107 South Albany Street Construction Update, 9/2018

3 10 2018

I briefly touched on this in the Voice write-up, but a Certificate of Occupancy doesn’t require a property to be finished with construction work – only that it be safe for tenants and meeting codes and standards, meaning utilities are on, interiors are complete to a satisfactory degree, and the exterior work poses no regular threat, neither outside of work hours or during the course of normal labor. It’s not uncommon to see this in Collegetown thanks to the hard deadline of student tenants (and the dread of paying for alternative accommodations if a CO can’t be obtained), but 107 South Albany is a rare case outside of the more student-heavy neighborhoods.

The lights are on and a glance through the common space window suggest that the building is largely complete on the inside. Clearly, work continues on the outside, with fiber cement boards going over the plywood sheathing (both George Pacific and Huber ZIP plywood sheathing varieties, some of which is covered with a Resisto air/vapor barrier). The brick facade work on the front ground-level continues. I’d expect both to be finished before the first snow flies.

Renting Ithaca (Nick Stavropoulos) is the developer, and Flatfield Designs (Daniel Hirtler) is the architect. This is not likely to be their last project. The Stavropoulos Family has undertaken several progressively larger projects over the past several years, and purchased the Alley Cat Cafe building at 312 East Seneca Street for $800,000 in mid-July.

While I can’t say I’m a fan of the demolition of the previous structure, I can appreciate the subtle densification and addition of housing of the State Street Corridor with a contextually-appropriate structure. There will likely be more to come, so if this is setting the bar, it’s a good standard to have. The introductory article, and background about the project, can be found in the June 2017 post here.





City Centre Construction Update, 9/2018

2 10 2018

Along with the usual bevy of construction photos, I popped inside the sales office, which opened on the Commons last month. There might have been a little reservation from the two guys staffing the office when I introduced myself and said “I’ve been reporting on the project and do a real estate and construction blog on the side”, but once one of the leasing representatives, Anthony, mentioned he had checked out a blog called “Ithacating” to help him prepare for the job, we hit it off pretty well.

The second photo shows the reserved apartments as of September 23rd. As mentioned in the Voice article, every one of those top-end $3,265/month two-bedroom units facing the Commons are taken, and the project is still over eight months out from completion. 47 of the 192 units have deposits down, about 25% of total. A disproportionate number of those are two-bedroom units, 16 of 39 (41%). According to Anthony, the tenant mix is fairly diverse – some students, some young working professionals with downtown or Cornell jobs, and a substantial number of seniors looking to downsize and be downtown. The office has received a number of calls inquiring if the units are for sale, but unfortunately for those interested, condos are scarce in Ithaca.

The project website has been updated to include a number of interior renderings, included here at the end of the post. The first four in the set are apartment interior images, showing two bathroom finishes (modern aesthetic with a neutral palette), a larger unit’s living room and kitchen, and a studio unit, which they market as a “junior apartment”. The last three images are common spaces, two lounge spaces and the lobby. The lobby will in fact have a circular reception area, as shown in the ground-level floor plan.

Newman Development Group (NDG) had previously mentioned in a response to Green Street Garage questions that they had secured tenants for all three ground-level commercial spaces, the Ale House restaurant and two other tenants whom Anthony was not allowed to discuss per confidentiality agreements, but they hope to go public with the future tenants “in about a month”. The spaces clock in around 10.600 square-feet in total.

“NDG has recently signed three superior quality tenants for the City Centre project and had a high level of interest from a number of additional tenants that had to be turned away. NDG believes that these and other prospective tenants seeking 3,000 to 5,000 square foot spaces will find the Green Street location to be highly attractive based on the high traffic counts, pedestrian activity, mass transit access, proximity to The Commons, adjacency to significant downtown residential neighborhoods and availability of convenient parking, ” said NDG in the Green Street Q&A.

Construction is moving along at a good clip, with most of the windows fitted and work continuing on the aluminum panels and brickwork that will comprise most of the facade. For the sake of brevity, we’ll dig more into the exterior finishes and details in the next update in November.

Side note to the Ithacan – the effort is appreciated in your downtown write-up, but you guys flubbed one critical detail. City Centre and State Street Triangle were two separate projects with two separate development teams. The only common bond is location. The story that I’m familiar with is that the Colberts, who owned the Trebloc site, dropped Campus Advantage as a partner because CA wanted a lower sale price for the land when they were forced to submit smaller project designs, while NDG was willing to pay the premium, and so they were able to snatch themselves the purchase option for the site when it opened for renegotiation.

