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HomeMy WebLinkAbout09-20-21 P&Z Agenda PacketP&Z Agenda – 09/20/21 Page 1 of 2 TOWN OF WESTLAKE PLANNING & ZONING COMMISSION AGENDA 1500 SOLANA BLVD, BUILDING 7, SUITE 7100, COUNCIL CHAMBER WESTLAKE, TX 76262 SEPTEMBER 20, 2021 5:00 P.M. MEETING The Planning & Zoning Commission of the Town of Westlake will meet at 5:00 p.m. on Monday, September 20 , 2021. In order to advance the public health goal of promoting "social distancing" to slow the spread of the Coronavirus (COVID-19), there will be limited public access to the physical location described above. A limit of thirty (30) seats will be available to the public on a first -come, first -serve basis. A recording of this meeting will be made and will be available to the public in accordance with the Open Meetings Act. Vi sion Statement An oasis of natural beauty that maintains our open spaces in balance with distinctive development, trails, and quality of life amenities amidst an ever expanding urban landscape. Regular Session 1.CALL TO ORDER 2.PLEDGE OF ALLEGIANCE 3.CI TIZEN COMMENTS: This is an opportunity for citizens to address the Planning & Zoning Commission on any matter, whether or not it is posted on the agenda. Individual citizen comments are normally limited to three (3) minutes; however, time limits can be adjusted by the presiding officer. The presiding officer may ask the citizen to hold their comment s on an y agenda item if the item is posted as a Public Hearing. The Planning & Zoning Commission cannot by law take action nor have any discussion or deliberations on any presentation made at this time concerning an item not listed on the agenda. 4.DISCUSSION AND CONSIDERATION OF APPROVAL OF THE MINUTES FROM THE MEETING HELD AUGUST 16, 2021. 5.CO NDUCT A PUBLIC HEARING AND CONSIDER RECOMMENDATION OF PROPOSED AMENDMENTS TO ORDINANCE 928 REGULATING THE PD7 ZONING DISTRICT, KNOWN AS “WESTLAKE RANCH”, APPROVING THE CONCEPT AND DEVELOPMENT PLAN FOR A 3-ACRE PORTION THEREOF, LOCATED EAST OF PEARSON LANE AND SOUTH OF ASPEN LANE. P&Z Agenda – 09/20/21 Page 2 of 2 6. CONDUCT A PUBLIC HEARING AND CONSIDER RECOMMENDATION OF PROPOSED AMENDMENTS TO ORDINANCE 855 APPROVING A SPECIFIC USE PERMIT (SUP) FOR 126 CONDOMINIUM UNITS IN THE PD1-2 ZONING DISTRICT, KNOWN AS “WESTLAKE ENTRADA”. THE SITE IS LOCATED ON BLOCK K , WESTLAKE ENTRADA ADDITION, BETWEEN COSTA BRAVA DRIVE, GIRONA DRIVE AND CORTES DRIVE. 7. CONDUCT A PUBLIC HEARING AND CONSIDER RECOMMENDATION OF A SPECIFIC USE PERMIT (SUP) TO ALLOW FOR A RESIDENTIAL REPOSITORY TO BE LOCATED ON AN APPROXIMATELY 0.71-ACRE PORTION OF BLOCK C, WESTLAKE ENTRADA, LOCATED BETWEEN ARAGON DRIVE AND SH 114. 8. ADJOURNMENT CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd., Bldg. 7, Ste. 7100, Westlake, Texas, 76262, September 17, 2021, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Todd Wood, Town Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5711 and reasonable accommodations will be made to assist you. United States Pledge "I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all." Texas Pledge “Honor the Texas flag; I pledge allegiance to the, Texas, one state under God, one and indivisible.” Planning and Zoning Commission Item # 2 – Pledge of Allegiance CITIZEN COMMENTS: This is an opportunity for citizens to address the Planning & Zoning Commission on any matter, whether or not it is posted on the agenda. Individual citizen comments are normally limited to three (3) minutes; however, time limits can be adjusted by the presiding officer. The presiding officer may ask the citizen to hold their comments on any agenda item if the item is posted as a Public Hearing. The Planning & Zoning Commission cannot by law take action nor have any discussion or deliberations on any presentation made at this time concerning an item not listed on the agenda. Planning and Zoning Commission Item #3 – Citizen Comments DISCUSSION AND CONSIDERATION OF APPROVAL OF THE MINUTES FROM THE MEETING HELD ON AUGUST 16, 2021. Planning and Zoning Commission Item #4 P&Z Minutes - 8/16/2021 Page 1 of 5 MINUTES OF THE TOWN OF WESTLAKE, TEXAS PLANNING AND ZONING COMMISSION MEETING August 16, 2021 PRESENT: Commission Chairman Tim Brittan, Commissioners Michelle Lee, Kim Morris, Sharon Sanden, Ken Kraska, and Diane Prager. ABSENT: OTHERS PRESENT: Assistant Town Manager Jarrod Greenwood, Director of Planning & Development Ron Ruthven, Town Attorney Matthew Butler, Building Official Pat Cooke, and Development Coordinator Nick Ford . Regular Session 1. CALL TO ORDER Commission Chairman Tim Brittan called the regular session to order at 5:02 p.m. 2. PLEDGE OF ALLEGIANCE 3. CITIZENS COMMENTS Mr. Peter Michelsen addressed the commission. He expressed concerns regarding the approval process of site plans by staff, rather than approvals by the Town Council. His concern was that there would be a lower quality of development at the Entrada Develo pment and the residential repository would not be a good it for Westlake. Town Attorney Matthew Butler responded regarding the steps in the approval process, noting that the current procedure allows for any uncertainties to be finally decided by the Town Council. 4. DISCUSSION AND CONSIDERATION OF APPROVAL OF THE MINUTES FROM THE MEETING HELD JUNE 14, 2021. P&Z Minutes - 8/16/2021 Page 2 of 5 MOTION: Commission Chairman Brittan asked for a motion to approve the Planning and Zoning Commission Minutes from the June 14, 2021 meeting. Commissioner Lee made a motion to approve the minutes, with the modification that Commissioner Kraska was not present. Commissioner Sanden seconded t he motion. The motion carried by a vote of 5-0. 5. CONDUCT A PUBLIC HEARING AND CONSIDER RECOMMENDATION OF PROPOSED AMENDMENTS TO ORDINANCE 703 APPROVING THE PD1-2 ZONING DISTRICT, KNOWN AS “WESTLAKE ENTRADA”, LOCATED NORTH OF SOLANA BLVD., EAST OF DAVIS BLVD., AND SOUTH OF STATE HIGHWAY 114. Director of Planning and Development Ron Ruthven presented this item. He began by stating The Planning and Zoning Commission voted to table this item and continue the public hearing on March 8 and April 12, 2021, respectively. The item was tabled to allow the applicant to more time to provide a development plan amendment that accounts for the removal of the amphitheater, a site plan amendment that accounts for the entire portion of Block C and addition al details concerning the proposed residential repository. At the May 17, 2021, Planning and Zoning Commission meeting, after providing a presentation to the Commission, the applicant verbally requested to withdraw the requests, after which the Vice-Chair of the Commission reported that requests were withdrawn, and the cases were closed. Mr. Ruthven explained that this item would involve several steps by the applicant to gain approval of their previous requests and address the previously concerns of the Commission. He then stated that the amendments to the Entrada zoning regulations requested by Centurion American were in conjunction with the development plan that has been requested. This item also contained staff proposed amendments to the Entrada zoning regulations which were responsive to the applicant’s request. Mr. Ruthven then explained that Centurion American is requesting amendments to the Entrada zoning regulations contained in Ordinance 703 to add a new and currently unlisted, land use. Ordinance 703 contains the comprehensive Planned Development District (PD) zoning and development regulations for the Entrada development, which is wholly contained within the PD1-2 zoning district. The proposed new use would be called a “Residential Repository”, which would allow for climate-controlled, indoor self-storage units that would include a mix of personalized, custom units where car, art and other collections could be stored and viewed, and would also allow for compartmentalized, prefabricated self-sto rage units similar to other typical indoor self-storage facilities. In conjunction with these amendments, staff proposed amendments to the Entrada zoning regulations that would remove the legislative approval requirement for site plans and site plan amend ments, as well as provid ing for automatic expiration provisions for approved site plans where no building permit has been issued within two-years from the date of approval. Finally, staff recommends amending the parking requirements in the development to be limited to the amount of off-street surface parking . This recommendation would not exceed more than 30% of the total parking required within the development. Mr. Ruthven then noted that these amendments along with the proposed development plan amendments are proposed in conjunction with an amendment to the development agreement and economic development agreement s for Entrada. P&Z Minutes - 8/16/2021 Page 3 of 5 Commissioner Brittan opened the Public Hearing . No one addressed the Commission. Commissioner Brittan closed the Public Hearing. MOTION: Commission Brittan asked for a motion to approve the Planning and Zoning Commission Minutes from the June 14, 2021 meeting. Commissioner Kraska made a motion to approve the minutes. Commissioner Morris seconded the motion. The Motion carried by a vote o f 5 -0.Planning and Zoning Commission voted to approve the recommendation of the proposed amendments to Ordinance 703 approving the PD-1 zoning district, by a (5 -0) vo te. 6. CONDUCT A PUBLIC HEARING AND CONSIDER RECOMMENDATION OF PROPOSED AMENDMENTS TO ORDINANCES 720 AND 918 APPROVING AND AMENDING THE DEVELOPMENT PLAN FOR THE PD1-2 ZONING DISTRICT, KNOWN AS “WESTLAKE ENTRADA”, LOCATED NORTH OF SOLANA BLVD., EAST OF DAVIS BLVD., AND SOUTH OF STATE HIGHWAY 114. Director of Planning and Development Ron Ruthven presented this item. As mentioned on the agenda memo for the zoning amendments, the Planning and Zoning Commission voted to table this item and continue the public hearing on March 8 and April 12, 2021, respectively. The item was tabled to allow the applicant to more time to provide a development plan amendment that accounts for the removal of the amphitheater, a site plan amendment that accounts for the entire portion of Block C and additional details concerning the proposed residential repository. At the May 17, 2021, Planning and Zoning Commission meeting, after providing a presentation to the Commission, the applicant verbally requested to withdraw the requests, after which the Vice-Chair of the Commission reported that requests were withdrawn, and the cases were closed. Mr. Ruthven then explained that this item would involve several steps on the part of the applicant to gain approval of their previous requests and address the previously noted concerns of the Commission. He noted that the original development plan for Entrada was approved by Ordinance 720 and was subsequently amended by Ordinances 830 and 918, as t he purpose of the development plan is to serve as the guiding master plan for the development while also serving as the regulatory control plan for the entire development. The Entrada zoning regulations also require the site plans to be consistent with the approved development plan. Unlike a concept plan, the development plan is scaled, contains more detail such as exact roadway locations and lot boundaries, and serves to act as a high -level site plan for the entire development. The purpose of this item is to consider and discuss requested changes to the Entrada development plan. The proposed major changes to the amenity core of the development include removing the amphitheater, adding a hotel along SH 114, adding retail and a residential repository to the remainder of Block C. Given the removal of the amphitheater, Block B, the former gas pad site, would contain a new retail/events area, office buildings along the west wall of the parking garage, and a hotel. Block K, containing the plaza mayor, would include mixed -use on all three sides rather than a mix of hotel and condos as currently planned. P&Z Minutes - 8/16/2021 Page 4 of 5 Commissioner Brittan opened the Public Hearing . No one addressed the Commission. Commissioner Brittan closed the Public Hearing. MOTION: Commission Chairman Brittan then asked for a motion to approve recommendations to amending Ordinances 720 and 918, per staff recommendations. Commissioner Lee made a motion to approve the site evaluation based on staff recommendations. Commissioner Kraska seconded the motion. The motion carried by a vote of 5-0. 7. CONDUCT HEARING AND CONSIDER RECOMMENDATION OF PROPOSED AMENDMENTS TO ORDINANCE 760 APPROVING THE DESIGN GUIDELINES FOR THE PD1-2 ZONING DISTRICT, KNOWN AS “WESTLAKE ENTRADA”, LOCATED NORTH OF SOLANA BLVD., EAST OF DAVIS BLVD., AND SOUTH OF STATE HIGHWAY 114. Director of Planning and Development Ron Ruthven presented this item. He stated that staff was proposing a minor amendment to the Entrada design guidelines regarding signage. The Entrada design guidelines, approved by the Town Council on December 14, 2015 by Ordinance 760, which currently permits internally illuminated plastic channel letters on a case-by-case basis. Existing examples of this type of sign in Entrada can be found on the front façades of the CVS Pharmacy and the façade of the Sendera Title building. Staff is proposing the elimination of plastic internally illuminated channel letters from the design guidelines. These types of types of signs are pervasive in most suburban retail developments across the nation and are not consistent with the rustic Catalonian design theme of Entrada, particularly in multi-tenant situations where more than one business is in a single building. The proposed changes by staff were as detailed as follows (shown in mark-up format): Ordinance 760, Exhibit B – Entrada Design Guidelines, Page 64, Signage – Materials: Letters “Letters: Channel letters, pierced or laser cut metal displaying lettering, number or logos. Acceptable materials are brass, bronze, copper, or ferrous metal. Plastic is allowed upon review and approval of proposed design. Acceptable metal finishes include oil rubbed, dark bronze, black iron or a shop applied natural patina finish. Internally lit or back lit plastic channel letters may be allowed on a case by case basis. Colors and design to be approved by the Town or their designee.” Mr. Ruthven explained that in situations where plastic, back-lit channel letters, or something similar, are deemed integral to the building design by the proposed developer, a waiver may be granted by the Town Council as part of the site plan approval process. Commissioner Brittan opened the Public Hearing . No one addressed the Commission. Commissioner Brittan closed the Public Hearing. P&Z Minutes - 8/16/2021 Page 5 of 5 MOTION: Commission Chairman Brittan then asked for a motion to approve recommendations to amending Ordinance 760, per staff recommendations. Commissioner Kraska made a motion to approve the site evaluation based on staff recommendations and urged staff to explore options pertaining to legal non-conforming signs. Commissioner Morris seconded the motion. The motion carried by a vote of 5-0. 8. ADJOURNMENT There being no further business to come before the Commissioners, Commissioner Brittan made a motion to adjourn the meeting. Commissioner Sanden seconded the motion. The vote to adjourn carried by a vote of 5-0. Chairman Brittan adjourned the meeting at 6:05 p.m. APPROVED BY THE PLANNING AND ZONING COMMISSION ON SEPTEMBER 20, 2021. ________________________________ ATTEST: Chairman , Tim Brittan _____________________________________ Todd Wood, Town Secretary Page 1 of 7 WESTLAKE PLANNING & ZONING COMMISSION TYPE OF ACTION Regular Meeting - Action Item Monday, September 20, 2021 TOPIC : Conduct a public hearing and consider recommendation of p roposed amendments to Ordinance 928 regulating the PD7 zoning district, known as “Westlake Ranch”, approving concept/development plan for a 3-acre portion thereof, located east of Pearson Lane and south of Aspen Lane. STAFF CONTACT: Ron Ruthven, Planning and Development Director Strategic Alignment Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Planned / Responsible Development Citizen, Student & Stakeholder High Quality Planning, Design & Development - We are a desirable well planned, high-quality community that is distinguished by exemplary design standards. Preserve Desirability & Quality of Life Strategic Initiative EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) Waterside Land Company, LLC, on behalf of property owners Bryant and Becky Fisher, is requesting approval of concept/development plan for a three-acre portion of the PD7 zoning district. The developer proposes to construct a private street that would include a total of three single family detached homes on the Phase Two portion of the PD7 zoning district. PD7 ZONING REQUIREMENTS PD7 was amended by Ordinance 928 on May 24, 2021. As part of these amendments, the 37.8- acre zoning district was divided into two portions: Phase One – 34.8 acres with 32 lots; and Phase Two – 3 acres with up to 4 lots pending the final approval of a concept/development plan. The portion of the PD7 zoning district that pertains to the applicant’s request is the Phase Two portion only. Ordinance 928, Exhibit A, Section 1(C) states: “Phase two of the PD7 zoning district may contain up to 4 single family residential lots pending final approval of a concept/development plan specific Page 2 of 7 to the phase two portion of the development. Said concept/ development plan shall be approved as a n amendment to the PD7 zoning district.” The subject property is currently undeveloped. The concept/development plan for Phase One was approved by Ordinance 928. Site grading for the Phase One portion is currently underway and the civil construction plan s are currently under review. PD7 HISTORY The following is a chronology of events and actions regarding the PD7 zoning district: First Zoning Change Request 11/17/2017: The initial zoning change application is received from the original developer, Waterside Land Company LLC to rezone the property from R5 - Country Residential to PD7. The original concept/development plan includes 89 single family homes including attached and detached homes with a gross housing density of 2.34 units per acre. 4/16/2018: First consideration of the request by the Planning and Zoning Commission. Concept/development plan includes 72 single family homes with a gross housing density of 1.89 units per acre. The request is tabled given technical issues involving property ownership. 4/30/2018: First Town Council discussion of the item. The item is tabled by the Town Council given Commission tabled status of the item. 5/14/2018: Second consideration of the tabled request by the Planning and Zoning Commission. The Planning and Zoning Commission votes to recommend denial of the request without prejudice. 5/21/2018: REQUEST WITHDRAWN. Second consideration of the request by the Town Council. The applicant requests to withdraw the item prior to a Council vote and the zoning request closes. Second Zoning Change Request 7/13/2018: Waterside Land Company LLC submits a second zoning change application to rezone the property from R5 - Country Residential to PD7. The proposed concept/development plan includes 68 single family homes with a gross housing density of 1.79 units per acre. 2/11/2019: First consideration of the 2nd request by the Planning and Zoning Commission. Concept/development plan includes 68 single family homes with a gross housing density of 1.89 units per acre. The request is tabled to have the applicant provide additional information. 