Developer Southern Land Company sought public input before bringing its six-story, high-density retail/apartment proposal on Oram to the city. While City Councilman Philip Kingston said recently he has not yet been approached by the principals on the project, neighbors got an early look at the new plans last week.
The proposal would change the skyline of Lakewood, bringing the towering building where the one-story, 6,200-square-foot Teter’s Faucet Part has sat since 1947. The new plans include a retail section on the first floor topped with five stories of residential units, 140 in total at about 975-square-feet a piece. That would mean an uptick in density, current zoning allows for a floor area ratio of 1.5:1, while this project seeks to increase that to 3.45:1.
Two stories of underground parking would support the building, although only one parking stall is provided per unit and the total number of spots has not yet been decided. There would also be “head-in parking” for shoppers on Oram. In total, the project is predicted to bring 2,682 cars per day coming and going on the quiet street. Southern Land Company would also add sidewalks, crosswalks and landscaping to improve walkability around the project.
Current zoning at the Teter’s site, governed by Planning District 281, allows for up to five-stories (75-feet in height) of mixed-use development. The proposed project calls for six-stories at 75-feet “plus mechanicals,” which paired with the increased density, means developers will need a zoning exemption to make this vision a reality.
If successful, it would be one of the first projects in the neighborhood required to comply with the city’s new affordable housing ordinance, led by East Dallas Councilman Mark Clayton, which obligates developers who increase density to dedicate 10 percent of their units to affordable housing. In Lakewood, market rate for rentals ranges from $650 for a studio to $1,660 for a four-bedroom unit (see the full list of 2017 city market rates by zip code).
In total, the new project is expected to generate more than $830,000 annually in property taxes, versus the $22,000 at Teter’s.
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