In keeping with the theme of development controversy, here it’s been the high price of the units – $1,545 – 1,625/month for a studio, $1,745 – 2,595/month for a one bedroom unit, and $2,460 – 3,265/month for a two-bedroom unit. There has been substantial blowback from some local activists and community groups as a result, and even other landlords have expressed off-record that they are incredulous of the asking prices Newman Development Group was aiming for with the City Centre project. So far, however, lease-up seems to be going well. City Centre will open for occupancy in June 2019.

 





East Pointe Apartments Construction Update, 8/2018

6 08 2018

No one can say DGA Builders is wasting time. A visit on Friday showed three sets of CMU foundation walls have been assembled and mortared, each for a ten-unit townhouse string. A few crewmen kept an eye on a material placement truck, also known as a stone slinger, as it launched rocks into the footprint encased by the foundation walls. This may be a crushed stone base (hardfill) for a concrete slab pour, given the stacks of rebar with surface rust sitting nearby. A shallow foundation would work fine here because two-story buildings aren’t especially heavy as structures go, and it would be less expensive and time consuming than a deep foundation. Elsewhere around the site one sees PVC sanitation pipes (sea green), water pipes (blue), and pieces for utility junctions.

Meanwhile just a stone’s sling away on Nor Way, Forest City realty continues work on the six-unit string (hexplex?) of townhouses. Two are fully framed and roofed, two have had their first floor framed though not fully sheathed, and the other two are only partially framed on the first floor. As with all the townhouse strings, these will incorporated some unique design features while keeping the general unit layout the same. I know they’re not happy about the East Pointe townhomes, but it could be a good synergy – the price points ($1,400-$2,000/month fr East Pointe, $350k for the Heights of Lansing townhouses) are such that renters who may wish to stay in that neighborhood may look at the Heights townhomes as an option.

A website is now up and running for East Pointe. It’s mostly stock images and bland corporate-speak, but they do have floor plans and some new renders. Here’s the advertising pitch:

“This apartment community is located on 20 acres in Lansing, NY, which is part of the Ithaca, NY, market. This is new construction of 140 state-of-the-art apartments. There will be 36 one-bedroom units, 90 two-bedroom units, and 14 three-bedroom units. The project will include fourteen apartment buildings with 10 units in each building that will be walk-up garden style with private entrances and a community building. All units will have high end finishes and amenities, including stainless finish appliances, microwave, dishwasher, washer and dryer, ice maker, granite counter tops, wood cabinets, vinyl plank flooring and wall-to-wall carpeting, tile showers, high end plumbing fixtures and lighting fixtures. All apartments will include a patio or deck. The community building will include the leasing and maintenance office, Great Room and warming kitchen for gatherings, and a fitness center. The project also includes an outdoor pool with changing rooms and shower.”

I have no idea what a warming kitchen is, but my very Sicilian mother is pretty good at turning kitchens into warming spaces around the holidays. A photo of the community center is included below.

UPDATE: I’m just going to add this here since the timing was ever so slightly off- on Monday the 6th, the construction loan was filed with the county. M&T Bank is lending Park Grove (represented by an LLC) $22.6 million for construction of the East Pointe project.





802 Dryden Road Construction Update, 8/2018

5 08 2018

Not a high-profile project here, but sizable. 802 Dryden Road, also called “Ivy Ridge”, is the latest project to come out of Modern Living Rentals (MLR). MLR is led by local developer Charlie O’Connor, and as I noted previously, “[h]e is arguably one of the most reticent developers in Ithaca, preferring unobtrusive projects that he hopes will create as little debate as possible. It’s kinda funny in a way, because although he’s a business partner with Todd Fox (Visum’s property management is handled by MLR), the two of them are near-opposites in that regard.”

True to form, while 802 Dryden is a sizable 50,000 SF, $7.5 million project, it was the subject of relatively little public debate during its approvals process. It’s located next to arboretum, replaces four rental houses and a motorcycle repair shop, and the number of residences within 500 feet could be counted on two hands. The project consists of 42 two-story townhouse rental units on three acres, six strings of seven units in a right trapezoid layout. Each string contains four two-bedroom units, two three-bedroom units and a four-bedroom unit (108 beds total). It’s a two-minute drive from the east end of Cornell’s campus (B Lot), and an easy sell to students and staff looking to live in a quieter location near campus.