2/25/2019: First Town Council discussion of the tabled 2nd request. The item is tabled b y the Town Council given Commission tabled status of the item. Page 3 of 7 3/11/2019: Second consideration of the tabled 2nd request by the Planning and Zoning Commission. A revised concept/development plan is submitted for consideration that includes 54 single family homes with a gross housing density of 1.43 units per acre. The request is recommended for approval by the Commission. However, the approval includes the condition that there be no more than 38 residential lots in the development with a gross housing density not to exceed one dwelling unit per acre. 3/25/2019: REQUEST DENIED. Second Town Council consideration of the 2nd request. Although the Commission recommended approval subject to a maximum of 38 lots, the applicant did not agree to the 38-lot recommendation and requested approval of the 54-lot plan. Therefore, the Town Council voted to deny the request, closing the request. Third Zoning Change Request 5/8/2019: Waterside Land Company LLC submits a third second zoning change application to rezone the property from R5 - Country Residential to PD7. The request includes 38 single family lots with gross housing density of one dwelling unit per acre. 5/13/2019: The Planning and Zoning Commission considers the request and votes to recommend approval of the item with certain conditions. 5/20/2019: REQUEST APPROVED. The Town Council considers the request and votes to approve the zoning change by approving Ordinance 882. Events After Zoning Approval 9/30/2019: The PD7 preliminary site evaluation is approved by the Town Council. 10/7/2019: The development and economic development agreements between the Town and Waterside Land Company LLC are approved by the Town Council. 8/28/2020: Paul Pastore, Waterside Land Company LLC, sends a potential 44 lot concept plan to Town staff for preliminary review with the intent of submitting a PD amendment application to formally approve the amended plan. However, an application is never received. The last correspondence with Mr. Pastore is received on 9/17/2020. 1/25/2021: A zoning application to amend PD7 is received from a new potential developer, Pearson 35 Opportunities LLC. 5/24/2021: Ordinance 882, approving the PD7 zoning district, is amended by Ordinance 928, which, due to lack of property owner consent on the part of the minority property owner to amend the zoning, results in the district being divided into two separate phases, with Phase One containing the “Westlake Ranch” development and Phase Town to be addressed by a future developer with a separate concept/development plan. Page 4 of 7 8/2/2021: A zoning application to amend PD7 and approve a concept/development plan for Phase Two is received from Waterside Land Company, LLC. DEVELOPMENT PROPOSAL The attached concept/development plan shows Phase Two containing three residential lots served by an approximately 200-foot-long private street that ends in a cul-de-sac. The following are the total breakdowns of proposed use: Total Acreage: 3.00 acres Common Open Space: 0.23 acres (7.9%) Private Open Space (landscape Easements): 0.87 acres (29.2%) Total Open Space (Public and Private): 1.1 acres (36.6%) Residential Lot Area: 2.35 acres (78.3%) Roadway Right-of-way Area: 0.41 acres (13.8%) Proposed Development Standards The applicant proposes to utilize many of the basic lot requirements from the original Spencer Ranch standards contained in Ordinance 882. Total Units: 3 Single Family Detached Units Gross Density: 1 dwelling unit per acre Average residential lot size: 0.78 acres Minimum lot size: 25,591 square feet Ordinance 882 Development Standards: Front Setback: 10 feet; or 5 feet where courtyards/motor courts are provided; Side Setbacks: 0 feet; the principal structure may be located on the property line; the total length of the building to be located on the property line shall not exceed 20% of the average lot depth; Rear Setback: 40 feet; Minimum Unit Size: 3,000 square feet; Maximum Height: 35 feet from finished floor to the mid point of the span of the highest roof pitch. Setback from Aspen Lane: 40 feet Setback from Southern Boundary line: 40 feet For comparison purposes, the following are the development standards for Westlake Ranch in Ordinance 928: Minimum Lot Size: 21,250 square feet; Minimum Lot Width at Building Line: 105 feet; Front Setback: 30 feet Page 5 of 7 Side Setbacks: 5 feet on one side of the lot and 15 feet on the opposite side Rear Setback: 40 feet; Minimum Unit Size: 4,500 square feet; Maxim um Height: 35 feet from finished floor to the mid- point of the span of the highest roof pitch. Maximum First Floor under Roof: 7,800 square feet LANDSCAPING AND OPEN SPACE A total of 36.6% of Phase Two is proposed for use as open space. The breakdown includes 7.9% common open space to be maintained by the homeowner’s association and the remainder to be located within landscape easements on the individual private lots, similar to portions of Westlake Ranch. In comparison, the Westlake Ranch open space requirement is 34.68%. Ordinance 928 states the following regarding landscape easements: “Landscape Easements - The following note shall be placed on the final plat relative to the landscape easements: " Landscape easements are intended for landscape material such as trees, plants, and groundcover only. No impervious surface of any kind or permanent structures, including buildings and swimming pools, may be placed in any landscape easement." The applicant states that they would like to abide by the landscape requirements for the Spencer Ranch development approved by Ordinance 882. However, the Ordinance 882 landscape requirements are the same as those contained in Ordinance 928. No common open space amenities were provided by the developer. FENCING AND GATES According to the concept/development plan, a six -foot ornamental iron fence will be built on the perimeter of the development. No graphics were provided showing fencing. The street is private and will be gated. No details were provided regarding the design of the gate. BUILDING DESIGN AND STYLE The applicant did not provide a description of the proposed home style for the development. However, a link was sent with sample home elevations, viewable here. Per Ordinance 928 conditions, design guidelines demonstrating compliance with the Building Quality Manual must be submitted by the developer. STAFF RECOMMENDATIONS AND SUMMARY The proposed development includes three single family detached homes on the three-acre Phase Two portion of the PD7 zoning district. While scant detail was provided for the proposed development in comparison to the Westlake Ranch portion, staff believes that, provided the conditions contained in Ordinance 928 are met, the proposed development will be somewhat consistent with Westlake Ranch. Page 6 of 7 Should the Commission vote to recommend approval of the proposed development, staff recommends the following conditions: 1. All conditions and provisions of Ordinance 928 shall be applicable to the proposed development, except as specifically amended and noted herein. 2. A preliminary site evaluation shall not be required for the proposed development. Regarding Ordinance 928 conditions applicable to the proposed development, trigger points that reference the preliminary site evaluation shall be understood to mean the final plat. ALTERNATIVE P&Z ACTIONS The Planning & Zoning Commission has the following options when considering this item: • Recommend approval as submitted • Recommend approval with modifications or additional condition(s) • Recommend approval with staff recommendations • Any combination of the above • Table the agenda item to a specific date with clarification of intent and purpose • Recommend denial TOWN COUNCIL ACTION If the Planning & Zoning Commission acts and makes a recommendation for approval/denial on this agenda item, then it will be scheduled for Town Council action on September 27, 2021. ATTACHMENTS 1. Location Map 2. Narrative provided by Applicant 3. Proposed Aspen Ranch Concept/Development Plan Page 7 of 7 Location Map SITE LOCATION PD7 From: To: Cc: Subject: Date: Attachments: Richard DeOtte Ron Ruthven Paul Pastore [EXTERNAL] Aspen Ranch Estates Monday, September 13, 2021 3:59:08 PM image001.jpg Aspen Ranch Estates Concept Plan 9-13-2021 DRAFT.pdf Ron, please find the attached revised concept plan that removed note 3 and the following narrative revised to apply Spencer Ranch standards. Aspen Ranch Estates PD 7 Development Narrative Developer: Waterside Land Co. Attn: Paul Pastore 5055 Keller Springs Road, Suite 540 Addison, Texas 75001 Mobile: 972-849-4960 The proposed Aspen Ranch Estates is a 3-acre Phase 2 of the Westlake Ranch PD. The development is completely for residential uses. Total Acreage: 3.00 acres Public Open Space: 0.23 acres Private Open Space: 0.87 acres Residential Lot Area: 2.35 acres Roadway Right-of-way Area: 0.41 acres Average residential lot size: 0.78 acres Lot size and dimensions will vary only within the 2.35-acre total (internal lot sizes may change but all lots will be between 25,591 square feet and 40,794 square feet). All setback requirements will be per existing Spencer Ranch PD zoning. Landscaping requirements will be per existing Spencer Ranch PD zoning and approved by Westlake staff. Project schedule: Planning and Zoning approval anticipated: September, 2021. Submit Final Plat and Plat related documents, Final Engineering design and landscape design to the Town: November, 2021 Town acceptance of engineering design: December, 2021 Construction and Town Acceptance: December, 2021 thru May, 2022 Recording final Plat: May, 2022 Home construction: Summer, 2022 END Richard W. DeOtte, P.E., CFM ____________________________ 420 Johnson Road, Suite 303 Keller, Texas 76248 ____________________________ 817.337.8899 Ext. 201 (office) 817.337.5133 (fax) 817.946.6088 (cell) ____________________________ www.DeOtte.com CAUTION: This email is from an EXTERNAL source. DO NOT click links or open attachments without positive sender verification of purpose. Never enter USERNAME, PASSWORD or sensitive information on linked pages from this email. LOT 15LOT 19LOT 429,016 SFLOT 1F35,939 sfLOT 2F25,591 sfLOT 3F40,794 sfLOT OS-110,312 sfLOT F-ROW 18,034 sf FUTUREWESTLA K E RA N C H 59.1'SHELBY ESTATES - VOL.388-165, PAGE 28, P.R.T.C.T.LOT 1, BLOCK 1 FISHER ADDITION (REMAINDER) INSTRUMENT NO. D214043902 D.R.T.C.T.FUTUREWESTLAKER A N C H 6' ORNAMENTAL IRONFENCE TO TERMINATEAT WESTLAKE RANCHFENCE6' ORNAMENTAL IRONFENCE TO TERMINATEAT WESTLAKE RANCHFENCEMONUMENT SIGNAPPROX. 900 FEETTO PEARSON ROADLand Use: AGLand Use: RES/AGpossiblefootprintpossiblefootprintpossiblefootprintFISHER LAND USE AREASRESIDENTIAL LOTS102,324 SF / 2.35 AC.(78.3%)PUBLIC OPEN SPACE10,312 SF / 0.23 AC.(7.9%)PRIVATE OPEN SPACE38,110 SF / 0.87 AC.(29.2%)STREET LOT18,034 SF / 0.41 AC.(13.8%)TOTAL AREA130,670 SF / 3.00 AC(100%)27.0' B-B4.0'15.0'4.0'15.0'CL2%2%4:1 (MAX)4:1 (MAX)6" CEMENT/LIMESTABILIZATION6" CONCRETEPAVINGW/4" CROWN5" STAND-UPCURB10.5'2.0'11.5'7.5'SANITARYSEWERSTORMSEWERWATERELECTRICUTILITYDUCT BANKTYPICAL STREET SECTION(NOT TO SCALE)35.0'PARKWAYGRADINGPARKWAYGRADING8.0'GASSTREETLOTLINESTREETLOTLINE7.0'GAS & ELECTRICEASEMENTDUCT BANK &WATER EASEMENTPRIVATE ROAD EASEMENT5.5'GAS &ELECTRIC(AS NEEDED)28 DAY STRENGTH = 3,600 PSI#3 STEEL REBAR 18" C-CC I V I L E N G I N E E R I N G TBPE No. F-003116 DEOTTE, INC. 420 Johnson Road, Suite 303 Keller, Texas 76248 817-337-8899 (Office) 817-337-5133 (Fax) PREPARED FOR:WATERSIDE LAND COMPANY, LLC 5055 KELLER SPRINGS ROAD, SUITE 540 ADDISON, TEXAS 75001 PHONE: (972) 849-4960 CONTACT: PAUL PASTORELEGAL DESCRITION OF SURVEYED TRACT: Being a tract of land out of the G. B. Hendricks Survey, Abstract No. 680and the J. Walker Survey, Abstract No. 1604, situated in the Town of Westlake, Tarrant County, Texas, andsurveyed by Miller Surveying, Inc. of Hurst, Texas in October of 2019, said tract being a portion of Lot 1, Block 1,Fisher Addition, an addition to the Town of Westlake according to the plat thereof recorded as Instrument No.D214043902 of the Official Public Records of Tarrant County, Texas, and being more particularly described bymetes and bounds as follows:Beginning at a 1/2 inch capped steel rod found for the northwest corner of said Lot 1, said rod being in thesoutherly right-of-way line of Aspen Lane;Thence North 89 degrees 27 minutes 38 seconds East with the northerly boundary line of said Lot 1 and with saidsoutherly right-of-way line a distance of 299.29 feet to a 1/2 inch steel rod found;Thence South 00 degrees 42 minutes 13 seconds East a distance of 44.21 feet to a 1/2 inch capped steel rod foundin the southerly boundary line of said Lot 1 from which a 1/2 inch capped steel rod found for the southeast cornerthereof bears North 89 degrees 26 minutes 44 seconds East at 494.41 feet;Thence South 89 degrees 26 minutes 44 seconds West with the said southerly boundary line of Lot 1 a distance of292.98 feet to a 1/2 inch capped steel rod found for the southwest corner thereof;Thence North 00 degrees 31 minutes 26 seconds West with the westerly boundary line of said Lot 1 a distance of441.35 feet to the point of beginning and containing 2.9997 acres of land, more or less.Note: The easements recorded Volume 14723, Page 204, and Volume 11918, Page 1651 do not affect thesurveyed tract.NOTES:1.ALL OPEN SPACE LOTS ARE DEDICATED TO AND MAINTAINED BY THE HOMEOWNERSASSOCIATION, INCLUDING MAINTENANCE OF ANY PONDS.2.ALL ON-SITE STREETS WILL BE FIRE LANES.3.ACCORDING TO FEMA FLOOD INSURANCE RATE MAP PANEL 48439C00805, NO PART OF THISPROPERTY LIES WITHIN A FLOOD HAZARD ZONE.4.EXACT AREAS SUBJECT TO CHANGE WITH FINAL SUBDIVISION DESIGN5.STREET LOT DEDICATED AS "PRIVATE ACCESS, DRAINAGE & UTILITY EASEMENT" BY THIS PLAT.APPROVED BY THE TOWN COUNCIL OFWESTLAKE, TEXAS on this the _________ day of____________________, 20____.ATTEST:Mayor Town SecretaryAPPROVED BY THE PLANNING & ZONINGCOMMISSION OF WESTLAKE, TEXAS on this the_________ day of ____________________, 20____.ATTEST:Chairman Town SecretaryCONCEPT PLANOFASPEN RANCH ESTATESBEING2.9997 ACRESSITUATED IN THEJOSIAH WALKER SURVEY ABSTRACT NO. 1604AND THEG.B.HENDRICKS SURVEY ABSTRACT NO. 680TOWN OF WESTLAKE, TARRANT COUNTY, TEXAS3 RESIDENTIAL LOTS, 1 PRIVATE OPEN SPACE LOTRESIDENTIAL: BLOCK A, LOTS 1-3PRIVATE STREET: BLOCK A, LOT 1XOPEN SPACE: LOTS OS-1LAND USE DESIGNATION: SINGLE FAMILY RESIDENTIALEXISTING ZONING: PLANNED DEVELOPMENT DISTRICT (PD-7)PROPOSED ZONING: PLANNED DEVELOPMENT DISTRICT (PD-7)LEGENDBOUNDARY LINEROW LINE / STREET LOT LINELOT LINEPROPOSED EASEMENTEXISTING CONTOUR MAJOREXISTING CONTOUR MINORROW DEDICATIONEXISTING EASEMENT TO BE ABANDONEDCITY/TOWN LIMIT LINEABLOCK DESIGNATIONCONCEPT PLAN ASPEN RANCH ESTATESSITE PLAN NOTES:1.Detailed landscaping plans to be provided for the limited opens spaced in this concept plan in final design.2.No trails proposed within this plan.3.No street or pedestrian lighting is proposed within this development.SINGLE-FAMILY LOTRIGHT-OF-WAYPRIVATE OPEN SPACEPUBLIC OPEN SPACE Page 1 of 8 WESTLAKE PLANNING & ZONING COMMISSION TYPE OF ACTION Regular Meeting - Action Item Monday, September 20, 2021 TOPIC : Conduct a public hearing and consider recommendation of p roposed amendments to Ordinance 855 approving a specific use permit (SUP) for 126 condominium units in the PD1-2 zoning district, known as “Westlake Entrada”. The site is located on Block K, Westlake Entrada Addition, between Costa Brava Drive, Girona Drive and Cortes Drive. STAFF CONTACT: Ron Ruthven, Planning and Development Director Strategic Alignment Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Planned / Responsible Development Citizen, Student & Stakeholder High Quality Planning, Design & Development - We are a desirable well planned, high-quality community that is distinguished by exemplary design standards. Preserve Desirability & Quality of Life Strategic Initiative EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) Centurion American (CA) is requesting to amend Ordinance 855, which granted a Specific Use Permit (SUP) for up to 126 residential condominiums. Ordinance 855 was approved on May 21, 2018, and expired one year later per the expiration provisions contained in the ordinance as well as the Town’s zoning regulations. CA is requesting to amend the SUP to seek an extension of the expiration provisions and to alter the total number of condominiums such that up to 100 condominiums may be built in only one of the three buildings that frames the Plaza Mayor. CONDOMINIUM ZONING Condominiums are authorized by Ordinance 703 only through the approval of a Specific Use Permit (SUP). The total number of residential units allowed in the Entrada development is 322 units. However, unlike single-family and townhome units, the Entrada zoning regulations, including the development plan, do not specify the maximum number, location, building/housing type or performance criteria for condominium units. Therefore, these standards must be contained Page 2 of 8 with the SUP granting the condominiums provided the maximum number of 322 residential units in the development (322) is not exceeded. Ordinance 703 defines a condominium as follows: “Condominium (residential) means a form of real property ownership that combines separate ownership of individual apartments or units with common ownership of other elements.” Condominiums are regulated in Texas under the Uniform Condominium Act of 1993, codified in the Texas Property Code. Condominiums are defined under the act as “a form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions”. It is important to note that, like any other residential structure, cities in Texas cannot regulate whether or not condominiums or owner occupied versus renter occupied. Therefore, a condominium owner may choose to rent their unit to an individual, like a single-family homeowner renting their home. PLAZA MAYOR HISTORY The Plaza Mayor is the key open space amenity for the Entrada development. The following is a chronology of key dates regarding the plaza as it pertains to the Entrada development regulations: April 22, 2013: The zoning for Entrada is approved by the Town Council by Ordinance 703. The Concept Plan (Exhibit 2) shows a large central plaza in the development. Ordinance 703, Exhibit 3 further describes the vision for the development, including the Plaza Mayor, as follows: Original Entrada Concept Plan – Ord. 703, Exhibit 2 “A key feature of any European [community] is the Plaza, where many important public gatherings, speeches and rites of passage of the Village Residents occur. Within Westlake Entrada, th is specific portion of the development is designed to imitate the Piazza San Marco and the Plaza Plaza Mayor Page 3 of 8 Mayor Salamanca, in shape, size and pedestrian scale. Exterior elevations of this conglomerate of structure will imitate the two Plazas and several other architecturally significant Spanish buildings including the Monestario el Escorial and Las Huelgas. Several key Village components will be provided within this Plaza including some but maybe not all of following: Residential, office, Medical office, Hotel, Retail, Restaurant, Independent Living and Assisted Living. Artisan Suites on a temporary and/or permanent basis may also be included in the Plaza portion of the development. All parking required for the residential components of the plaza to be contained in an attached structured parking component, with the first floor of this parking structure to be accessible to the public to service the retail and other non-residential uses that may be utilized on the first floor of the plaza.” October 28, 2013: