HomeMy WebLinkAboutC_VIA405_PUD_Extension_Request_LUA17-000237.pdf
RVA CINEMA LLC
520 Pike Street Suite 1500 Seattle, Washington 98101 206.682.6868 206.682.1040 Facsimile
Mr. Matthew Herrera
Senior Planner
1055 South Grady Way
Renton, WA 98057
Re: Request for PUD (LUA 17-000237) Extension; VIA 405 Apartments
Dear Mr. Herrera:
This letter is a formal request for an extension to the referenced PUD. Please present this
request on our behalf to City of Renton’s Hearing Examiner. We understand current code
allows a one year extension. If approval of the extension request is at the discretion of the
Hearing Examiner, we request a two year extension.
This request for PUD extension is supported by the following factors:
Economic
Construction costs continue an upward annual increase between 5% and 7%. From the date of
our original planning effort (mid - 2016) for PPPUD application in, construction costs have risen
about 20%. Market rents during that timeframe have increased only 6% to 8% in total. This
development is not viable with the current disparity between costs and returns.
Governmental
To improve feasibility and project success, the project sponsors proposed expansion of the
existing, targeted, multifamily tax exempt area (MFTE). This proposal was initiated with the
City in May 2017. Following a tumultuous year and one half study period the City chose to delay
this previously approved request for MFTE status until further study of the South Renton Bus
Rapid Transit (BRT) was completed. No timetable for this study was ever made apparent to the
applicant.
The City’s design, density and development criteria for the new BRT area may have significant
impacts on the existing VIA 405 apartment development plan. Minor, perhaps major changes to
the existing PUD approval will be incumbent on the developers of VIA 405 apartments.
Due to these factors, RVA CINEMA LLC respectfully requests a one year extension of time to
submit an application for building permit and a one year extension of the date construction is
required to commence and complete.
RVA CINEM A LLC
Craig Koeppler