Zoning on the site is fairly dense, all things considered. Although rather far from Varna’s core, the project does fall under Varna Hamlet Mixed Use District zoning, which allows ten units per acre. A redevelopment bonus of dilapidated properties gave another two units per acre, and a green bonus of two units an acre was also permitted. The green features part required some debate and confirmation. The project seeks LEED Certification and will apply LEED standards for neighborhood design.

The project was first proposed in June 2017. At the time, its design was a virtual clone of another MLR project, 902 Dryden Road, albeit with different colors. The designs were revised at least three times. The design work was passed from STREAM Collaborative to John Snyder Architects, who did substantial alterations, and then again, and then STREAM once again did some work on it. The final set of renders are here, with the site plan docs here. Originally there were three townhouse string designs, but it looks like it was reduced to two in the final round. The six buildings are generally but not exactly the same – the gables are mirrored, some additional trim pieces are used on the gables for the Dryden Road pair, and they alternate between a dark blue vertical fiber cement panel (probably HardieBoard), and a dark green panel. Original approvals may have been issued in November 2017, but the last revisions were approved this past May.

Exterior features include 70 parking spaces, bike racks, trash/recycling enclosure, stormwater ponds, bioretention areas, signage, a childrens’ playground, pavilion and a dog park split up for large and small breeds. Planned interior features include granite counter tops, stainless steel appliances, a washer and dryer in each unit, contemporary lighting, and marble tile. Expect these to be in the same price range as the other recent MLR units, which have been in the $650-$750/bedroom range. The units are expected to be ready for occupancy by June 2019.

There’s a little bit of pre-building infrastructure work that had to take place before construction, because this is a sort of no man’s land between the settled parts of the town of Ithaca and the town of Dryden where no municipal water service was available. The public water main had to be extended to service the project, and the main will be deeded over to the town. At this time, the existing buildings have been removed, but the land has yet to be cleared; we’re really just at the initial phases of the project.

Along with MLR, STREAM and John Snyder Architects, GMB Consulting Services did the LEED score analysis, T.G. Miller P.C. handled land surveying and Marathon Engineering tackled the civil engineering work – Marathon’s Adam Fishel shepherded the project through the town boards. I don’t have a contractor listed, but will share it when I do.

Pre-construction (Google Maps, Nov. 2015)

Renders:

August 3rd:





107 South Albany Street Construction Update, 7/2018

18 07 2018

107 South Albany is a curious mix of sheathing. The front and part of the sides consists of standard Huber ZIP System plywood panels, while the sides use GP DensElement fiberglass mat sheets with maroon liquid flashing. Atop that, wood furring is being attached, and trimboards and fiber cement lap siding (or panels, for the wall next to the central staircase) are added to finish out the exterior. The front entry will have a brick veneer, but only on the first floor, so that doesn’t explain the difference in sheathing. The windows are fitted, but the front entry is not.

These apartments should be open for occupancy in time for the new academic semester. Advertisements say August 1st, but that might be a stretch. Still, these are coming in at a more modest cost than other new market additions ($1,100/month), and adds some density to the State Street Corridor.

Background information on the project and its specifications can be found here. Renting Ithaca (Nick Stavropoulos) is the developer, and Flatfield Designs (Daniel Hirtler) is the architect.





News Tidbits 7/14/2018

14 07 2018

1. We’ll start of in Dryden with some revisions to the Trinitas project. This project has slowly but steadily been winnowed down in size. The original proposal in late May was 224 units and 663 beds. The June revisions dropped that figure to 22 units and 649 beds. Now with the latest set of revisions, the unit and bed count has fallen to 220 units and 610 beds. In other words, capacity has dropped by about 8% so far. A copy of the presentation Trinitas gave to the town board last month can be found in their minutes on the town website here.

From a site plan perspective, you can see a number of substantial changes – some townhouse buildings were lengthened in the southern corner, other strings shortened or broken up, the clubhouse/community building is now a mixed-use structure, and a couple of townhouse strings were deleted outright. About the only portion that was unchanged was the trio of structures closest to Dryden Road.