The development plan (Ordinance 720) for Entrada is approved showing a more detailed Plaza Mayor site in the heart of the development. The site shows two hotels on the development plan and space on the opposite side for potential condominium or institutional uses. The development agreement for Entrada is approved (Resolution 13-34) waiving all parkland dedication fees in exchange for water features, trails and plazas. Original Development Plan May 21, 2018: The site plan (Ordinance 854) and SUP for 126 condominiums (Ordinance 855) is approved. The site plan design is based on the Plaza Mayor in Salamanca, Spain and includes two hotels, each in one building and the other building containing the condominiums Page 4 of 8 Approved Plaza Mayor Site Plan - 2018 November 26, 2018: Ordinance 855 approving the 126 condominiums is amended by Ordinance 872 to allow for an additional 24 condominiums for a total of 150 condominiums with an additional allowance that the condominiums may be located in two of the three plaza buildings. Ordinance 872 also approved minimum units sizes broken down by number of bedrooms. May 21, 2019: The SUP for condominiums approved by Ordinance 855 expires given that no building permit has been issued. August 23, 2021: Included in the amendments to the development plan (Ordinance 934), the Plaza Mayor is amended such that all three buildings are classified as “mixed-use”, which allows for a mix of retail, office and residential uses and allows the developer more “ market flexibility” in deciding what will go in the buildings. Amended Development Plan (Ord. 934) Hotel Hotel Condo Page 5 of 8 To date, no building permits have been issued for the Plaza Mayor. APPLICANT REQUEST The applicant proposes to amend Ordinance 855, granting an SUP for up to 126 condominiums, as follows: • The expiration provision for Ordinance 855 be extended to be one year from the date of approval of the ordinance amendment; • The total number of units allowed by the SUP be 100 units; • All units be located in one building, referred to as “Building A” on the application. Building A would be westernmost of the three buildings shown on the Plaza Mayor. • The design of Building A containing the condominiums would change per the attached exhibit. • All other provisions of Ordinance 855 would remain in effect. SITE PLAN REQUIREMENT Ordinance 854 approving the site plan for the Plaza Mayor remains in effect. Per the terms of Ordinance 854, all buildings in the Plaza Mayor must be constructed simultaneously. However, the developer proposes to amend the site plan per the attached plans. As part of this amendment, the developer proposes to construct only Building A, with Building’s B and C to be built at a later date. The site plan amendment will require separate approval. STAFF RECOMMENDATIONS AND SUMMARY The applicant is requesting to amend Ordinance 855 in order to construct a building that would contain up to 100 residential condominiums in the Plaza Mayor. Should the Commission recommend approval of the item, staff recommends the following conditions to be added to the motion [NOTE: existing conditions contained in Ordinance 855 are shown in black text while amended conditions are shown in red as either strikethrough or underlined text]: 1. Fulfillment of all zoning requirements as set out in Ordinance 703 in addition to the conditions accepted by the Town Council at the time of zoning approval (April 22, 2013) [shall be met]. 2. All Development Plan conditions for approval established in Ordinance 720 (adopted October 28, 2013), and as amended, shall apply to this PD Site Plan.SUP. 3. The maximum number of residential condominium units in Building A, as shown on Exhibit A, the condominium for the Plaza Mayor is to be one - hundred twenty- six (126) units. shall not exceed 100 units. 4. Building A, as shown on Exhibit A, The Condominium as depicted on the PD Site Plan of the Entrada Plaza Mayor shall have a minimum of 20% ground floor retail and restaurant area that has direct access to and from the plaza. Placement and size of this area within the condominium will be adequately determined before the issuance of building permits. Page 6 of 8 5. At a minimum, the developer shall provide the following amenities for resident use to be contained within the condominium building: a. Swimming Pool b. Fitness Center c. Sauna Room d. Wine Lounge e. Business Center f. Concierge Service g. Media Room i. Wi-FI Access j. 24-hour concierge Minor modifications to any of the above amenities may be approved by the Town Manager or designee(s). 6. An interior design package must be provided to the Town before the issuance of building permits. The package should include a detailed list of the amenities noted above and a description of fixtures, furnishings, and materials. 7. A building signage plan must be submitted to the Town and approved by the Town Manager or his/ her designee(s) before the issuance of a Certificate of Occupancy for Building A. any one building in the Entrada Plaza Mayor. The sign package must include the following: a. Building Fagade Signage b. Monument Signage c. Wayfinding Signage 8. Prior to the issuance of the Certificate of Occupancy for the Condominium building, a copy of the official recorded condominium regime document for this condominium that is filed with Tarrant County Clerk shall be provided to the Town Manager or designee and shall be kept in the official Town records. 9. This SUP hereby grants the approval for the construction of a multistory, multi-occupancy residential structure that allows for individual ownership of each residential unit under a condominium regime as authorized by the State of Texas. This SUP shall automatically revoke and expire upon the occurrence of any of the following circumstances: (1) The building permit allowing the construction of the condominium building is not issued within one year after the approval date of this ordinance; (2) The use authorized by the SUP is abandoned for more than six consecutive months after either the expiration of the building permit, or, after the issuance of the certificate of occupancy; (3) Any change in use of this building to a use other than that described and authorized by this ordinance; (4) Failure to provide the official recorded copy of the condominium regime as described and conditioned herein. 10. Prior to issuance of the building permit, a site plan for the subject property including the Residential Repository must be approved by the Town. 11. Prior to the issuance of the building permit for the structure authorized by this SUP, the Town and the property owner shall enter into a site development agreement relative to the development. Amendments to the existing development agreement for Entrada Page 7 of 8 development may fulfill this requirement provided the amendments address the subject property. ALTERNATIVE P&Z ACTIONS The Planning & Zoning Commission has the following options when considering this item: • Recommend appro val as submitted • Recommend approval with modifications or additional condition(s) • Recommend approval with staff recommendations • Any combination of the above • Table the agenda item to a specific date with clarification of intent and purpose • Recommend denial TOWN COUNCIL ACTION If the Planning & Zoning Commission acts and makes a recommendation for approval/denial on this agenda item, then it will be scheduled for Town Council action on September 27, 2021. ATTACHMENTS 1. Location Map 2. SUP Application 3. Plaza Mayor Site Plan Amendment (under review) Page 8 of 8 Condo SUP Location Location Map Plaza Mayor i a i; t. . I » ft WESTLAKE ^o^oo /;--^ ?L/^ '7^t-<^-/° SPECIF C USE PERMIT APPLICATION Planning and Development Department Upon completion of a pre-application conference with town staff, application is due no later than 12:00pm on the application submittat deadline. All required fees, forms and supporting documents are due at the time of application submittal. Incomplete applications and/or application submitted without a prior pre-application conference will not be accepted. All applications shall not be considered filed, and administratively complete, until town staff, including the Development Review Committee (DRC), determines that the application meets all requirements of applicable town regulations and/or all DRC comments have been addressed. Applications will not be scheduled for consideration by the Planning and Zoning Commission and the Town Council until all comments have been addressed and required items submitted. Therefore, meeting consideration dates on the Development Review Calendar are merely shown as guidelines and are subject to change for any given application pending the filing date and determination of administrative completeness by town staff for said application. Any development related application, including any revisions responsive to staff comments, shall NOT be accepted at the front counter. Application and revisions will only be accepted through a pre- scheduled appointment with a pertinent member of Town development review staff. The purpose of the appointment requirement is to ensure all required items are included and/or addressed prior to acceptance by the Town. Applicants must submit the following information in order for the application to be deemed complete and accepted. An application missing any of the items below will be considered incomplete and cannot be processed until the missing items are provided. All information must be submitted following the specifications listed in the Development Submittal Guidelines document. D D D D Pre-Application Meeting Held - Date:Planner- Application fees (check made payable to Town of Westfake) One ll"xl7" hard copy drawing PDF set of drawings D Incomplete Application and Applicant Informed On: D Application Complete and Accepted On: Project Name: Case Number: SUP- Fees: Submittal Date: Received By: 1500 Solana Blvd, Bldg. 7, Ste 7200 | Westlake, TX 76262 | 817.430.09411 www.westlake-tx.org Email: planninq@westlake-tx.org I B t WEi \KK SPECIFIC USE PER IT APPLICATION Planning and Develc ent Department Project Address: 20 COSta BraVS & 59 Girona parcel IDS: 42402725, 42402733 General Location: PlaZS MayO F - SEC of Davis and SH 114 Subdivision Name: Entrada Lot(s): 4 & 5 Block(s): .B K Survey Name(s): Medlln/TrOOp Abstract(s): 1958/1,' Tract(s): Multiple Current Zoning: PD-1 (2)Total Acres: 3.3 +/- QCFOS Current Land Use: Vacant Proposed Land Use: MJXed-Use Amending Previously Approved SUP by Ord # 855 to approve Building Permit Release for the "Condo A" Building to contain no more than 100 Individual Residential Condo Units company: Centurion American contact: Michael Beaty Address: 1800 Valley View Lane Suite 300 city, state, zip: Farmers Branch TX 75234 Email: mike@Mooreland.com Phone: 214-287-9009 company: MRW Investors LLC contact: Michael Beaty Address: 1800 Valley View Lane Suite 300 city, state, zip: Farmers Branch TX 75234 Email: mike@mooreland.com phone: 214-287-9009 1500 Solana Blvd, Bldg. 7, Ste 7200 | Westlake, TX 76262 | 817.430.0941 | www.westlake-tx.org Email: Dlanninq@westlake-tx.Qi-Q 2 I » t WE3 ^KE SPEC FIC USE PERMT APPLICATION Planning and Develop ent Department I hereby authorize the person designated below, to act in the capacity as my agent for the application, processing and the representation of this request. The designated agent shall be the principal contact person with the Town of Westlake (and vice versa) in processing and responding to requirements, information requests or other issues relative to this request. PROPERTY OWNER Printed Name: MRW InVCStOrS, LLC C/0 Mehrdad Moayedi Signature: Date: 2020-01-27 APPLICANT printed Name: Centurion American c/o Mehrdad Moeyadi Signature: /^^[^j ^^ Date:2020-01-27 DESIGNATED AGENT Printed Name: Michael Beaty Signature: Date: Property Address: City, State, ZIP: Email: Phone: <^2^__ 2021-09-10 '" Westlake Entrada Westlake TX 76202 mike@mooreland.com 214-287-9009 1500 Solana Blvd, Bldg. 7 Ste 7200 | Westlake, TX 76262 | 817.430.0941 | www.westlake-tx.org Email: Dlannina@westlake-tx.orq 3 Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P000 3/ P003 GARAGE ENTRANCE GARAGE ENTRANCE VALET VALET VALETBUILDING A BUILDING B BUILDING C1/ P0032/ P0031/ P0044/ P003 1/ P0052/ P0054/ P005 3/ P005 2/ P004 3/ P0044/ P004-/ --- Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P001 1/32" = 1'-0"1 SITE PLAN 3/ P003 1/ P0032/ P0031/ P0044/ P003 1/ P0052/ P0054/ P005 3/ P005 2/ P004 3/ P0044/ P004-/ --- SPA 2,630 SQ FT FITNESS 1,700 SQ FT THEATER 660 SQ FT STAIR STAIR RETAIL 1,620 SQ FT RESTAURANT 5,700 SQ FT RESIDENTIAL LOUNGES 2,100 SQ FT CORRIDOR CORRIDORLOBBY MANAGEMENT LOUNGES 2,100 SQ FT POOL AREA PARTY PLAZA AREA YOGA/PILATES 1,700 SQ FT LOCKERS 620 SQ FT ELEV ELEV ELEV ELEV CORRIDORPRIVATE OFFICE SUITES/BUSINESS CENTER MOVIE ROOM BILLARDS & BAR LOUNGE YOGA AND PILATES STUDIO ON-SITE SPA STATE-OF-THE-ART FITNESS CENTER LOCKER ROOMS & STEAM ROOMS 24-HOUR CONCIERGE VALET DRY CLEANING SERVICES ON-SITE MANAGEMENT WINE ROOM WITH PRIVATE DINING CLUB ROOM & WHISKEY CIGAR BAR PLAZA PARTY ROOM WINE ROOM WITH PRIVATE DINING CLUB ROOM & WHISKEY CIGAR BAR RESORT STYLE LAP POOL LARGE HOT TUB PRIVATE POOLSIDE CABANAS LARGE FIRE PIT WITH SEATING PRIVATE LOUNGE AREAS Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P002 1/32" = 1'-0"1 RETAIL LEVEL RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" GARAGE B1 -10' -0" BUILDING B Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P003 1/16" = 1'-0"1 BUILDING A - COSTA BRAVA ELEVATION 1/16" = 1'-0"2 BUILDING A - PLAZA ELEVATION 1/16" = 1'-0"3 BUILDING A - NORTHWEST ELEVATION 1/16" = 1'-0"4 BUILDING A - CORTES ELEVATION RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" GARAGE B1 -10' -0" /4 P003BUILDING A BUILDING B BUILDING C/4 P005 RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P004 1/16" = 1'-0"2 BUILDING B - PLAZA ELEVATION 1/16" = 1'-0"1 CORTES ELEVATION 1/16" = 1'-0"3 BUILDING B - WEST ELEVATION 1/16" = 1'-0"4 BUILODING B - EAST ELEVATION RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" RETAIL LEVEL 0' -0" CONDO-L2 14' -0" CONDO-L3 25' -8" CONDO-L4 37' -4" CONDO-L5 49' -0" CONDO-L6 60' -8" ROOF 72' -4" T.O.P 78' -4" BUILDING B Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P005 1/16" = 1'-0"1 BUILDING C - PLAZA ELEVATION 1/16" = 1'-0"2 BUILDING C - GIRONA ELEVATION 1/16" = 1'-0"3 BUILDING C - NORTHWEST ELEVATION 1/16" = 1'-0"4 BUILDING C - CORTES ELEVATION Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P006 Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA PLAZA MAYOR TOWN OF WESTLAKE 09 / 03 / 2021 P007 Page 1 of 5 WESTLAKE PLANNING & ZONING COMMISSION TYPE OF ACTION Regular Meeting - Action Item Monday, September 20, 2021 TOPIC : Conduct a public hearing and consider recommendation of a Specific Use Permit (SUP) to allow for a Residential Repository to be located on an approximately 0.71-acre portion of Block C, Westlake Entrada, located between Aragon Drive and SH 114. STAFF CONTACT: Ron Ruthven, Planning and Development Director Strategic Alignment Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Planned / Responsible Development Citizen, Student & Stakeholder High Quality Planning, Design & Development - We are a desirable well planned, high-quality community that is distinguished by exemplary design standards. Preserve Desirability & Quality of Life Strategic Initiative EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) Centurion American is requesting to operate a Residential Repository on Block C in Entrada. The repository would operate on four floors of the proposed five story building as shown in the companion site plan amendment and would contain a total of 90,080 square feet. A self -storage market study commissioned by the applicant is attached along with a business plan for the proposed Residential Repository. RESIDENTIAL REPOSITORY DETAILS The following are details specific to the proposed business: • The first two levels will include flexible space that will be accessible to automobiles. This space may by modified to meet a particular client’s need; • The second and third level will include pre-compartmentalized storage spaces that resemble more traditional indoor self-storge uses; Page 2 of 5 • The fourth level will include flexible office space; • The fifth level will include a restaurant; • All spaces will be climate controlled; SITE PLAN REQUIREMENT Approval of a separate site plan for the repository building on Block C is required prior to issuance of the building permit. Attached are copies of certain portions of the site plan package. Construction of the Residential Repository would occur concurrent with construction of the other buildings on Block C. The site plan may be approved administratively. ENTRADA ZONING/DEVELOPMENT PLAN COMPLIANCE As amended on August 23, 2021, the Entrada zoning regulations allow for a Residential Repository with the approval of an SUP. The definition of a Residential Repository in the zoning regulations is as follows: “Residential Repository – A retail service establishment, operating under a single Certificate of Occupancy, providing enclosed storage units primarily to residential customers within a single, enclosed and climate-contro lled structure with each unit having individual access. Prohibited activities include utilization of any unit as a residence or short-term residential accommodation, industrial manufacturing, and any other use that may pose a nuisance and/or threat to public health and safety or otherwise constitute illegal activity under local, State and Federal law. Further conditions and restrictions, including but not limited to licensing requirements, may be placed upon a Residential Repository within the ordinance that approves the Specific Use Permit.” According to the Entrada Development Plan, amended on August 23, 2021, a residential repository is authorized as shown on the development plan provided an SUP is approved. SUMMARY AND RECOMMENDATION The applicant is requesting to operate a Residential Repository on four of five levels on a new building to be located on Block C as detailed in the attached business plan. Page 3 of 5 Should the Commission recommend approval of the item, staff recommends the following conditions to be added to the motion: 1. All Town and Entrada development regulations and agreements shall be adhered to at all times, except as amended herein. 2. The Residential Repository shall comply with the approved site plan and the business plan [to be attached as ordinance exhibits]. 3. Prior to issuance of the building permit, a site plan for the subject property including the Residential Repository must be approved by the Town. 4. Not later than one year from the approval date of this ordinance, this SUP shall automatically expire if no structural building permit is issued per the provisions for SUP’s contained in the Town’s zoning regulations. 5. If the use authorized by this SUP, or construction thereof, is abandoned and/or ceases to operate for a period of more than 180 contiguous days, this SUP shall automatically revoke and shall terminate. 6. Prior to the issuance of the building permit for the structure authorized by this SUP, the Town and the property owner shall enter into a site development agreement relative to the development. Amendments to the existing development agreement for Entrada development may fulfill this requirement provided the amendments address the subject property. 