.41 Realvest QN
24,928
0 0
2 13,020
1 6,000
s
s
s
19,592 $23.471fs
57,540 $24,981fs
57,540 $22.151fs
8
Ocoee and Southwest Orange County Apartment and Office Market Overview
Economic Impact
We analyzed and compared the economic impact of ad valorem taxes that would be generated
over a ten-year period by developing either retail space and rental apartments or retail and office
space on the property. The following assumptions were used in this analysis:
• Vacant land value is based on the current assessment of $180,000 per acre.
• The taxable value for retail buildings is $200 per square foot based upon a sample of
retail buildings built in Orange County since 2010.
• The taxable value for office buildings is $100 per square foot based upon a sample of
office buildings built in Orange County since 2010.
• The taxable value for apartment buildings is $100,000 per unit (including land value)
based upon comparable apartment communities built in Orange County since 2010.
• The total millage rate is 20.6097 per $1,000 of assess value, which includes 6.9239 mills
for the City of Ocoee.
• Based upon the current inventory and absorption rate of office space in this sub -market,
we assumed that the first 26,220-square-foot office building would not be delivered for
five years, with one additional 23,732-square-foot building completed each year
thereafter.
• Current market conditions support the complete build -out of all 242 apartments in the
first year.
The table below summarizes the total real estate taxes generated by retail, office and apartment
development on the property over a ten-year period based upon the assumptions outlined
above. The 17,000 square feet of retail space would be built under both scenarios. The
estimated real estate taxes generated over a ten-year period with a combination of retail space
and apartments are $5,743,923. In comparison, the estimated real estate taxes generated over a
ten-year period with retail and office space are $2,292,829. Over the ten-year period, an
additional $1,159,407 in ad valorem tax revenue would be returned to the City of Ocoee with
retail and apartment development on the property.
Estimated 10-Year
Total Real Estate Taxes Generated
Retail
Apartment
Office
Year
Total
SF
Taxable
Value
Total Tax
Revenue
Total
Units
Taxable
Value
Total Tax
Revenue
Total SF
Taxable
Value
Total Tax
Revenue
1
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
0
$2,322,000
$47,856
2
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
0
$2,322,000
$47,856
3
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
0
$2,322,000
$47,856
4
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
0
$2,322,000
$47,856
5
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
26,220
$4,944,000
$101,894
6
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
49,952
$7,317,200
$150,805
7
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
73,684
$9,690,400
$199,716
8
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
$12,063,600
$248,627
9
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
8
$14,436,800
$297,538
10
17,000
$3,670,000
$75,638
242
$24,200,000
$498,755
F144,880
$16,810,000
$346,449
Totals
17,000
$3,670,000
$756,376
242
$24,200,000
$4,987,5470
$16,810,000
$1,536,453
il
Total taxes collected over 10 years with Retail and Apartment development:
Total taxes collected over 10 years with Retail and Office development:
� "/JArj I raw M'�
Total Taxes
City of Ocoee
$5,743,923
$1,929,691
$2,292,829
$770,284
NAI Realvest� fa 407875 9989
3137
fax 407 875 3137
Commercial Real Estate Services, Worldwide.
2200 Lucien Way, Suite 350
nairealvest.com Maitland FL 32751-7019
ITEM NUMBER V.
MISCELLANEOUS
A. Project Status Update
B. August Calendar
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