The early working name for this project was “Fall Creek Village”, which while referencing Fall Creek just to its north, may not have been a wise choice given the neighborhood of Fall Creek in Ithaca, which has been the epicenter for Ithaca’s gentrification. It was suggested they change the name, ideally to something with “Varna” in it. There’s about a hundred other pros, cons and general thoughts shared during the meeting, which can be read here. The project team would like to have approvals by the end of the fall, for a Spring 2019 – August 2020 construction period. As all the paperwork is filed, reviewed and discussed, expect more revisions to the project before any final approval is considered and granted.

2. Tompkins Financial may have relocated all its operations to its new headquarters, but that doesn’t mean its the end of the road for its old properties. 1051 Craft Road, formerly home to the Tompkins Insurance Agency, was sold to Ithaca Dermatology Associates of Ithaca on June 5th for $1.2 million. The 7,541 SF building was built in 1995 and assessed at $990,000, so Tompkins Trust did okay with the sale price – they purchased the building for $965,000 in 2007.

The new chapter is, as you might’ve already guessed, medical office and service space. With the assistance of a $1.5 million construction loan from Tompkins Trust, the Ithaca Dermatology is renovating the building for its new clinic. The hard cost of the renovations (materials/labor) is $1.025 million, and the spruced up facilities are expected to be open by January. Local architecture firm Chiang O’Brien, who have a specialty in medical facilities (they did Cornell Health’s new building and Planned Parenthood’s new regional HQ) is designing the renovated space, and Hammond Heating and Plumbing is the contractor.

3. If you’re looking for something interesting in local planning board agenda, there isn’t much to see at the moment. The town of Ithaca’s PB will be looking at a vacant lot subdivision between 721 and 817 Elmira Road (no future plans stated), and a lot subdivision on Enfield Falls Road to create three home lots and a large wooded parcel to be conveyed to the state as a conserved natural area. Over in Lansing, they’ll be looking at a plan for five micro-sized rental cottages at 16 Hillcrest Road.

4. The near-waterfront office building at 798 Cascadilla Street has been sold. 798 Cascadilla LLC made a deal with the too-similarly named Cascadilla 798 LLC for $2.55 million on Thursday the 12th.  As reported when then building went on sale, the 18,271 SF office building is home to Palisade Corporation, a software firm specializing in decision making/risk analysis tools. 798 Cascadilla LLC is the managing company for Palisade co-founder Sam McLafferty, who recently passed away. Cascadilla 798 LLC is a bit of a question mark – they were created in May and registered to this address, so maybe someone else associated with Palisade is buying it. The asking price for 798 Cascadilla was $2.7 million, and the tax assessment is for $2 million. Pyramid Brokerage’s David Huckle conducted the sale.

5. Maybe something the infill folks in the city want to watch – 622 West Clinton Street just sold to Jerame Hawkins, who two years ago wanted to do an affordable duplex (60% Area Median Income) to replace the old barn (yes, barn) at the rear of the property, as well as keep the existing house locked in as affordable housing. Carina would have supplied the modular units for the three-bedroom townhomes, and Finger Lakes ReUse would have salvaged the barn. Hawkins had applied for $135k in IURA federal grant funds, but the proposal was not funded. However, his purchase of the property now makes a potential affordable infill project somewhat more likely, though we’ll have to wait and see.

6. Color me intrigued – does Pat Kraft have a tenant lined up for the ground level of his Dryden South building at 205 Dryden Road? I have yet to see paperwork, but we’ll see.

7. It appears the Stavropoulos family, local landlords who have undertaken several smaller-scale projects in recent years, are about to add to their holdings. It would appear they are buying out Jagat Sharma’s properties as the well-known Collegetown architect heads into retirement (since he’s almost 80, I can’t blame him). The Stavropoulos purchased a four-unit house at 208-210 Prospect Street from Sharma this week (for $480k, well above the $350k assessed), and an LLC notice was posted recently for 312 East Seneca LLC, which is registered to the Stavropouloses’ home address. 312 East Seneca is also the office of Sharma Architecture (and the cat cafe), and was eyed as a potential Visum acquisition for its Seneca Flats mixed-use plan at 201 North Aurora Street (Visum has conceptual plans for versions with and without Sharma’s lot, so this sale doesn’t kill their plans, though not having the property shrinks it somewhat).