7. Continuous and/or egregious violations of the terms of this ordinance, and/or other applicable Town regulations shall be grounds for revocation of this SUP with the final determination of revocation to be made by the Town Manager in writing. Appeals to administrative revocation under this section may be forwarded to the Town Council for final consideration not later than 60 days after the notice of administrative revocation of the SUP is sent. Failure to appeal within the prescribed timeframe will result in final revocation of the SUP. ALTERNATIVE P&Z ACTIONS The Planning & Zoning Commission has the following options when considering this item: • Recommend approval as submitted • Recommend approval with modifications or additional condition(s) • Recommend approval with staff recommendations • Any combination of the above • Table the agenda item to a specific date with clarification of intent and purpose • Recommend denial TOWN COUNCIL ACTION If the Planning & Zoning Commission acts and makes a recommendation for approval/denial on this agenda item, then it will be sched uled for Town Council action on September 27, 2021. Page 4 of 5 ATTACHMENTS 1. Location Map 2. Residential Repository Business Plan 3. Self -Storage Market Study 4. Block C Site Plan Proposal (under review) Page 5 of 5 Repository SUP Location Location Map WESTLAKE ENTRADA RESIDENTIAL REPOSITORY 100,000 +/- Mixed-Use Retail, Office/Warehouse, Storage and Restaurant Block C, Lot 1 .73 acres in Westlake Entrada Business Plan and Information Package WESTLAKE ZONING NARRATIVES Executive Summary: The Westlake Entrada Residential Repository is a proposed multi-story, vertically-integrated, mixed-use building located in the heart of Entrada. Hearkening back to the original zoning discussions, this facility meets the true intent of the Village by meeting several ‘Needs of the People’ that are the residents of Entrada, the Town of Westlake and the surrounding area. The entire facility will be conditioned-space, and will not be available for condominium subdivision/purchase. It will remain under singular ownership for quality control and to insure adherence to the Entrada Design Guidelines. Specifically, the first floor of the facility provides the opportunity for the Artisan workshops and showrooms that were originally planned to be located on the Pedestrian Bridge. These spaces will have operating store fronts available that will allow Craftsman, Photographers, Artisans and others to have high-visibility while remaining small enough to be affordable. These spaces will also be well-suited for smaller-scale office/warehouse/showrooms and high-end vehicle storage / display (“ aka Man Caves” ). The Owner will be providing the option for water, sanitary sewer and electrical taps for these first floor spaces to facility the individual finish out of the spaces. This space is engineered to be as flexible as possible while externally the building looks like it was constructed in the heart of the Village 500 years ago. The second proposed use of the Residential Repository is to house flexible storage space for lease that will again, meet the Needs of the People in the Village. With 150 proposed Residential Condominiums across the canal and 120+ single family residential homes with lower roof lines than typical and minimal attic space, the on-site storage facility becomes a great amenity for these Residents of Entrada. Again, this space will be 100% conditioned. Close, immediate access to conditioned space will allow those downsizing to move in to the Condos to keep their other valuables and heirlooms nearby and in the community. Seasonal clothing changes, furniture pieces and other items that are too cherished to part with are all available on short notice. Conditioned-Space Wine Storage and other similar uses are also being provided within the middle floors. The third use of the building is a roof-top bar and tapas venue. This is being located to take advantage of the tremendous views afforded by the 5-story structure. The outdoor patio will overlook Restaurant Row, Chapel and Reception Hall, Plaza Mayor and the Harbor with amazing views. Here the Owner is targeting a Tenant such as the Barcelona Wine Bar at Knox/Henderson in Uptown. Overall this facility will provide around 100,000 sqft of commercial, retail and restaurant space in Entrada and will be flexible enough to meet both the current Needs, and future Needs of the Residents of Entrada and the Town of Westlake. It’s uses fit the original intent of the zoning, and the building size and configuration help to convert a topographically challenging building site into a value-add component of the Village. Market Strengths and Advantages for Entrada Repository •The Physical Location of the proposed Building with SH 114 visibility and a complete lack of existing, competing product within the closest trade ring chime in with the main advantage in any Real Estate Development – Location, Location and Location •The underlying Entrada Zoning that allows for a vertically-integrated Mixed-Use building provides a distinct market advantage by allowing the uses within the building structure to be tailored and fine-tuned to meet market demands. •The First Floor Man-Caves can be replicated on the Second floor, if the market proves to be as deep as expected for this unique and highly desirable product. The close proximity of the Man- Caves becomes a selling attribute for the Residential products in Entrada, since garage space and parking comes with such a premium. Target Customers are: •Residents within the trade ring that have outgrown their current garages •Small Home Office Users (Etsy) that have outgrown their living rooms •New Entrada Residents who are downsizing but still wish to retain all of the items that used to be stored in their attics. •Conventional Storage Users •The Fourth Floor Flex-Space with walk-out balconies creates a great opportunity for small office space with an incredible view over looking the Harbor and Plaza Mayor. With the diminishment of the We-Work shared office space concept , small and affordable individual office suites will continue to gain in popularity. Target Customers are: •Small Office Tenants no longer commuting to a downtown office but still looking to have true office space away from the home •Wine Storage and Wine Tasting clubs to take advantage of the Patio Views •Conventional Storage Users •The Fifth Floor Restaurant , Patio and Bar creates an additional draw to the building to help fill the other spaces/uses, but is also a strong, stand-alone business concept. The large, outdoor dining area ties in with the dining trends related to COVID concerns, and the view from the Patio will be unparalleled in the immediate area. •The variety of these uses creates a tenant pool that is very diverse. This diversity, in turn, enhances the cash flow and market viability of the entire project. And this goes all the way back the original intent of the zoning where the vertically-integrated Mixed-Use that is available goes to help protect everyone’s investment in the Village. And the Owner of the Facility is planning to take advantage of this flexibility while developing a quality, cornerstone building within the heart of Entrada with architecture and detailing to make it appear as if this building has been there for hundreds of years. LOCATION MAP Project Location Map LOCATION MAP Location Map BUILDING ELEVATIONS Building Elevations BUILDING PERSPECTIVES Building Perspectives Westlake Entrada Repository Uses By Floor: 1st Floor: Retail, Office/Showroom and Man-Caves 2nd & 3rd Floors: Additional Man-Caves And Conventional Storage 4th Floor: Wine Storage, Walk-Out Offices With Balconies and Conventional Storage 5th Floor: Proposed Tapas Restaurant And Bar with Patio overlooking Harbor FIRST FLOOR USES Internal Vehicular Drive Thru Access Man Caves Man Caves Small Office / Showroom SECOND AND THIRD FLOOR USES Internal Drop Off with Elevator Access on First Floor Third Floor to be Conventional Storage with Elevator Access Second Floor can also be Drive-In Access Man Caves Third Floor Typical Units with Elevator Access FOURTH FLOOR WITH BALCONIES Fourth Floor with Walk-Out Balconies Conditioned Wine Storage Space Balcony View with Restaurant Patio Small Office Spaces with Balconies FIFTH FLOOR RESTAURANT Fifth Floor Restaurant and Mechanical Area Rooftop Patio Lounge … Target Tenant is Operator like Barcelona Wine Bar And Bar WESTLAKE ZONING NARRATIVES Operations Overview : Business and Marketing Plan: A market study has been provided to the Town in response to the DRC Memo #1 from Nov 20, 2020. That study clearly indicates a market need with no competing facilities in the 0-1.5 mile ring, one competitor within the 1.5 to 3.0 mile ring and six facilties within the 3 to 5 mile ring. None of these facilities offer conditioned- space Man-Caves, Office / Showrooms or Small Office Space with Balconies. The Residential Repository Space will be marketed through normal techniques: Online, direct mail within trade ring, and having open houses to share the availability and flexibility of the first-floor units. These first floor units will also be marketed to the commercial leasing brokerage community. The available Restaurant / Rooftop bar space will be marketed through the brokerage community as well. Additional Business Plan Summary Points: •The Entire Building (Retail/Office/Restaurant/Repository and Man Caves” will NOT be subject to a condominium regime. The entire building will remain under singular ownership. •The Owner intends to have sub-metering available for the restaurant use as the only known separate meter today. The Owner will plan to allow for the potential of sub-metering for the first floor units (Man Cave/Retail/Office) and will approach the submetering requirement on a tenant-by-tenant basis, much like any other commercial space for rent. •The entire building will be conditioned space. The first floor units will have the ability to place mechanical equipment on the restaurant-level mezzanine, if additional conditioning is required for their use. The first floor units will have access to a plumbing leave out along the central corridor for sanitary sewer and water service, like any normal commercial space. •The First Floor Flex Space is partitioned in such a way to accommodate a much smaller footprint than is normally available in the retail/office world. These small spaces are intended to fill the gap that was created when we lost the Artisan Spaces that were part of the original Pedestrian Bridge Design. Think of the small fabricator who sells things on Etsy or E-bay. They have outgrown their home office and garage, but do not need thousands of square feet of space. Or an artist or photography who could have a showroom/storefront space with a street presence and a small back room for production. We do not have these tenants lined up today, but we believe they will be a vital component in generating a lively streetscape along the restaurants, parking garage, chapel and reception hall. Again, think of the users that were initially envisioned for the Pedestrian Bridge Artisan spaces. •The Storage Leasing Space will be located in a First Floor Space, adjacent to the Elevator Core. There will be covered drop off within the first floor drive-thru access next to the elevators, so there is not an external loading dock that would be visible from the street. The storage spaces will be leased on a monthly basis, like any other storage facility. Unit size mix will follow Industry norms, but we will be finishing one floor at a time to remain flexible to adapt to market conditions and other larger-format users that may come on line. Storage Competing Facilities Trade Ring Map: DEVELOPMENT AND CONSTRUCTION SCHEDULE Development and Construction Schedule MARKET STUDY JANUARY 2021 ENTRADA SELF STORAGE 56 to 64 Tarragona Drive Town of Westlake, Tarrant County, Texas PREPARED FOR Mr. Michael Beaty Mooreland Development 4516 Lovers Lane, Suite 350 Dallas, TX 75225 PREPARED BY John A. Gans, MAI Mainland Valuation Services, Inc. 2921 Moss Creek Ct. McKinney, Texas 75072 (972) 741-7264 MVS FILE NO. 21-1347 TABLE OF CONTENTS Page FACTUAL DESCRIPTION Client/User 1 Nature of the Assignment 1 Intended Use and User of the Report 1 Subject Property 1 Dates of Report 1 Scope and Reporting Process 3 Competency Statement 4 COVID-19 Statement 4 AREA AND NEIGHBORHOOD ANALYSIS Regional and Metropolitan Overview 5 Neighborhood Overview 19 PROPERTY SUMMARY Site Summary 35 Improvements Summary 36 THE SELF-STORAGE MARKET Market Statistics 37 Demand Analysis 46 Demand Conclusion 65 ASSUMPTIONS AND LIMITING CONDITIONS General Assumptions and Limiting Conditions 66 Extraordinary Assumptions and/or Hypothetical Conditions 67 CERTIFICATION 69 ADDENDA Qualifications Subject Photographs Preliminary Plans Engagement Letter Market Study Page 1 MAINLAND VALUATION SERVICES, INC. DEMAND ANALYSIS REPORT Client(s):Mr. Michael Beaty Mooreland Development 4516 Lovers Lane, Suite 350 Dallas, TX 75225 User(s):The intended user is Mooreland Development. Mooreland Development may provide a copy of this report to related third party entities, prospective lenders and regulating entities on a non-reliance basis for informational purposes only. Consultant:John A. Gans, MAI Intended Use of the Report:The intended use of the report is to assist Mooreland Development in establishing the potential market demand for self-storage units on the subject property for internal planning purposes. Nature of the Assignment:The nature of the assignment is to estimate the current potential demand for self-storage units on the subject property. The report will include an overview of the marketplace and analyze the potential demand for self-storage units. As a mixed-use development that includes a self- storage use is being contemplated for a planned development zoning application, this analysis will not address unit mixes or specific potential land-plans for the site in relation to zoning requirements. In addition, no associated potential revenue streams or valuations will be considered herein. Subject Property:2.232 acres of land platted as Block C, Lots 1 & 2 at Westlake Entrada, Town of Westlake, Tarrant County, Texas. Property Type:Proposed mixed-use development with retail, restaurant and self-storage uses. Location:56 to 64 Tarragona Drive in Westlake, Tarrant County, Texas 76262. This is located within the southeast quadrant of State Highway 114 (SH-114) and Davis Boulevard. Date of Report:January 12, 2021 Date of Inspection(s):December 23, 2020 and January 9, 2021 Effective Date of Study:January 2021 Demand Conclusion:Positive potential market demand for self-storage units in the defined area. 2921 MOSS CREEK CT., McKINNEY, TX 75072 972-741-7264 FAX 972-767-0201 Market Study Page 2 REPRESENTATIVE VIEW OF THE SUBJECT PROPERTY Westlake Entrada Mixed-Use Site 56 to 64 Tarragona Drive Town of Westlake, Tarrant County, Texas Market Study Page 3 Scope and Reporting Process This report was prepared for Mooreland Development as part of the due diligence for a proposed project to develop raw land and construct a state-of-the-art mixed-use project that includes retail, restaurant and self-storage uses. The services requested were for a demand analysis of the self- storage use on the property located at 56 to 64 Tarragona Drive in Westlake, Tarrant County, Texas (referred to as the “subject property” herein). While every attempt was made to provide the highest level of accuracy and reliability, it must be recognized that the report relies heavily on written and verbal information as provided by others. In some cases these sources are competitors who may have a vested interest in skewing the data. Also, the municipalities have been contacted and interviewed, in person, by phone or online, to determine possible projects that are in plain view, submission, pending approval, or have been approved. While Covid-19 has created additional difficulties in obtaining information, municipalities are notorious for incomplete information and often they require that specific parcel numbers be provided in order to determine if zoning or planning issues are pending. Every attempt has been made to eliminate possible misrepresentations. Written datum is the property of Mainland Valuation Services, Inc. (MVS) and has been used to create the opinions and statements herein. MVS accepts no responsibility and shall not be held liable for misinformation, either intentional or accidental, and cannot be held responsible for any decisions the client or any user of this report may make based on this report. MVS used sources deemed reliable and redundant checks were employed; however, there is always some risk that data may have been missed. One should be aware of this fact in decision-making based on this report. Also, the assumptions herein are based on the use of competent professionals in the development, entitlement, design, construction, marketing, operations and management of the property. Market data and demographics were collected, and the associated calculations often utilized for estimating demand factors for a property similar to the subject property were employed. The analysis process is a systematic procedure employed to provide the answer to a specific question about the demand for the self-storage use. The following areas of information were considered in evaluating the demand: 1. Area & Local Data 3. Neighborhood Demographics 2. Site Summary 4. Self Storage Statistics It is noted that this assignment does not employ any appraisal valuation services and was not engaged to meet the Uniform Standards of Professional Appraisal Practice (USPAP). However, the collection and compilation of market data in relation to a potential use support following the reporting requirements of USPAP as a guideline for this report. As such, it presents only summary discussions of the data, reasoning and analyses that were used in estimating the demand for the contemplated use. This report was made in conformity with and subject to the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. Market Study Page 4 Competency John A. Gans, MAI has appraised and provided consulting services for numerous self-storage and commercial properties over the past 25+ years. In addition, Mr Gans has provided perpetual due diligence to Cornerstone Development Corporation for the development of over three million square feet of self-storage and storage condominiums the past 25+ years. Mr. Gans has earned the MAI designation from the Appraisal Institute and is also a Texas State Certified General Real Estate Appraiser. Accordingly, the appraiser has the professional and educational experience to meet the competency requirements to complete this assignment. The reader is referred to the qualifications included in the addenda. Novel Coronavirus/COVID-19 Financial and real estate markets are in a state of uncertainty because of the Novel Coronavirus/COVID-19 pandemic. The outbreak of COVID-19 has been a rapidly evolving situation and the effects on the real estate market are currently unclear. As such, it is impossible to predict the effects on a near-term and/or long-term basis. The opinions and conclusions in this report are based on our interpretation of market conditions as well as their effect on the subject property at the time of this report. However, the impact of rapidly changing market conditions cannot be fully quantified at this time. Therefore, the conclusions within this report are based on the most current information available to the consultant as of the date of report and is subject to change as the situation continues to evolve. The intended users of this report should be aware of the uncertainty regarding market conditions and its potential impact on the subject's market as of the date of the report. The conclusions are based on the extraordinary assumption that market conditions will normalize for this property type to pre-COVID-19 outbreak levels within the time frame necessary to plan, permit and construct a commercial facility within this marketplace. Assuming no new significant events, the recovery from COVID-19 in the subject’s submarket is anticipated to be positive and out-pace the national recovery. Market Study Page 5 Market Study Page 6 Regional and Metropolitan Area Data The subject property is located within the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA). The MSA consists of the fourteen counties of Dallas, Tarrant, Collin, Denton, Rockwall, Ellis, Kaufman, Johnson, Parker, Wise, Hood, Hunt, Henderson, and Delta. This area is commonly referred to as the "Metroplex." Dallas, Tarrant, Collin, Denton and Rockwall are typically referred to as the five core counties of the metropolitan area. The Metroplex lies approximately 300 miles northwest of the Gulf of Mexico, 240 miles northwest of Houston, 230 miles south of Oklahoma City and 200 miles north of Austin, the State Capital. The Dallas/Fort Worth Metroplex is located in the Central Time Zone. Population The two largest cities in the DFW metropolitan area are obviously Dallas and Fort Worth. The populations for the ten largest cities are summarized below. City 1970 1980 1990 2000 2010 Dallas 844,401 904,078 1,006,877 1,188,580 1,197,816 Fort Worth 393,455 385,164 447,619 534,694 741,206 Arlington 90,229 160,113 261,717 332,969 365,438 Plano 17,872 72,331 128,713 222,030 259,841 Garland 81,437 138,857 180,650 215,768 226,876 Irving 97,260 109,943 155,037 191,615 216,290 Grand Prairie 50,904 71,462 99,616 127,427 175,396 Mesquite 55,131 67,053 101,484 124,523 139,824 McKinney 15,193 16,256 21,283 54,369 131,117 Carrollton 13,855 40,595 82,169 109,576 119,097 Climate An important attribute to the economic growth of the Metroplex is its relatively mild climate. Although temperatures frequently exceed 100EF in the summer months and drop below freezing in the winter months, the average daily mean temperature in the area is approximately 66EF. The Metroplex receives precipitation of approximately 32 inches annually, of which less than three inches comprise snow and ice accumulation. The mean relative humidity in the area is approximately 50%. Market Study Page 7 Topography and Soils The general topography of the Metroplex is level in the northern sector to gently rolling in the southern and western sectors. Area elevations range from 300 to 1,300 feet above mean sea level. The Trinity River and its tributaries facilitate drainage throughout the Metroplex. Crosstimber Prairie and Blackland Prairie are the principle soil formations of the Dallas/Fort Worth Metroplex. Both are considered stable bases for construction purposes. The Barnett Shale is a large natural gas reserve encompassing more than 5,000 square miles and including portions of at least 18 counties in North Texas. Many experts believe the Barnett Shale may be the largest onshore natural gas field in the United States, estimated to contain more than 26 trillion cubic feet of natural gas. In recent years, advances in drilling technology have made it possible for energy companies to extract large amounts of natural gas from the Barnett Shale. To date, most of the Barnett Shale activity has centered in Tarrant, Wise and Denton counties, in an area about 40 miles northwest of Fort Worth, Texas, where the gas-bearing formation ranges in depth from 7,000 to 8,000 feet and averages about 550 feet of “pay zone,” that is, the layers from which the gas is actually produced. Transportation Facilities Dallas/Fort Worth is an established major transportation center for the United States and the world. The Dallas/Fort Worth International Airport (D/FW Airport) is located directly between the Cities of Dallas and Fort Worth, and is located within a four-hour flight time of 98% of the U.S. population. In 2019, D/FW Airport earned the prestigious Airport of the Year award from Air Transport World. The D/FW Airport is the world's fourth-busiest airport in terms of operations and 15th in terms of global passengers. The airport, completed in 1974, covers 26.9 square miles and is the second-largest in the U.S. in terms of land area. The airport generates more than $37 billion in economic output and supports over 300,000 jobs annually for the region's economy. Additionally, Dallas/Fort Worth International Airport is the world headquarters for American Airlines. A $2.7 billion renovation of Terminals A, B, C and E commenced in February 2011 and with the exception of Terminal C, were completed in 2018. In May, 2019, D/FW Airport and American Airlines announced plans for D/FW Airport to invest up to $3.0 to $3.5 billion in terminal improvements, including the construction of Terminal F and enhancements to Terminal C. The identified site south of Terminal D provides significant flexibility for phasing in the number of gates for Terminal F, with a long-term projection of up to 24 gates, as demand for additional facilities is warranted. However, due to the Covid-19 pandemic, on August 17, 2020, D/FW Airport suspended the project until there is more certainty in the marketplace. Air transportation is also provided by three Dallas County airports and three Tarrant County airports. The Dallas County airports are: Dallas Love Field near downtown Dallas; Dallas Executive Airport in southwestern Dallas County; and Addison Airport in northern Dallas County. Addison Municipal Airport and Dallas Executive Airport provide service to private and corporate aircraft. Dallas Love Field, three miles northwest of downtown Dallas, is a central hub for regional business and commuter travel. Dallas Love Field is headquarters for Southwest Airlines. In 2010, Love Field began a $519 million modernization program to include a new centralized concourse with 20 gates, Market Study Page 8 a remodeled lobby, expanded baggage claim area, and a new ticketing wing. The completion occurred in late 2014, or essentially near the time when the Wright Amendment was fully repealed. The federal law prevented planes with more than 56 seats from flying nonstop beyond the states bordering Texas. Once it was repealed, Southwest Airlines launched a schedule of nonstop flights from coast to coast. The major Tarrant County airports are Fort Worth Alliance, Meacham International Airport, and Arlington Municipal Airport. Meacham Field, located north of the Fort Worth Central Business District, and Arlington Municipal Airport, in southeastern Tarrant County, provide service to most private and corporate aircraft in Tarrant County. Fort Worth Alliance Airport, located 10 miles north of the Fort Worth Central Business District, officially opened in December 1989. The airport has become the focal point of a burgeoning 7,500- acre industrial and mixed-use master-planned development known as "Alliance Gateway." Rail service in the Metroplex is provided by six major railways and fourteen off-line carriers. Regulated by the Interstate Commerce Commission, ±175 common carrier trucking lines offer freight service to the area. Several bus lines provide regional and national bus service for the area. Two Metroplex-area transportation authorities provide local public transportation. Dallas Area Rapid Transit (DART) provides a network of nearly 1,000 vehicles covering 700 square miles in Dallas and 12 surrounding municipalities. As of 2020, DART serves Dallas and 12 surrounding cities with approximately 130 bus routes and over 90 miles of light rail transit (DART Rail). DART and the Fort Worth Transportation Authority (the T) jointly operate 34 miles of commuter rail transit (the Trinity Railway Express or TRE), linking downtown Dallas and Fort Worth with stops in the mid-cities and DFW International Airport. The Fort Worth Transportation Authority (The T) provides local bus service to residents of the City of Fort Worth. The Dallas/Fort Worth Metroplex features excellent access to the matrix of federal and state highway systems serving the central and southwestern United States. The area is served by six interstate highways. Interstate Highways 20 and 30 provide east/west access and Interstate Highways 35 and 45 provide north/south access. Two major loops, Interstate Highway 635 in Dallas County and Interstate Highway 820 in Tarrant County, connect with major highways and thoroughfares throughout their respective regions. Other important controlled-access highways in the Dallas/Fort Worth area include in part: U.S. Highways 67, 75, 80, 175, 287, 377 and 380; State Highways 114, 121, 161, 183 and 360; the Dallas North Tollway; the President George Bush Turnpike; the Sam Rayburn Tollway; and the Chisholm Trail Parkway toll road. Government Controls Governmental controls influencing property conditions include zoning ordinances, building codes and police and fire protection. The State of Texas has no personal or corporate income tax; nor does it have a state property or unitary tax. In Texas, property taxes are assessed locally. Cities, school districts and counties each tax real property and business personal property. In Texas, property is assessed at 100% of fair market value. Depreciation and homestead exemptions are allowed and reduce taxable value. Market Study Page 9 Each city within the Metroplex has its own zoning ordinances and building codes. The remaining unincorporated areas are regulated by their respective counties. Police and fire protection is available to all areas of the Metroplex and is paid by the respective city and county revenues. Employment and Demographics Employment and demographic summary reports for the MSA and community are included on the following pages. Area Data Conclusion In summary, the interaction of the environmental, governmental, social and economic forces has contributed to the diversified economic base of the Metroplex. Quality of life should continue to remain good due to the abundance of cultural and recreational facilities. Dallas/Fort Worth and the region have excellent accessibility to North America's major markets. While there has been an impact by COVID-19, the overall real estate market throughout the Metroplex has been positive and continued growth of the local real estate markets is anticipated. It has a strong and diverse employment base that enables it to weather economic cycles. Employment and population growth is projected to spur further growth in the real estate market over the next five to ten years. The Metroplex is in an excellent position for future growth and is anticipated to demonstrate positive trends for the foreseeable future, but the amount of the positive trend will be influenced by the amount of change as the COVID-19 situation continues to evolve. Dallas-Fort Worth-Arlington MSA November 2020 E l l i s W i s e H u n t C o l l i n D a l l a sP a r k e r D e n t o n T a r r a n t K a u f m a n J o h n s o n H o o d S o m e r v e l l R o c k w a l l MSA Labor Force Statistics Nov-20 Oct-20 Nov-19 Yearly Change Civilian Labor Force 4,058,826 4,023,581 4,035,848 22,978 Employed 3,769,144 3,782,101 3,911,264 -142,120 Unemployed 289,682 241,480 124,584 165,098 Unemployment Rate 7.1%6.0%3.1%4.0% Texas Labor Force Statistics Nov-20 Oct-20 Nov-19 Yearly Change Civilian Labor Force 14,204,927 14,082,369 14,209,425 -4,498 Employed 13,075,334 13,143,824 13,729,113 -653,779 Unemployed 1,129,593 938,545 480,312 649,281 Unemployment Rate 8.0%6.7%3.4%4.6% US Labor Force Statistics Nov-20 Oct-20 Nov-19 Yearly Change Civilian Labor Force 160,468,000 161,053,000 164,386,000 -3,918,000 Employed 150,203,000 150,433,000 158,945,000 -8,742,000 Unemployed 10,264,000 10,620,000 5,441,000 4,823,000 Unemployment Rate 6.4%6.6%3.3%3.1% Historical Unemployment Rates Nov-10Jan-11Mar-11May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16Nov-16Jan-17Mar-17May-17Jul-17Sep-17Nov-17Jan-18Mar-18May-18Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-200% 2% 4% 6% 8% 10% 12% 14% 16% Texas US Dallas-Fort Worth-Arlington Employment by Size Class (2nd Quarter 2020)Wages by Industry (in millions) (2nd Quarter 2020) 0 : 0.2% 1-4 : 4.0% 5-9 : 4.2% 10-19 : 5.8% 20-49 : 9.3% 50-99 : 8.6% 100-249 : 12.6% 250-499 : 9.5%500-999 : 9.7% 1000 and over : 36.1% Natural Resources and Mining $532.89 Construction $3,278.20 Manufacturing $5,191.76 Trade, Transportation and Utilities $10,292.96 Information $1,913.93 Financial Activities $6,720.62 Professional and Business Services $11,001.50 Education and Health Services $5,816.22 Leisure and Hospitality $1,674.82 Other Services $890.10 Government $6,473.40 Unclassified $28.62 Annual Growth Rate Total Non-agricultural employment Nov-10Jan-11Mar-11May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16Nov-16Jan-17Mar-17May-17Jul-17Sep-17Nov-17Jan-18Mar-18May-18Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20-10% -8% -6% -4% -2% 0% 2% 4% 6% Rate Employment by Industry (November 2020)Employment by Industry (November 2020) Industry Current Month Employment % Monthly Change % Yearly Change Total Nonfarm 3,765,200 0.9%-2.5% Mining, Logging and Construction 233,800 0.2%0.0% Manufacturing 280,200 0.1%-3.5% Trade, Transportation, and Utilities 823,800 2.3%-0.3% Information 80,500 0.4%-3.1% Financial Activities 336,200 0.4%4.6% Professional and Business Services 663,800 1.2%2.0% Education and Health Services 438,100 -0.3%-7.0% Leisure and Hospitality 335,400 1.0%-16.0% Other Services 125,600 3.0%-3.0% Government 447,800 -0.2%-1.6% Mining, Logging and Construction 6.2% Manufacturing 7.4% Trade, Transportation, and Utilities 21.9% Information 2.1% Financial Activities 8.9% Professional and Business Services 17.6% Education and Health Services 11.6% Leisure and Hospitality 8.9% Other Services 3.3% Government 11.9% 1/2/2021 2:31:34 PMPage 1 of 1 Page 10 77 199 287 287 281 380 80 75 82 82 69 69 20 Stephenville Corsicana Weatherford Waxahachie Cleburne Greenville Lewisville Plano Denton McKinney FortWorth Arlington Dallas 770 9 18 mi Site Details Map Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Site Details Map Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA This site is located in: City:--- County:Collin County State:Texas ZIP Code:75001 Census Tract:48085030100 Census Block Group:480850301001 CBSA:Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area January 04, 2021 ©2021 Esri Page 1 of 1 Page 11 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... Population Summary 2000 Total Population 5,156,310 2010 Total Population 6,366,542 2020 Total Population 7,779,502 2020 Group Quarters 83,323 2025 Total Population 8,518,266 2020-2025 Annual Rate 1.83% 2020 Total Daytime Population 7,779,727 Workers 3,715,100 Residents 4,064,627 Household Summary 2000 Households 1,879,000 2000 Average Household Size 2.70 2010 Households 2,296,410 2010 Average Household Size 2.74 2020 Households 2,775,282 2020 Average Household Size 2.77 2025 Households 3,029,062 2025 Average Household Size 2.78 2020-2025 Annual Rate 1.77% 2010 Families 1,588,668 2010 Average Family Size 3.31 2020 Families 1,909,886 2020 Average Family Size 3.36 2025 Families 2,081,705 2025 Average Family Size 3.38 2020-2025 Annual Rate 1.74% Housing Unit Summary 2000 Housing Units 1,995,593 Owner Occupied Housing Units 56.6% Renter Occupied Housing Units 37.5% Vacant Housing Units 5.8% 2010 Housing Units 2,499,617 Owner Occupied Housing Units 56.5% Renter Occupied Housing Units 35.3% Vacant Housing Units 8.1% 2020 Housing Units 2,971,380 Owner Occupied Housing Units 55.2% Renter Occupied Housing Units 38.2% Vacant Housing Units 6.6% 2025 Housing Units 3,229,699 Owner Occupied Housing Units 55.4% Renter Occupied Housing Units 38.3% Vacant Housing Units 6.2% Median Household Income 2020 $70,779 2025 $76,119 Median Home Value 2020 $235,567 2025 $266,332 Per Capita Income 2020 $35,439 2025 $38,622 Median Age 2010 33.5 2020 35.0 2025 35.3 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 1 of 7 Page 12 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... 2020 Households by Income Household Income Base 2,775,268 <$15,000 7.5% $15,000 - $24,999 6.9% $25,000 - $34,999 8.0% $35,000 - $49,999 11.9% $50,000 - $74,999 17.9% $75,000 - $99,999 12.8% $100,000 - $149,999 17.2% $150,000 - $199,999 8.3% $200,000+9.5% Average Household Income $99,235 2025 Households by Income Household Income Base 3,029,048 <$15,000 6.9% $15,000 - $24,999 6.2% $25,000 - $34,999 7.4% $35,000 - $49,999 11.2% $50,000 - $74,999 17.6% $75,000 - $99,999 13.0% $100,000 - $149,999 18.1% $150,000 - $199,999 9.1% $200,000+10.6% Average Household Income $108,515 2020 Owner Occupied Housing Units by Value Total 1,640,785 <$50,000 4.2% $50,000 - $99,999 10.0% $100,000 - $149,999 12.5% $150,000 - $199,999 14.4% $200,000 - $249,999 12.6% $250,000 - $299,999 11.5% $300,000 - $399,999 15.3% $400,000 - $499,999 8.5% $500,000 - $749,999 7.0% $750,000 - $999,999 2.0% $1,000,000 - $1,499,999 1.1% $1,500,000 - $1,999,999 0.4% $2,000,000 +0.6% Average Home Value $296,761 2025 Owner Occupied Housing Units by Value Total 1,790,199 <$50,000 3.3% $50,000 - $99,999 7.8% $100,000 - $149,999 10.0% $150,000 - $199,999 12.2% $200,000 - $249,999 12.6% $250,000 - $299,999 12.7% $300,000 - $399,999 17.8% $400,000 - $499,999 10.2% $500,000 - $749,999 8.7% $750,000 - $999,999 2.4% $1,000,000 - $1,499,999 1.3% $1,500,000 - $1,999,999 0.5% $2,000,000 +0.6% Average Home Value $325,544 Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 2 of 7 Page 13 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... 2010 Population by Age Total 6,366,542 0 - 4 7.8% 5 - 9 7.9% 10 - 14 7.6% 15 - 24 13.9% 25 - 34 14.9% 35 - 44 15.0% 45 - 54 14.2% 55 - 64 9.8% 65 - 74 5.1% 75 - 84 2.7% 85 +1.0% 18 +72.2% 2020 Population by Age Total 7,779,502 0 - 4 7.0% 5 - 9 7.2% 10 - 14 7.2% 15 - 24 13.4% 25 - 34 15.2% 35 - 44 13.8% 45 - 54 12.7% 55 - 64 11.5% 65 - 74 7.5% 75 - 84 3.2% 85 +1.2% 18 +74.6% 2025 Population by Age Total 8,518,266 0 - 4 7.1% 5 - 9 7.1% 10 - 14 7.0% 15 - 24 13.0% 25 - 34 15.5% 35 - 44 14.2% 45 - 54 11.9% 55 - 64 10.8% 65 - 74 8.2% 75 - 84 4.1% 85 +1.2% 18 +74.9% 2010 Population by Sex Males 3,139,071 Females 3,227,471 2020 Population by Sex Males 3,835,484 Females 3,944,018 2025 Population by Sex Males 4,196,817 Females 4,321,449 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 3 of 7 Page 14 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... 2010 Population by Race/Ethnicity Total 6,366,542 White Alone 65.3% Black Alone 15.1% American Indian Alone 0.7% Asian Alone 5.4% Pacific Islander Alone 0.1% Some Other Race Alone 10.6% Two or More Races 2.8% Hispanic Origin 27.5% Diversity Index 72.8 2020 Population by Race/Ethnicity Total 7,779,502 White Alone 60.3% Black Alone 16.4% American Indian Alone 0.6% Asian Alone 7.7% Pacific Islander Alone 0.1% Some Other Race Alone 11.4% Two or More Races 3.4% Hispanic Origin 29.6% Diversity Index 76.9 2025 Population by Race/Ethnicity Total 8,518,266 White Alone 58.1% Black Alone 17.1% American Indian Alone 0.6% Asian Alone 8.6% Pacific Islander Alone 0.1% Some Other Race Alone 11.8% Two or More Races 3.6% Hispanic Origin 30.9% Diversity Index 78.6 2010 Population by Relationship and Household Type Total 6,366,542 In Households 98.8% In Family Households 84.9% Householder 25.0% Spouse 18.3% Child 34.3% Other relative 5.1% Nonrelative 2.2% In Nonfamily Households 13.9% In Group Quarters 1.2% Institutionalized Population 0.8% Noninstitutionalized Population 0.5% Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 4 of 7 Page 15 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... 