Slowly but steadily, the Stavropoulos are buying and building their way to significantly-sized landlords. Current projects include the 11-unit building finishing up at 107 North Albany Street, and the infill duplex planned for 209 Hudson Street. Last year, they developed four units at 1001 North Aurora Street, and they have a dozen other properties throughout the city under the business name “Renting Ithaca“.

8. We’ll leave this off with some thoughts from the Tompkins County Housing Committee, with four initiatives it will be pursuing to help address the lack of affordable housing in Ithaca and its surrounding environs:

I. Solicit the state attorney general for ways it might be able to legally expand or enhance its Community Housing Development Fund with Cornell and the city of Ithaca. The CHDF is the only way the county can fund housing development since it can’t legally fund housing development directly, but CHDF is relatively limited in its scale and abilities.

II. Develop a proposal for a municipal matching fund to help with grant writing for affordable housing, zoning improvement and infrastructure to serve affordable housing.

III. Planning staff will conduct an infill site analysis in development focus areas (Downtown, State Street Corridor). This would potentially find opportunities in surplus or underused county property that may be developed as affordable housing through an RFP process.

IV. Planning Staff will participate in the Policy Lab Study (“Jennifer and George’s Study”) to provide data and help inform the client committee. I honestly have no idea what this refers to.

 

 

 





News Tidbits 7/7/2018

7 07 2018

1. The infill project at 209 Hudson has been revised and reduced in size. The new plan from the Stavropoulos family of developers calls for just one new duplex at this time, on the existing lawn and swimming pool of the extra-large lot. The rear duplex was eliminated in the revised plan. A small zoning variance is still required for the subdivision (side yard deficiency), but it’s less likely to catch the ire of BZA members this time around because more mature trees are preserved in this reduced-size iteration. Modest bay window projections, fiber cement panels and wood trim will help create a higher quality product.

The duplex would be a quick build since it’s modular, but it’s not going to be ready in time for fall semester – spring (January) would be feasible, if the individual units are assembled before the snow flies. The Planning Board will make their recommendation this month, and the BZA will have their vote in early August, with potential final approval in late August. Quick note, as this has fallen under the threshold for the Ithaca project map (3 units or more), it has been removed.

Also due for review this month are final approvals for 128 West Falls Street (above) and a 3,200 SF endcap addition at South Meadow Square, and approval of a subdivision at 508-512 Edgewood Place.

2. Recently, Visum Development posted photos on their Facebook/Instagram taken during setup for an interview with Park Productions, and Ithaca College student media group. Normally, that’s not something to write about, but this caught my attention:

327 West Seneca is the new all-affordable project they introduced at last month’s planning board meeting. As for the others, I don’t have much of a clue. Ithaca does not have a Main Street, so that’s likely another community. 409 State may refer to an older building at 409 West State or 409 East State, but 409 East State is Travis Hyde’s Gateway Center property (and who at last check had no plans to sell).

As for the others, it looks like the first number was erased. Also of note, there is no East Cayuga, it’s just North and South. So I dunno quite what to make of it – hints of projects with some red herrings, it seems. Worth a look, but it’s not much to work with just yet.

3. Time for a little more speculation. A vacant lot east of 404 Wood Street in the city of Ithaca’s Southside neighborhood sold for $70,000 on June 26th. The buyers were a husband-and-wife pair who also happen to work for Taitem Engineering, a prominent local consulting engineering firm with specialties in structural engineering and associated branches in the context of green/sustainable building operation. The pair previously did a LEED Platinum, net-zero energy home in Ulysses two years ago. The likely guess here is that they’ll be building their next net-zero energy residence on this lot.

As previously noted when the property went up for sale in January 2016 (it was later subdivided from 404 Wood, which was sold a while ago), “(p)laying with some numbers a little bit, there are a couple of options if a buyer wanted to build something. The first and probably easier option would be to subdivide the lot and build on the vacant corner parcel. That would give, per R-3b zoning regulations of 40% lot coverage and 4 floors, about 1400 SF per floor. That gives 5600 SF, and if one assumes 15% off for circulation/utilities and 850 SF per unit, you get a 5 or 6 unit building at theoretical maximum.”

TL;DR – if they want to do a small infill net-zero apartment building, they can. If they want to do a sizable single-family residence, they can do that as well. We’ll just have to wait and see what happens.