2020 Population 25+ by Educational Attainment Total 5,069,888 Less than 9th Grade 6.8% 9th - 12th Grade, No Diploma 7.0% High School Graduate 18.6% GED/Alternative Credential 3.6% Some College, No Degree 20.6% Associate Degree 7.1% Bachelor's Degree 23.4% Graduate/Professional Degree 12.9% 2020 Population 15+ by Marital Status Total 6,114,330 Never Married 34.0% Married 51.3% Widowed 4.4% Divorced 10.3% 2020 Civilian Population 16+ in Labor Force Civilian Population 16+4,092,659 Population 16+ Employed 91.1% Population 16+ Unemployment rate 8.9% Population 16-24 Employed 12.1% Population 16-24 Unemployment rate 15.6% Population 25-54 Employed 67.0% Population 25-54 Unemployment rate 8.0% Population 55-64 Employed 15.4% Population 55-64 Unemployment rate 7.9% Population 65+ Employed 5.4% Population 65+ Unemployment rate 7.4% 2020 Employed Population 16+ by Industry Total 3,727,644 Agriculture/Mining 1.0% Construction 8.8% Manufacturing 9.2% Wholesale Trade 2.9% Retail Trade 10.3% Transportation/Utilities 6.9% Information 2.1% Finance/Insurance/Real Estate 9.1% Services 46.8% Public Administration 2.9% 2020 Employed Population 16+ by Occupation Total 3,727,644 White Collar 63.7% Management/Business/Financial 17.0% Professional 22.0% Sales 10.7% Administrative Support 14.0% Services 15.2% Blue Collar 21.1% Farming/Forestry/Fishing 0.2% Construction/Extraction 6.2% Installation/Maintenance/Repair 3.2% Production 4.9% Transportation/Material Moving 6.6% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 5 of 7 Page 16 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... 2010 Households by Type Total 2,296,410 Households with 1 Person 24.8% Households with 2+ People 75.2% Family Households 69.2% Husband-wife Families 50.6% With Related Children 26.9% Other Family (No Spouse Present)18.5% Other Family with Male Householder 5.1% With Related Children 3.0% Other Family with Female Householder 13.4% With Related Children 9.3% Nonfamily Households 6.0% All Households with Children 39.6% Multigenerational Households 5.3% Unmarried Partner Households 6.0% Male-female 5.1% Same-sex 0.8% 2010 Households by Size Total 2,296,410 1 Person Household 24.8% 2 Person Household 29.6% 3 Person Household 16.7% 4 Person Household 15.2% 5 Person Household 7.9% 6 Person Household 3.3% 7 + Person Household 2.5% 2010 Households by Tenure and Mortgage Status Total 2,296,410 Owner Occupied 61.5% Owned with a Mortgage/Loan 46.5% Owned Free and Clear 15.0% Renter Occupied 38.5% 2020 Affordability, Mortgage and Wealth Housing Affordability Index 141 Percent of Income for Mortgage 13.9% Wealth Index 108 2010 Housing Units By Urban/ Rural Status Total Housing Units 2,499,617 Housing Units Inside Urbanized Area 89.0% Housing Units Inside Urbanized Cluster 3.9% Rural Housing Units 7.1% 2010 Population By Urban/ Rural Status Total Population 6,366,542 Population Inside Urbanized Area 88.9% Population Inside Urbanized Cluster 4.0% Rural Population 7.1% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent- child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 6 of 7 Page 17 Community Profile Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Prepared by MVS Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area (19100) Geography: CBSA Dallas-Fort W... Top 3 Tapestry Segments 1.Up and Coming Families (7A) 2.Boomburbs (1C) 3.Barrios Urbanos (7D) 2020 Consumer Spending Apparel & Services: Total $$6,797,088,200 Average Spent $2,449.15 Spending Potential Index 114 Education: Total $$5,356,523,028 Average Spent $1,930.08 Spending Potential Index 108 Entertainment/Recreation: Total $$9,776,221,830 Average Spent $3,522.60 Spending Potential Index 108 Food at Home: Total $$16,364,638,299 Average Spent $5,896.57 Spending Potential Index 110 Food Away from Home: Total $$11,877,654,647 Average Spent $4,279.80 Spending Potential Index 114 Health Care: Total $$17,227,284,425 Average Spent $6,207.40 Spending Potential Index 108 HH Furnishings & Equipment: Total $$6,817,529,158 Average Spent $2,456.52 Spending Potential Index 112 Personal Care Products & Services: Total $ $2,894,079,184 Average Spent $1,042.81 Spending Potential Index 113 Shelter: Total $$59,590,925,945 Average Spent $21,472.03 Spending Potential Index 111 Support Payments/Cash Contributions/Gifts in Kind: Total $$7,141,735,022 Average Spent $2,573.34 Spending Potential Index 110 Travel: Total $$7,226,664,217 Average Spent $2,603.94 Spending Potential Index 108 Vehicle Maintenance & Repairs: Total $$3,552,434,008 Average Spent $1,280.03 Spending Potential Index 110 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2017 and 2018 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 7 of 7 Page 18 Market Study Page 19 TOWN OF WESTLAKE DEMOGRAPHICS AND NEIGHBORHOOD OVERVIEW 170 LitseyRd HenriettaCreekRd NW alnutStHwy1 14 N FrontStRoanoke MarshallCreek 170 377 RoanokeRdMelodyLn MtGileadRdIndependencePkwyWestportPkwy BourlandRdDentonHwyTurner Lake TWKingRdIndianCree kDrTrophyClub DrNWhiteChapelBlvdHw y1 14TrophyClubDrBobcatBlvd TrophyClub CountryClub TrophyClub Park TrophyClub HigginsBranch1938 FawkesLn CapitalPkwy KirkwoodBl vdSolanaBlvd SamSchoolRdShadyOaksNWhi teCh apel Blvd NPearsonLnWDoveRdDav isBlvdDavisBlvd WTX-114Hwy VaqueroClub Westlake 0 0.3 0.6 mi Site Details Map Westlake Town, TX Site Details Map Westlake Town, TX (4877620) Geography: Place This site is located in: City:--- County:Denton County State:Texas ZIP Code:76262 Census Tract:48121020306 Census Block Group:481210203061 CBSA:Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area January 04, 2021 ©2021 Esri Page 1 of 1 Page 20 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... Population Summary 2000 Total Population 574 2010 Total Population 992 2020 Total Population 1,758 2020 Group Quarters 0 2025 Total Population 1,954 2020-2025 Annual Rate 2.14% 2020 Total Daytime Population 2,565 Workers 1,578 Residents 987 Household Summary 2000 Households 177 2000 Average Household Size 3.24 2010 Households 302 2010 Average Household Size 3.28 2020 Households 530 2020 Average Household Size 3.32 2025 Households 588 2025 Average Household Size 3.32 2020-2025 Annual Rate 2.10% 2010 Families 270 2010 Average Family Size 3.51 2020 Families 452 2020 Average Family Size 3.63 2025 Families 500 2025 Average Family Size 3.64 2020-2025 Annual Rate 2.04% Housing Unit Summary 2000 Housing Units 189 Owner Occupied Housing Units 87.3% Renter Occupied Housing Units 6.3% Vacant Housing Units 6.3% 2010 Housing Units 321 Owner Occupied Housing Units 88.8% Renter Occupied Housing Units 5.3% Vacant Housing Units 5.9% 2020 Housing Units 535 Owner Occupied Housing Units 91.6% Renter Occupied Housing Units 7.3% Vacant Housing Units 0.9% 2025 Housing Units 592 Owner Occupied Housing Units 91.9% Renter Occupied Housing Units 7.3% Vacant Housing Units 0.7% Median Household Income 2020 $200,001 2025 $200,001 Median Home Value 2020 $839,286 2025 $861,570 Per Capita Income 2020 $83,368 2025 $88,695 Median Age 2010 40.6 2020 44.9 2025 45.8 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 1 of 7 Page 21 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... 2020 Households by Income Household Income Base 530 <$15,000 4.0% $15,000 - $24,999 2.3% $25,000 - $34,999 1.7% $35,000 - $49,999 1.5% $50,000 - $74,999 4.5% $75,000 - $99,999 5.8% $100,000 - $149,999 13.6% $150,000 - $199,999 12.8% $200,000+53.8% Average Household Income $258,547 2025 Households by Income Household Income Base 587 <$15,000 4.3% $15,000 - $24,999 2.0% $25,000 - $34,999 1.7% $35,000 - $49,999 1.4% $50,000 - $74,999 4.3% $75,000 - $99,999 5.6% $100,000 - $149,999 11.9% $150,000 - $199,999 11.9% $200,000+56.9% Average Household Income $276,060 2020 Owner Occupied Housing Units by Value Total 492 <$50,000 0.4% $50,000 - $99,999 0.0% $100,000 - $149,999 0.2% $150,000 - $199,999 0.6% $200,000 - $249,999 3.5% $250,000 - $299,999 4.1% $300,000 - $399,999 9.1% $400,000 - $499,999 11.4% $500,000 - $749,999 12.6% $750,000 - $999,999 22.8% $1,000,000 - $1,499,999 13.0% $1,500,000 - $1,999,999 10.4% $2,000,000 +12.0% Average Home Value $995,376 2025 Owner Occupied Housing Units by Value Total 544 <$50,000 0.2% $50,000 - $99,999 0.0% $100,000 - $149,999 0.0% $150,000 - $199,999 0.4% $200,000 - $249,999 2.4% $250,000 - $299,999 3.3% $300,000 - $399,999 9.0% $400,000 - $499,999 12.7% $500,000 - $749,999 12.1% $750,000 - $999,999 22.2% $1,000,000 - $1,499,999 15.1% $1,500,000 - $1,999,999 10.5% $2,000,000 +12.1% Average Home Value $1,018,980 Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 2 of 7 Page 22 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... 2010 Population by Age Total 992 0 - 4 5.1% 5 - 9 11.2% 10 - 14 13.7% 15 - 24 10.0% 25 - 34 3.1% 35 - 44 14.6% 45 - 54 21.1% 55 - 64 12.4% 65 - 74 6.6% 75 - 84 1.7% 85 +0.5% 18 +64.0% 2020 Population by Age Total 1,761 0 - 4 4.4% 5 - 9 5.4% 10 - 14 8.1% 15 - 24 13.5% 25 - 34 9.5% 35 - 44 9.3% 45 - 54 15.8% 55 - 64 19.0% 65 - 74 11.0% 75 - 84 3.1% 85 +1.0% 18 +76.9% 2025 Population by Age Total 1,954 0 - 4 4.5% 5 - 9 5.6% 10 - 14 6.3% 15 - 24 11.1% 25 - 34 10.0% 35 - 44 11.6% 45 - 54 13.0% 55 - 64 17.8% 65 - 74 13.6% 75 - 84 5.3% 85 +1.2% 18 +79.3% 2010 Population by Sex Males 496 Females 496 2020 Population by Sex Males 878 Females 883 2025 Population by Sex Males 973 Females 981 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 3 of 7 Page 23 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... 2010 Population by Race/Ethnicity Total 992 White Alone 85.6% Black Alone 2.5% American Indian Alone 0.5% Asian Alone 9.4% Pacific Islander Alone 0.0% Some Other Race Alone 0.6% Two or More Races 1.4% Hispanic Origin 4.8% Diversity Index 32.6 2020 Population by Race/Ethnicity Total 1,757 White Alone 85.2% Black Alone 3.1% American Indian Alone 0.5% Asian Alone 8.0% Pacific Islander Alone 0.0% Some Other Race Alone 1.4% Two or More Races 1.8% Hispanic Origin 6.1% Diversity Index 35.2 2025 Population by Race/Ethnicity Total 1,953 White Alone 82.5% Black Alone 3.7% American Indian Alone 0.5% Asian Alone 9.6% Pacific Islander Alone 0.0% Some Other Race Alone 1.6% Two or More Races 2.1% Hispanic Origin 7.2% Diversity Index 40.1 2010 Population by Relationship and Household Type Total 992 In Households 100.0% In Family Households 96.1% Householder 27.2% Spouse 26.2% Child 39.5% Other relative 2.7% Nonrelative 0.4% In Nonfamily Households 3.9% In Group Quarters 0.0% Institutionalized Population 0.0% Noninstitutionalized Population 0.0% Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 4 of 7 Page 24 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... 2020 Population 25+ by Educational Attainment Total 1,203 Less than 9th Grade 0.4% 9th - 12th Grade, No Diploma 1.1% High School Graduate 5.2% GED/Alternative Credential 0.5% Some College, No Degree 14.2% Associate Degree 5.9% Bachelor's Degree 44.1% Graduate/Professional Degree 28.6% 2020 Population 15+ by Marital Status Total 1,442 Never Married 21.7% Married 68.6% Widowed 2.4% Divorced 7.4% 2020 Civilian Population 16+ in Labor Force Civilian Population 16+813 Population 16+ Employed 95.0% Population 16+ Unemployment rate 5.0% Population 16-24 Employed 10.0% Population 16-24 Unemployment rate 8.3% Population 25-54 Employed 57.1% Population 25-54 Unemployment rate 5.0% Population 55-64 Employed 26.7% Population 55-64 Unemployment rate 4.6% Population 65+ Employed 6.2% Population 65+ Unemployment rate 4.0% 2020 Employed Population 16+ by Industry Total 772 Agriculture/Mining 0.9% Construction 5.8% Manufacturing 10.2% Wholesale Trade 1.3% Retail Trade 8.3% Transportation/Utilities 3.4% Information 1.3% Finance/Insurance/Real Estate 17.1% Services 48.9% Public Administration 2.8% 2020 Employed Population 16+ by Occupation Total 773 White Collar 87.6% Management/Business/Financial 33.5% Professional 28.7% Sales 14.2% Administrative Support 11.1% Services 6.7% Blue Collar 5.7% Farming/Forestry/Fishing 0.0% Construction/Extraction 0.9% Installation/Maintenance/Repair 1.0% Production 0.3% Transportation/Material Moving 3.5% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 5 of 7 Page 25 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... 2010 Households by Type Total 302 Households with 1 Person 8.3% Households with 2+ People 91.7% Family Households 89.4% Husband-wife Families 86.1% With Related Children 48.3% Other Family (No Spouse Present)3.3% Other Family with Male Householder 1.3% With Related Children 1.0% Other Family with Female Householder 2.0% With Related Children 1.3% Nonfamily Households 2.3% All Households with Children 50.7% Multigenerational Households 2.6% Unmarried Partner Households 2.3% Male-female 1.7% Same-sex 0.7% 2010 Households by Size Total 302 1 Person Household 8.3% 2 Person Household 36.8% 3 Person Household 10.3% 4 Person Household 19.2% 5 Person Household 17.2% 6 Person Household 6.3% 7 + Person Household 2.0% 2010 Households by Tenure and Mortgage Status Total 302 Owner Occupied 94.4% Owned with a Mortgage/Loan 63.2% Owned Free and Clear 31.1% Renter Occupied 5.6% 2020 Affordability, Mortgage and Wealth Housing Affordability Index 155 Percent of Income for Mortgage 17.5% Wealth Index 400 2010 Housing Units By Urban/ Rural Status Total Housing Units 321 Housing Units Inside Urbanized Area 52.3% Housing Units Inside Urbanized Cluster 0.0% Rural Housing Units 47.7% 2010 Population By Urban/ Rural Status Total Population 992 Population Inside Urbanized Area 57.2% Population Inside Urbanized Cluster 0.0% Rural Population 42.8% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent- child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 6 of 7 Page 26 Community Profile Westlake Town, TX Prepared by MVS Westlake Town, TX (4877620) Geography: Place Westlake town... Top 3 Tapestry Segments 1.Top Tier (1A) 2.Professional Pride (1B) 3.Boomburbs (1C) 2020 Consumer Spending Apparel & Services: Total $$3,068,326 Average Spent $5,789.29 Spending Potential Index 270 Education: Total $$3,265,187 Average Spent $6,160.73 Spending Potential Index 344 Entertainment/Recreation: Total $$4,783,143 Average Spent $9,024.80 Spending Potential Index 278 Food at Home: Total $$7,225,253 Average Spent $13,632.55 Spending Potential Index 255 Food Away from Home: Total $$5,275,181 Average Spent $9,953.17 Spending Potential Index 264 Health Care: Total $$8,049,259 Average Spent $15,187.28 Spending Potential Index 264 HH Furnishings & Equipment: Total $$3,251,274 Average Spent $6,134.48 Spending Potential Index 281 Personal Care Products & Services: Total $ $1,339,401 Average Spent $2,527.17 Spending Potential Index 275 Shelter: Total $$28,362,791 Average Spent $53,514.70 Spending Potential Index 276 Support Payments/Cash Contributions/Gifts in Kind: Total $$3,515,213 Average Spent $6,632.48 Spending Potential Index 283 Travel: Total $$3,940,082 Average Spent $7,434.12 Spending Potential Index 308 Vehicle Maintenance & Repairs: Total $$1,594,615 Average Spent $3,008.71 Spending Potential Index 260 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2017 and 2018 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 7 of 7 Page 27 Market Study Page 28 AERIAL VIEW (2019 - most recent available) Market Study Page 29 The subject neighborhood is generally considered to be the Town of Westlake, Texas, which encompasses approximately 7 square miles of land. As indicated on the following map, the Town of Westwood is influenced by the surrounding cities of Keller, Roanoke, Southlake and Trophy Club. The subject site is within the partially developed Westlake Entrada master-planned community. Entrada is a mixed-use development where the architecture will emulate the Catalonia region of northeastern Spain. The development will feature a lake, canals, and other water features throughout the 85 acres. It is located within the southeast quadrant of corner State Highway 114 and Davis Boulevard. Entrada is a master-planned community that will feature offices, retail, hotels, entertainment, over 300 residential units (single-family villas, townhomes, and condominiums). Accessibility/Transportation Access to the neighborhood area is provided by a number of major arterials and minor city streets that intersect. Access Type Access Route(s) Primary Highways State Highway 114, State Highway 170 and US Highway 377 Primary Thoroughfares Davis Boulevard Other Numerous interior streets These highways and thoroughfares provide direct access to several major transportation routes for the metropolitan area. The 24-hour traffic count on SH-114 near the subject property is reported at 101,230 vehicles per day (Source: City of Westlake Traffic Map, July 8, 2019). Davis Boulevard to the south of SH-114 is reported at 13,787 VPD. Overall, access is considered good. Market Study Page 30 Airports in close proximity and assessable by the highway system include DFW International Airport, Fort Worth Alliance Airport, Fort Worth Meacham International Airport and Love Field. Demographics The subject property is located in Westlake, Tarrant County, Texas. The area has a diversified demographic group and has benefitted from continuous growth the past several years. This neighborhood is one of the faster growing areas in the metropolitan area. The community profile was presented on the previous pages. Over 50 Employers call Westlake their home and have a daytime population of more than 13,500. The following map summarizes the daytime population as of July 2019. The community's top employers are Fidelity Investments, Charles Schwab, Sabre/Travelocity, Wells Fargo, Deloitte University and Goosehead Insurance. Developments Charles Schwab Westlake Campus - Phase I is located at 3001 Schwab Way in the Turner Lake neighborhood of Westlake, Texas. The Class A office facility was completed in 2020 and features two office buildings and one amenities building totaling 555,000 square feet and a parking garage Market Study Page 31 with 2,600 parking spaces. The second phase of the office campus will consist of two office buildings for a total of 620,000 square feet of office space and one parking garage consisting of 4,000 parking spaces. The Charles Schwab project will hold approximately 7,000 employees upon completion. In Turner Lake, there are five Class A office buildings. In 2020, the same year Charles Schwab Westlake Campus - Phase I was completed, two more commercial properties (office, industrial, retail) encompassing over 50,000 square feet were built in Westlake, which features 3,561,582 square feet of commercial space. At a zip code level, there are 64 commercial properties, of which 19 are office buildings over 50,000 square feet. Deloitte University Campus - A 750,000 square foot, 800 guest room facility, used for training Fortune 100/500 companies, employs 500 on-site workers and brings in 45,000 guests annually. Fidelity Investments Campus - The Fidelity campus employs over 5,000 workers on a forested 300-acre campus. Solana Business Park - An architecturally enhanced, mixed-use campus of office buildings and retail businesses. The business park holds approximately 44 businesses with about 3,600 employees. Within the development, the premium Marriott DFW Westlake contains a 294-room hotel with approximately 15,000 SF of conference space. Terraces at Solana - Terraces at Solana consists of eight Class A office buildings that provide over 1.1 million cumulative square feet. Convenient parking from the four large freestanding parking garages provides tenants a short walk to the office and a parking ratio of 5:1,000 (expandable to 7:1,000). This hub of businesses will be outfitted with a full-service amenity area that will include cafeteria for on-site dining, state-of-the-art fitness center, tenant lounges, in addition to the other dining options found throughout the nearby Westlake and Southlake neighborhoods. Plaza at Solana - 315,000 square feet of Class A office, 45,000 square feet of retail/office and 38,000 square foot fitness center. Circle T Ranch - A 2,500-acre mixed-use, master planned community by Hillwood Development. Entrada - A mixed-use development where the architecture will emulate the Catalonia region of northeastern Spain throughout 85 acres. The master-planned community will feature over 1,000,000 square feet of office, retail, hotel, entertainment, and over 300 residential units with a mix of villas, town homes and condominiums. Front 44 - A 44-acre mixed-use development at the intersection of SH-114 and SH-170 by Hillwood Development directly north of the new Charles Schwab Campus. Knolls at Solana - A 64-acre residential development with 54 lots surrounded by an approximate 20-acre forested Conservation Area. Market Study Page 32 Quail Hollow - A 96 estate residential development on 188 acres. Spencer Ranch - A 38 lot residential development on 40 acres of hilly land with several water features throughout. Westlake Corners - A small commercial development located at the intersections of US 377 and SH170. Land Use Trends The following page includes the Town of Westlake Land Use Map. Market Study Page 33 Market Study Page 34 Neighborhood Summary The neighborhood is a mixed-use area that is influenced by its good location, a good transportation system and various other influences which tend to affect the potential of an area. The commercial and retail uses are oriented along the primary thoroughfares. The subject neighborhood, combined with the surrounding area, provides a balanced land use pattern. The terrain of this area permits most types of development. The neighborhood is anticipated to demonstrate positive trends for the foreseeable future, but the amount of the positive trend will be influenced by the amount of change as the COVID-19 situation continues to evolve. The neighborhood is in the growth stage of its neighborhood life cycle. Market Study Page 35 PROPERTY SUMMARY Site Summary Location 56 to 64 Tarragona Drive Southeast quadrant of State Highway 114 (SH-114) and Davis Boulevard Town of Westlake, Tarrant County, Texas 76262 Site Area 2.232 Acres or 97,226 SF (Calculated) Shape Irregular Frontage Along SH-114, Tarragona Drive and Aragon Drive Topography Generally rolling to sloping Drainage Adequate Flood Zone Zone X (flood insurance not typically required) Flood Map Panel No. 48439C0085K (September 25, 2009) Access and Visibility Good visibility from SH-114, but no direct access. Access and visibility is from Aragon Drive and Tarragona Drive. Tarragona Drive terminates near the eastern corner of the subject site. Street Improvements As it fronts the subject property, SH-114 is a six-lane divided freeway with concrete paving and a grass median. Aragon Drive and Tarragona Drive are both two-way streets with concrete paving and curbs. It is noted that Aragon Drive, Tarragona Drive and all of the interior streets use in part concrete and pavers to create a quasi cobblestone finish. Utilities Complete public utilities, including water and sanitary sewer, are reportedly available to the subject property. Soil Assumed adequate, but not considered for the demand analysis. Hazardous Waste Assumed adequate, but not considered for the demand analysis. Endangered Species Assumed adequate, but not considered for the demand analysis. Market Study Page 36 Storage/Restaurant Building Easements/Encroachments Assumed adequate, but not considered for the demand analysis. Covenants and Restrictions Assumed adequate, but not considered for the demand analysis. Zoning Assumed adequate, but not considered for the demand analysis. Site Conclusion The tract is irregular in shape and has good access, frontage and visibility. While within a unique master-planned community, the surrounding uses are typical of the area and represent a mixture of uses. The site has complete public utilities available and is not located within a designated 100- year flood plain. Improvement Summary A state-of-the-art mixed-use project that includes retail, restaurant and self-storage uses is being contemplated for the site. The 5-story storage/restaurant building will occupy the northeastern corner of Aragon Drive and Tarragona Drive and sit on 30,944 square feet of the parent tract. The preliminary plans identify 90,080 gross square feet for the storage units on floors one to four, but with no specific tenant mix at this time. Assuming a common rentable ratio of 74%, this equates to approximately 66,660 rentable square feet of storage area. 100% of the units will be climate controlled units. The proposed storage/restaurant building is summarized below. Preliminary plans and renderings have been included in the addenda for the reader’s review. Market Study Page 37 Market Penetration (2005 - 2019) THE SELF-STORAGE MARKET Many Texans like to boast that the self-storage industry had its beginnings in Texas in 1954 and since the early 1970's the concept of storage as a true business began to emerge. Simply stated, the concept of self-storage provides an attractive solution to the growing need for temporary additional space for the residential market and for both small and large businesses. The demand for self-storage space continues to grow as the population increases and the level of new home construction increases. Current construction standards in Texas typically do not include basements and have limited attic space, which does not adequately address the consumer’s need for storage space and results in the demand for self-storage facilities. As with most commercial real estate, selecting the right location for a self- storage facility is very important. Choosing a self-storage site on a major arterial is beneficial to both residents and businesses in the immediate neighborhood. High visibility to drive-by traffic also contributes significantly to the success of a self-storage facility with drive-by still being the top individual reason people state as how they found a facility, but the combined internet categories surpass it. As we can see in the following table, the number of households renting self-storage units is at an all time high, with a market penetration of 10.6%, which is up from 9.4% in 2017. This equates to approximately 1.7 million more households than in 2017. In other words, today more than 10% of the U.S. population rents self-storage. Self-Storage Facility Classification When looking at self-storage facilities, the quality, location, and age are significant factors for most of the major operators, especially the REITs and the institutional investors. In terms of quality, self-storage facilities fall into one of three classes: C Class A C Class B C Class C For the most part, major operators and investors set their focus on Class A facilities because of the operational value that comes from being in a prime location with good drive-by traffic and great visibility. In addition, these properties boast outstanding management professionals who may or may not live on site, but are expected to have excellent management and organizational skills including sales, customer service and marketing. More often than not, these are newer facilities built with state-of-the-art construction materials and high-tech security systems, access controls, and, in some cases, climate-control features. Market Study Page 38 Industry Profile Class B facilities, while not as desirable as Class A facilities, are in good to average locations, often with modest visibility. Although they may be in good condition, they may not be as new or have the excellent curb appeal that a Class A site typically has and they usually lack the "bells and whistles'' seen at newer facilities. Even with adequate security and management in place, these facilities do not command the high rents garnered at Class A sites. Least attractive to most investors are the Class C facilities, many of which are first-generation sites in need of rehab. Built in single-story rows, they evoke the stereotypical image of self-storage. With less desirable locations and low visibility, they typically command lower rents. While not targeted by major operators or institutional investors, Class C facilities can be good investments for smaller entrepreneurs, especially given that they often have lower operational costs. Moreover, these facilities do serve as a viable option for those who prefer a less expensive means of storing goods. 2021 Industry Profile The following table represents the industry profile based on four years of Self-Storage Almanac reporting. There are approximately 49,233 self-storage facilities in the United States, representing an industry total rentable square footage of 1,956,388,517. This number does not include those operations where the primary business is something other than self-storage. The average facility size based on current data is approximately 39,737 net square feet. This represents a slight decrease over 2017, most likely due to smaller facilities being brought on line over the last year. It is important to note that the 52,352 facility net square footage charted for 2017 is inconsistent with the numbers for 2018, 2019, and 2020 due to the fact that the former method of calculating size was based on using an industry average rather than the actual square footage now available. Once again in 2020, the state with the most facilities is Texas with 5,234 facilities. This is an increase of 108 facilities over the last 12 months. Conversely, Rhode Island and Hawaii have 90 facilities each, the fewest facilities per state in the United States. The national rentable square footage per person stands at 5.9, slightly higher than last year. This is no surprise given the new facilities that have come on line in the past year. Over the last year, the industry saw 1,098 new facility openings, 619 of which (55 percent) were located in the top 50 metropolitan markets. Market Study Page 39 Facility Data by State Market Study Page 40 Industry Owners by Square Footage Self-Storage Public Companies (REITs and U-Haul*) In terms of ownership, the self-storage industry is still very fragmented. The 2021 Self-Storage Almanac defines three basic categories: 1. Real Estate Investment Trusts (REITs) 2. Top 100 operators as reported by Mini-Storage Messenger (minus the REITs) 3. Owners of the remaining facilities As seen in following table, the public companies hold 31.2% of the industry ownership by rentable square footage. This is an increase of 3.6% over the 27.6% reported in the 2019 Self-Storage Almanac. The remaining 94 companies in the 2020 Mini-Storage Messenger Top Operators list hold a 16.5 percent market share, a decrease of 2.9% from 19.4 percent in 2019. The rest of the industry holds 52.3% of the facilities in the United States by rentable square footage. This represents a decrease from the approximately 53% reported in 2019. The Public Companies As seen below, there are six public companies in the self-storage industry; five REITs and Phoenix, Arizona based U-Haul International, which is not a REIT, but is publicly traded under the name of its parent company, AMERCO. Companies in this table are ranked according to rentable square footage (2020 Mini-Storage Messenger Top Operators List). The six public companies own a total of 9,614 facilities in the self-storage industry, which is up from 8,999 facilities reported last year. In addition to rentable square footage, the above table also depicts the number of facilities owned by each company as well as the total number of units. As we can see in this table, U-Haul would be ranked third by number of facilities, bumping Extra Space down to third place. In addition, when calculated by number of facilities, National Storage Trust is ranked fifth, with Life Storage ranking sixth. The following charts depict this ownership by percentage. Market Study Page 41 Public Company Market Share Public Company Market Share Historical Quarterly Occupancy - Public Companies Operating metrics have improved for this sector, with occupancy levels at all-time highs, move-in levels increasing, and move-out activity remaining at below historical levels through the third quarter 2020. Non-weighted average same store occupancy reached 94% at third quarter-end 2020 for the five storage REITs (over 200 bps higher year-over-year with minimal inflation due to delayed auctions). Street rates are likewise starting to show an increase, and the high occupancies are benefitting operators as new tenant rental rates are surpassing vacating tenant rates, reducing the rent roll down levels experienced in prior quarters. The 2020 Top Operators The Mini-Storage Messenger's 2020 Top Operators; compiled solely from information submitted in the annual Top Operators Survey, is based on total net rentable square feet. As previously discussed, the public companies hold the top six positions on the list. By rentable square footage, all six companies hold the same position on the list as in 2019. As seen in the following charts, the public companies hold 19.5% of the industry's market share by number of facilities and 31.2% by rentable square footage. This is up from 17.5% and 27.6%, respectively. The remaining top 94 self-storage companies own a 9.6% market share by number of facilities and 16.5% share by rentable square footage. This is an increase over the 10.9% reported in 2019. In addition, the rest of the industry holds 70.9% of the market share by number of facilities and 52.3% of the market share by rentable square footage. This represents an increase of 0.72% over the past year by number of facilities or an increase of 0.68% when calculated by rentable square feet. Market Study Page 42 Industry Market Share Industry Market Share New Self-Storage Delivered Nationally (2017 - 2019) Development Pipeline COVID-19 did to self-storage development in 2020 what market conditions failed to do in the previous six years, slow the construction of new facilities. The pandemic halted most construction activity for a quarter of the year, and this stoppage delayed the openings of planned facilities and, perhaps more significantly, led some developers to rethink future plans. In 2019, self-storage delivered 1,098 new facilities, slightly outpacing 2018's 1,055 openings. The new facility deliveries continued at a blistering pace of development that saw the opening of more than 3,100 stores between 2017 and 2019. The construction slowdown and the effects of the pandemic were expected to contribute to a significant decline in self-storage openings in 2020. Data from Radius+ shows only 446 stores opened by Fall 2020. In 2019, 619 of the 1,098 openings (55%) were located in the top 50 metropolitan markets, which was virtually the same percentage as 2018. This reflects the industry's push to locate in densely populated urban areas that have attracted new residents to job opportunities and into renewal neighborhoods. An additional 167 facilities were opened in the top 50 to 100 core based statistical area (CBSA) territories, and 312 stores (28.5%) were opened in secondary and tertiary markets. Market Study Page 43 Self-Storage Development Pipeline Nationally All told, there were approximately 1,900 facilities planned and permitted in the U.S. heading into 2021, with 1,076 of those representing top 50 markets. That is a considerable amount of new storage space, especially in large metro markets that will need to be filled in the coming year. Construction value put in place for 2019 was over $4.83 billion, down 7% year-over-year. Looking forward. Radius+ expects construction spending to continue to slow down after peaking in 2018 at $5. 254 billion in value. Many projects that were expected to be completed at the end of the year were pushed into 2021. Contributing to sluggish construction activity in many communities, COVID-19 also shut down building permits, because municipalities closed for business for extended periods. Top Growth Areas In the annual U-Haul migration trends survey, which is based on one-way U-Haul truck customers, Florida took over the top position in the company's ranking of top growth states for 2019, unseating Texas, which was No. 1 f rom 2016 to 2018. Texas was ranked No. 2, followed by North Carolina, South Carolina, and Washington. Alabama was the biggest year-over-year climber in the rankings, surging 36 spots to No. 6. Growth states are calculated by the net gain of one-way trucks entering a state versus those leaving that state during a calendar year. California ranked 49th and Illinois was 50th for the fourth time in five years, pacing the out-migration states with the largest net losses of U-Haul trucks crossing their borders. Customer Base Customers typically fall into one of four categories: C Residential C Business C Military C Student According to the 2021 Self-Storage Almanac, on average, residential customers make up approximately 79% of a facility's unit mix. Conversely, business customers comprise about 14% of the mix. However, this can vary dramatically depending on the physical location of the business. Some facilities can have a business segment as high as 40% to 50%. Business customers are an extremely attractive customer pool for self-storage because of their stability, timely rental payments and tendency to rent their units longer than other customer segments. Market Study Page 44 Average Tenant Mix Nationally (2020) Type of Dwelling Where storage unit renters live is an important demographic for self-storage owners. A market with a higher density of apartments and/or condominiums may attract more renters due to the fact that most apartments/condominiums have no or very little storage space. Likewise, in a market area with more single-family homes that are governed by HOAs, self-storage can be attractive if residents cannot park their vehicles on the street, thereby eliminating the garage as a spot for storage. Approximately 72.1% of renters live in a single-family dwelling according to the SSA Demand Study. Those who live in apartments or condominiums represent 25.7% of the mix, while 2.2% reside in "other" types of dwellings. Approximately 55% of the renters surveyed for the 2019 Demand Study reported that they owned their home. Around 42.3% reported that they are renters. Nearly 3% reported that they neither own nor rent their home. This may very well represent renters, such as millennials, living with their parents or seniors who are living with their children or other relatives. Approximately 12.8% of the renters surveyed for the Self Storage Demand Study tend to rent their units for less than three months. These tenants are typically storing their goods while moving or remodeling and only need short-term storage. Owners vs. Renters Market Study Page 45 Length of Rental Business Renter Length of Stay 2019 - 2020 Occupancy by Region* The largest segment of tenants (26.5%) rent their units for one to two years. There are 23.6% who rent for longer than two years and 19.9% renting for seven to 12 months. As mentioned previously, business renters tend to stay longer than residential, military or student renters. Most business renters tend to stay either less than one year (37.3%) or more than two years (37.1%). Approximately 25.6% stay between one and two years. When the percentage of renters who stay for more than two years is combined with those who rent for one to two years, we can see that 