4. On the policy side, the Ithaca Common Council voted Wednesday night to move forward with a CIITAP stipulation stating projects pursuing the tax abatement must have a mandatory affordable housing component of 20%, available to those making 75% Area Median Income, affected all residential projects with ten units or more.The extension of CIITAP applicable properties along the Waterfront was also approved.

The policy comes forth after considerable debate over the right percentage and right income to apply. It’s the Goldilocks principle – too little and you don’t add an appreciable amount of affordable housing and may even decrease the amount once redevelopment occurs in lower-income blocks, too much and developers just won’t build (the Portland problem), and those who stick around will renovate existing buildings instead, meaning less supply overall, fewer existing lower-income units and accelerated gentrification. Among things discussed Wednesday night, a proposal to modify the mandatory size requirement of affordable units from a minimum of 80% the square-footage of the market-rate to 100% failed 5-4 (needed six), the % of affordable units went from 10% to 25% (the 25% was the First Ward’s George McGonigal, who has a history of being opposed to new market-rate and affordable housing, and did not get a second to open discussion).

It’s too early to say if this is too much or not enough – the City Harbor folks were in attendance for the discussion (they were at the meeting for a different topic), but didn’t raise concerns to 20%, so it seems likely their project is able to continue. The county IDA is the grantee of abatements with the city in an advisory role only, so they’ll have the final say on the application of the new law.

5. Tompkins Cortland Community College’s Childcare Center has the funds it needs to move forward. The project, first proposed in February 2016, calls for an 8,000 SF, $4 million building, plus a $1.5 million endowment for operating costs. State funds support much of the cost, as well as a $2 million donation from Ithaca CEO and major TC3 donor Arthur Kuckes, for whom the center will be named.

According to Jamie Swinnerton over at Tompkins Weekly, the project includes six classrooms with two infant rooms, three playgrounds, and be, in part, staffed by students studying to be teachers and childcare providers. 12 jobs will be created, and since it’s for faculty, students and staff, those jobs are expected to be full-time and all year-round. The building is expected to be partially opened by the start of the Spring semester, and fully occupied by the Fall 2019 semester.

Design-wise, the latest design in Tompkins Weekly shows smaller windows and the loss of some hipped roof bumpouts at the rear of the building (older version here). Value engineering noted, but the goal of helping students with children stay in school, and get the degrees they want to build their professional foundations on outweighs any shade thrown at the design changes.

6. Also finally moving forward – Lansing Meadows. There was an 11th-hour holdup for the 20-unit senior housing project when the village expressed discomfort with accepting future ownership of Lansing Meadows Drive, feeling the turns were too sharp and posed a liability. Developer Eric Goetzmann relented and agreed to maintain the road as a private road, and the village board approved the project 3-2; there are still a lot of sore feelings about the often-delayed and arguably underwhelming final proposal. Goetzmann has until July 31st to obtain permits to begin construction, or else the county IDA will recommence seeking clawback reparations from abated taxes, most of which went toward the BJ’s that was built in 2011-12.

7. Let’s slay some inbox rumors. East Hill Village is not cancelled. Nor is Trinitas’ Dryden Townhomes project. I checked with the project teams – both are still active projects. However, East Hill Village is waiting on the town of Ithaca to finish updating its zoning to a more form-based code, and the project will not move forward until that happens.

8. For fun: here’s a Google Docs spreadsheet on how the Ithaca metropolitan area lines up with other metros on new home construction permits since 1980. Key takeways – Ithaca/Tompkins County was in the top 10% of metros in 2017 for multi-family housing permits per capita (30th of 381), but it lags quite a bit in the construction of single-family homes, so its overall rank is only the 64th percentile (137th of 381). Even then, it’s still one of the fastest growing housing markets per capita in the Northeastern United States. 2016 and 2017 have been strong years, while 2015 and earlier were generally well below the national average.

The multi-family number per capita is arguably skewed higher than a typical year thanks to large projects like 441-unit/872-bed Maplewood, but the message seems to be that the community is seeing real results from its push for housing. However, with a lack of single-family being built, Ithaca and Tompkins County need to figure out ways to compensate for what single-family provides (i.e. home ownership). It’s not necessarily “we should build more single-family homes” although that is part of the answer. It’s also encouraging suitable single-home substitutes (condos) in desirable areas while maintaining a strong, steady flow of new units as the local economy continues to grow.