62.7% of all business renters stay for at least one year and possibly longer than two years. The Self-Storage Association Demand Study reported 75.5% of the tenants rented one unit and 24.5% rented two or more units. Occupancy by Region While national rates give a broad overview of self-storage occupancy, regional rates focus on more specific geographic areas of the United States. Texas is located within the South (West South Central) region. Market Study Page 46 DEMAND ANALYSIS To evaluate the customer base and to determine available demand for square footage, we focused on the surrounding radiuses of the subject area to analyze the market data. Higher density areas with over 100,000 people and 50/50 ratio of owner vs. renter housing in a 3-mile radius are generally categorized as primary markets, and a 1-, 2- and 3-mile radius report is adequate. The secondary markets are generally suburban markets surrounding the primary markets. People here usually own their homes, have families and are often willing to travel 30+ minutes to and from work. Some break this area down to a 1-, 3- and 5-mile radius analysis, but according to the 2021 Self- Storage Almanac, on average, most facilities draw at least 75% of their customers from within a 3- mile radius, and in higher density areas, a high percentage often come from the 1.5-mile radius. In addition to customers tending to rent from the nearest facility, customers from higher income areas often consider proximity, convenience, security and curb appeal an even higher priority. Accordingly, a 1.5-, 3- and 5-mile radius analysis has been included on the following pages. The following summarizes the primary factors: Radius 1.5 Mile 3-Mile 5-Mile 2020 Population 8,313 34,090 92,114 2025 Population 9,720 38,875 102,248 2020 Households 2,940 11,402 31,311 2025 Households 3,424 12,968 34,718 2020 Avg HH Size 2.83 2.99 2.93 2025 Avg HH Size 2.84 3.00 2.94 2020 Avg HH Income $186,219 $203,190 $187,573 2025 Avg HH Income $199,077 $220,070 $203,297 It is noted that the subject property does not have direct access, but is visible from SH-114, and the nearby traffic count on SH-114 in 2019 was 98,012 vehicles per day. 114 1171 NorthFw yGolfClubat Champions Circle Roanoke MarshallCreek KellerHasletRd GoldenTriangleBlvd Ru feSnowDrKellerPkwy HeritageTracePkwy RayWhiteRdAlli ance Gatew a yFwy SMainStNMainStDentonHwyKeller 1171 WichitaTrl CollegePk w y CrossTimbersRd TrophyClub CountryClub BridlewoodGolf Club TrophyClub Park TwinCoves Park MurrellPark TrophyClub DoubleOak FlowerMound 1938 114 NPearsonLnDavisBlvdDavisBlvdW S o ut hlakeBlvd WilliamDTateAve MustangDr ColleyvilleBlvdIraE W o o d s Ave TX-114Express Toll Timarron CountryClub SkyCreek RanchGolfClub OakGrovePark LakeviewPark OldUnion Southlake Grapevine 0 0.8 1.6 mi Site Details Map 56 Tarragona, Roanoke, Texas, 76262 Site Details Map Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 This site is located in: City:Westlake County:Tarrant County State:Texas ZIP Code:76262 Census Tract:48439113906 Census Block Group:484391139061 CBSA:Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area January 04, 2021 ©2021 Esri Page 1 of 1 Page 47 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles Population Summary 2000 Total Population 4,987 18,249 51,378 2010 Total Population 6,212 24,161 69,218 2020 Total Population 8,313 34,090 92,114 2020 Group Quarters 0 0 247 2025 Total Population 9,720 38,875 102,248 2020-2025 Annual Rate 3.18%2.66%2.11% 2020 Total Daytime Population 10,631 34,019 98,854 Workers 6,291 16,112 51,338 Residents 4,340 17,907 47,516 Household Summary 2000 Households 1,768 6,095 16,956 2000 Average Household Size 2.82 2.99 3.02 2010 Households 2,224 8,118 23,597 2010 Average Household Size 2.79 2.98 2.92 2020 Households 2,940 11,402 31,311 2020 Average Household Size 2.83 2.99 2.93 2025 Households 3,424 12,968 34,718 2025 Average Household Size 2.84 3.00 2.94 2020-2025 Annual Rate 3.09%2.61%2.09% 2010 Families 1,882 6,915 19,597 2010 Average Family Size 3.06 3.24 3.25 2020 Families 2,450 9,545 25,432 2020 Average Family Size 3.12 3.29 3.30 2025 Families 2,846 10,806 28,032 2025 Average Family Size 3.14 3.31 3.31 2020-2025 Annual Rate 3.04%2.51%1.97% Housing Unit Summary 2000 Housing Units 1,880 6,463 17,848 Owner Occupied Housing Units 85.3%85.7%85.7% Renter Occupied Housing Units 8.8%8.6%9.3% Vacant Housing Units 6.0%5.7%5.0% 2010 Housing Units 2,315 8,521 24,694 Owner Occupied Housing Units 86.8%85.5%81.7% Renter Occupied Housing Units 9.3%9.8%13.8% Vacant Housing Units 3.9%4.7%4.4% 2020 Housing Units 2,953 11,503 31,724 Owner Occupied Housing Units 90.9%91.0%85.1% Renter Occupied Housing Units 8.7%8.1%13.6% Vacant Housing Units 0.4%0.9%1.3% 2025 Housing Units 3,435 13,052 35,123 Owner Occupied Housing Units 85.9%89.9%84.3% Renter Occupied Housing Units 13.7%9.5%14.5% Vacant Housing Units 0.3%0.6%1.2% Median Household Income 2020 $151,614 $166,123 $152,062 2025 $156,294 $177,004 $160,228 Median Home Value 2020 $404,881 $475,466 $453,880 2025 $425,147 $494,985 $472,121 Per Capita Income 2020 $65,358 $68,193 $63,647 2025 $69,596 $73,682 $68,886 Median Age 2010 43.4 41.1 40.3 2020 45.2 42.6 41.5 2025 45.1 43.0 41.9 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 1 of 7 Page 48 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles 2020 Households by Income Household Income Base 2,940 11,402 31,311 <$15,000 4.3%2.7%3.1% $15,000 - $24,999 2.3%1.9%2.6% $25,000 - $34,999 2.2%2.5%3.2% $35,000 - $49,999 1.9%3.5%5.1% $50,000 - $74,999 7.1%7.6%8.7% $75,000 - $99,999 7.0%7.4%8.9% $100,000 - $149,999 24.4%17.9%17.5% $150,000 - $199,999 18.5%16.4%15.3% $200,000+32.3%40.1%35.6% Average Household Income $186,219 $203,190 $187,573 2025 Households by Income Household Income Base 3,424 12,968 34,718 <$15,000 4.5%2.9%3.2% $15,000 - $24,999 2.2%1.7%2.3% $25,000 - $34,999 2.0%2.2%2.9% $35,000 - $49,999 1.8%3.2%4.6% $50,000 - $74,999 6.8%6.9%8.0% $75,000 - $99,999 6.5%6.8%8.5% $100,000 - $149,999 23.1%16.4%16.5% $150,000 - $199,999 18.4%16.2%15.2% $200,000+34.8%43.7%38.7% Average Household Income $199,077 $220,070 $203,297 2020 Owner Occupied Housing Units by Value Total 2,683 10,473 27,004 <$50,000 0.1%0.8%1.0% $50,000 - $99,999 0.3%0.3%0.3% $100,000 - $149,999 0.2%0.5%1.0% $150,000 - $199,999 1.0%1.2%2.2% $200,000 - $249,999 6.2%4.2%5.3% $250,000 - $299,999 9.6%7.7%8.7% $300,000 - $399,999 31.9%22.6%22.1% $400,000 - $499,999 15.7%16.9%17.3% $500,000 - $749,999 14.2%21.3%24.1% $750,000 - $999,999 10.8%12.6%10.2% $1,000,000 - $1,499,999 5.9%6.1%4.8% $1,500,000 - $1,999,999 1.9%2.5%1.4% $2,000,000 +2.3%3.3%1.6% Average Home Value $567,881 $627,007 $556,184 2025 Owner Occupied Housing Units by Value Total 2,952 11,728 29,615 <$50,000 0.0%0.4%0.6% $50,000 - $99,999 0.1%0.1%0.1% $100,000 - $149,999 0.1%0.3%0.5% $150,000 - $199,999 0.5%0.7%1.3% $200,000 - $249,999 4.6%3.2%4.1% $250,000 - $299,999 8.3%6.4%7.7% $300,000 - $399,999 32.0%22.2%22.1% $400,000 - $499,999 17.2%17.5%18.6% $500,000 - $749,999 14.4%21.9%25.8% $750,000 - $999,999 11.5%15.4%11.1% $1,000,000 - $1,499,999 6.6%6.2%5.0% $1,500,000 - $1,999,999 2.1%2.5%1.4% $2,000,000 +2.4%3.1%1.5% Average Home Value $588,982 $645,664 $574,808 Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 2 of 7 Page 49 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles 2010 Population by Age Total 6,211 24,164 69,216 0 - 4 5.7%5.7%5.6% 5 - 9 7.2%8.4%8.6% 10 - 14 9.0%10.0%10.4% 15 - 24 9.8%11.0%11.7% 25 - 34 6.4%6.4%6.6% 35 - 44 14.3%15.4%15.7% 45 - 54 19.8%20.9%21.2% 55 - 64 16.0%13.5%12.3% 65 - 74 7.4%5.7%5.0% 75 - 84 3.4%2.3%2.1% 85 +0.8%0.6%0.8% 18 +72.8%70.0%69.1% 2020 Population by Age Total 8,315 34,090 92,114 0 - 4 5.0%5.2%5.2% 5 - 9 6.3%6.6%6.4% 10 - 14 7.6%8.3%8.0% 15 - 24 10.6%12.6%13.4% 25 - 34 8.6%8.9%10.2% 35 - 44 11.6%11.3%10.8% 45 - 54 16.0%16.7%16.6% 55 - 64 17.5%16.9%16.9% 65 - 74 11.0%9.2%8.7% 75 - 84 4.4%3.3%2.9% 85 +1.3%0.9%0.9% 18 +76.7%74.9%75.3% 2025 Population by Age Total 9,721 38,876 102,249 0 - 4 5.2%5.3%5.3% 5 - 9 6.1%6.4%6.3% 10 - 14 7.1%7.6%7.3% 15 - 24 9.5%11.4%11.5% 25 - 34 8.9%9.4%11.3% 35 - 44 13.1%12.5%12.1% 45 - 54 14.7%14.9%13.8% 55 - 64 16.3%16.0%16.3% 65 - 74 11.7%10.7%10.8% 75 - 84 5.8%4.6%4.3% 85 +1.6%1.1%1.0% 18 +77.4%76.0%76.6% 2010 Population by Sex Males 3,118 12,108 34,421 Females 3,094 12,053 34,797 2020 Population by Sex Males 4,156 16,940 45,501 Females 4,157 17,150 46,613 2025 Population by Sex Males 4,859 19,294 50,412 Females 4,862 19,581 51,835 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 3 of 7 Page 50 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles 2010 Population by Race/Ethnicity Total 6,212 24,161 69,218 White Alone 91.2%89.7%88.9% Black Alone 2.0%2.1%2.2% American Indian Alone 0.5%0.5%0.5% Asian Alone 3.8%4.3%4.7% Pacific Islander Alone 0.0%0.0%0.1% Some Other Race Alone 1.1%1.5%1.6% Two or More Races 1.4%1.8%2.1% Hispanic Origin 4.9%6.8%7.5% Diversity Index 24.3 29.4 31.7 2020 Population by Race/Ethnicity Total 8,313 34,091 92,114 White Alone 86.8%85.0%83.6% Black Alone 2.9%3.2%3.5% American Indian Alone 0.5%0.5%0.5% Asian Alone 6.2%6.7%7.1% Pacific Islander Alone 0.0%0.1%0.1% Some Other Race Alone 1.5%2.1%2.3% Two or More Races 2.0%2.5%2.9% Hispanic Origin 6.3%9.0%10.4% Diversity Index 33.1 39.2 42.7 2025 Population by Race/Ethnicity Total 9,721 38,876 102,247 White Alone 84.5%82.4%80.8% Black Alone 3.7%3.9%4.3% American Indian Alone 0.5%0.5%0.5% Asian Alone 7.3%7.9%8.3% Pacific Islander Alone 0.1%0.1%0.1% Some Other Race Alone 1.7%2.4%2.6% Two or More Races 2.2%2.8%3.3% Hispanic Origin 7.2%10.3%12.0% Diversity Index 37.4 44.0 47.7 2010 Population by Relationship and Household Type Total 6,212 24,161 69,218 In Households 100.0%100.0%99.7% In Family Households 93.3%93.8%92.8% Householder 30.0%28.7%28.2% Spouse 27.4%26.0%25.1% Child 33.2%35.9%36.6% Other relative 2.0%2.2%2.1% Nonrelative 0.7%0.9%0.9% In Nonfamily Households 6.7%6.2%6.9% In Group Quarters 0.0%0.0%0.3% Institutionalized Population 0.0%0.0%0.3% Noninstitutionalized Population 0.0%0.0%0.0% Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 4 of 7 Page 51 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles 2020 Population 25+ by Educational Attainment Total 5,860 22,938 61,676 Less than 9th Grade 0.2%0.6%1.0% 9th - 12th Grade, No Diploma 1.3%1.5%1.7% High School Graduate 9.0%10.1%10.6% GED/Alternative Credential 1.1%1.5%1.7% Some College, No Degree 18.0%16.7%17.1% Associate Degree 5.9%5.6%6.3% Bachelor's Degree 43.5%38.8%38.4% Graduate/Professional Degree 21.0%25.2%23.2% 2020 Population 15+ by Marital Status Total 6,737 27,225 74,022 Never Married 20.4%22.1%23.4% Married 67.1%67.8%66.0% Widowed 3.6%2.8%3.3% Divorced 8.8%7.4%7.3% 2020 Civilian Population 16+ in Labor Force Civilian Population 16+4,250 17,329 48,127 Population 16+ Employed 93.8%93.8%93.1% Population 16+ Unemployment rate 6.2%6.2%6.9% Population 16-24 Employed 8.8%9.1%10.3% Population 16-24 Unemployment rate 9.0%10.9%12.0% Population 25-54 Employed 61.5%61.0%60.6% Population 25-54 Unemployment rate 5.6%5.8%6.3% Population 55-64 Employed 22.0%23.3%23.5% Population 55-64 Unemployment rate 7.2%5.6%6.2% Population 65+ Employed 7.7%6.5%5.6% Population 65+ Unemployment rate 5.0%5.0%6.0% 2020 Employed Population 16+ by Industry Total 3,986 16,260 44,813 Agriculture/Mining 1.6%0.9%0.9% Construction 6.3%5.3%5.0% Manufacturing 8.6%8.2%9.8% Wholesale Trade 4.0%3.0%3.1% Retail Trade 7.2%8.6%9.6% Transportation/Utilities 8.4%8.4%7.8% Information 1.1%2.1%2.7% Finance/Insurance/Real Estate 14.2%16.2%14.7% Services 47.8%45.1%44.0% Public Administration 0.9%2.2%2.4% 2020 Employed Population 16+ by Occupation Total 3,987 16,260 44,811 White Collar 84.1%84.9%83.5% Management/Business/Financial 28.9%31.5%28.9% Professional 26.4%25.7%26.2% Sales 14.2%14.0%14.6% Administrative Support 14.8%13.6%13.7% Services 7.3%6.5%7.8% Blue Collar 8.6%8.6%8.7% Farming/Forestry/Fishing 0.9%0.3%0.1% Construction/Extraction 1.9%1.6%1.6% Installation/Maintenance/Repair 1.1%1.6%1.7% Production 0.9%0.9%1.3% Transportation/Material Moving 3.8%4.2%4.0% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 5 of 7 Page 52 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles 2010 Households by Type Total 2,225 8,118 23,597 Households with 1 Person 12.3%12.1%14.0% Households with 2+ People 87.7%87.9%86.0% Family Households 84.6%85.2%83.0% Husband-wife Families 77.4%77.0%74.0% With Related Children 35.4%39.8%40.9% Other Family (No Spouse Present)7.1%8.2%9.0% Other Family with Male Householder 2.5%2.6%2.8% With Related Children 1.6%1.7%1.7% Other Family with Female Householder 4.7%5.6%6.3% With Related Children 2.8%3.8%4.3% Nonfamily Households 3.1%2.7%2.9% All Households with Children 40.1%45.6%47.3% Multigenerational Households 2.4%3.1%2.8% Unmarried Partner Households 2.7%2.8%2.9% Male-female 2.0%2.2%2.3% Same-sex 0.7%0.7%0.6% 2010 Households by Size Total 2,227 8,119 23,597 1 Person Household 12.3%12.1%14.0% 2 Person Household 39.3%34.4%31.8% 3 Person Household 18.2%18.7%19.1% 4 Person Household 18.0%20.9%21.7% 5 Person Household 8.8%9.9%9.7% 6 Person Household 2.6%2.9%2.7% 7 + Person Household 0.9%1.1%1.0% 2010 Households by Tenure and Mortgage Status Total 2,224 8,118 23,597 Owner Occupied 90.3%89.8%85.5% Owned with a Mortgage/Loan 72.2%72.1%69.9% Owned Free and Clear 18.2%17.6%15.6% Renter Occupied 9.7%10.2%14.5% 2020 Affordability, Mortgage and Wealth Housing Affordability Index 174 164 157 Percent of Income for Mortgage 11.2%12.0%12.5% Wealth Index 292 303 277 2010 Housing Units By Urban/ Rural Status Total Housing Units 2,315 8,521 24,694 Housing Units Inside Urbanized Area 94.1%92.9%95.8% Housing Units Inside Urbanized Cluster 0.0%0.0%0.0% Rural Housing Units 5.9%7.1%4.2% 2010 Population By Urban/ Rural Status Total Population 6,212 24,161 69,218 Population Inside Urbanized Area 94.0%94.0%96.3% Population Inside Urbanized Cluster 0.0%0.0%0.0% Rural Population 6.0%6.0%3.7% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent- child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 6 of 7 Page 53 Market Profile 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 1.5 miles 3 miles 5 miles Top 3 Tapestry Segments 1.Savvy Suburbanites (1D) Professional Pride (1B)Professional Pride (1B) 2.Professional Pride (1B)Boomburbs (1C)Savvy Suburbanites (1D) 3.Top Tier (1A)Savvy Suburbanites (1D)Middleburg (4C) 2020 Consumer Spending Apparel & Services: Total $$12,377,219 $53,630,922 $136,738,554 Average Spent $4,209.94 $4,703.64 $4,367.11 Spending Potential Index 196 219 204 Education: Total $$12,613,145 $50,825,174 $126,333,554 Average Spent $4,290.19 $4,457.57 $4,034.80 Spending Potential Index 240 249 226 Entertainment/Recreation: Total $$19,259,813 $81,469,074 $207,396,403 Average Spent $6,550.96 $7,145.16 $6,623.76 Spending Potential Index 202 220 204 Food at Home: Total $$29,451,843 $126,113,512 $323,461,493 Average Spent $10,017.63 $11,060.65 $10,330.60 Spending Potential Index 188 207 193 Food Away from Home: Total $$21,279,986 $92,608,872 $236,381,532 Average Spent $7,238.09 $8,122.16 $7,549.47 Spending Potential Index 192 215 200 Health Care: Total $$33,155,357 $139,648,501 $358,628,589 Average Spent $11,277.33 $12,247.72 $11,453.76 Spending Potential Index 196 213 199 HH Furnishings & Equipment: Total $$13,234,815 $56,408,227 $143,906,333 Average Spent $4,501.64 $4,947.22 $4,596.03 Spending Potential Index 206 226 210 Personal Care Products & Services: Total $ $5,406,167 $23,408,155 $59,658,306 Average Spent $1,838.83 $2,052.99 $1,905.35 Spending Potential Index 200 223 207 Shelter: Total $$112,936,546 $478,232,030 $1,211,888,545 Average Spent $38,413.79 $41,942.82 $38,704.88 Spending Potential Index 198 217 200 Support Payments/Cash Contributions/Gifts in Kind: Total $$14,149,652 $60,980,062 $155,798,796 Average Spent $4,812.81 $5,348.19 $4,975.85 Spending Potential Index 206 228 212 Travel: Total $$15,616,586 $65,055,685 $163,852,107 Average Spent $5,311.76 $5,705.64 $5,233.05 Spending Potential Index 220 237 217 Vehicle Maintenance & Repairs: Total $$6,483,085 $27,639,310 $71,062,786 Average Spent $2,205.13 $2,424.08 $2,269.58 Spending Potential Index 190 209 196 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2017 and 2018 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. January 04, 2021 ©2021 Esri Page 7 of 7 Page 54 114 1171 NorthF wy GolfClubat Champions Circle Roanoke MarshallCreek KellerHasletRd GoldenTriangleBlvd Ru feSnowDrKellerPkwy HeritageTracePkwy RayWhiteRdAlli ance Gatew a yFwy SMainStNMainStDentonHwyKeller 1171 WichitaTrl CollegePk w y CrossTimbersRd TrophyClub CountryClub BridlewoodGolf Club TrophyClub Park TwinCoves Park MurrellPark TrophyClub DoubleOak FlowerMound 1938 1709 114 NPearsonLnDavisBl vdDavisBlvdW S o ut hlakeBlvd WilliamDTateAve MustangDr ColleyvilleBlvdIraE W o o d s Ave TX-114Express Toll Timarron CountryClub SkyCreek RanchGolfClub OakGrovePark LakeviewPark OldUnion Southlake Grapevine 0 0.8 1.6 mi E H i g hw a y 1 1 4 Cor t es Dr CardonaDrEHig hway114 EHighway114 BaylorMedical CtratTrophy Club 114 11435W FlowerMoundLewisville Traffic Count Map 56 Tarragona, Roanoke, Texas, 76262 Prepared by MVS Rings: 1.5, 3, 5 mile radii Latitude: 32.98711 Longitude: -97.17650 Source: ©2020 Kalibrate Technologies (Q4 2020). January 04, 2021 Page 1 of 1 Page 55 Market Study Page 56 Competition Survey As can be gleaned from the following competition data, there are no competing facilities within the 0- to 1.5-mile ring, one competitor in the 1.5- to 3-mile ring, and six competing facilities within the 3- to 5-mile ring. While not within the defined area, it is noted that there are numerous facilities just outside the 5-mile radius. Other than what is contemplated for the subject property, the Towns/Cities of Westlake, Southlake, Trophy Club and Keller all reported that there are currently no new or expanding self-storage facilities planned or permitted for these communities. Survey Date: 12/23/2020 Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Comp No. 5 Comp No. 6 Comp No. 7 Name Public Storage CubeSmart U-Haul All Storage CubeSmart McPherson Storage Stor Self Storage Address 855 Louis Street 1201 N Hwy 377 1600 Mesa Butte Ct 4874 Keller Haslet 8800 Davis Blvd 1604 N Kimball Ave 750 Davis Blvd City, State Roanoke, TX Roanoke, TX Roanoke, TX Keller, TX Keller, TX Southlake, TX Southlake, TX Gross Building Area (GSF)103,264 67,212 63,140 355,150 95,000 24,570 90,275 Rentable Building Area (RSF)80,797 66,912 50,100 302,990 82,500 24,470 66,980 Total Units 683 453 424 1,318 750 154 572 Non-climate Units 478 233 389 766 640 154 0 Climate Units 205 220 35 552 110 0 572 Occupancy 95%94%85%90%94%99%11% Occupied RSF (Calculated)76,538 62,776 42,774 272,691 77,220 24,311 7,636 Year Built 2014 1998 1987 2003 2000 1995 Sep-2020 Land Area (Acres)4.6792 3.371 15.9342 36.148 5.1141 2.9986 2.0929 Distance from Subject (Miles)2.8 3.2 4.2 4.8 4.6 3.9 4.0 Total 5-Mile Radius Comp Nos. 1 - 7 Comp Nos. 1 - 6*Excludes Nos. 3 & 7**0 to 1.5- Mile Radius 1.5 to 3-Mile Ring 3 to 5-Mile Ring Total Rentable Building Area 674,749 607,769 557,669 0 80,797 593,952 Total Occupied RSF 563,946 556,310 513,536 0 76,538 487,408 Total Average Occupancy 83.6%91.5%92.1%0.0%94.7%82.1% <=(Includes Lease-up) By Facility Average Occupancy 81.2%92.8%94.3%0.0%94.7%78.9% <=(Includes Lease-up) *Excludes the new facility in lease-up (No. 7) ** Excludes the new facility in lease-up (No. 7) and the older Class C facilities in fair condition (No. 3) COMPETITION SURVEY SUMMARY Market StudyPage 57 Competition No. 1 Name Public Storage Address 855 Louis Street City, State Roanoke, TX Gross Building Area (SF)103,264 Rentable Building Area (SF)80,797 78.2% Total Units 683 Non-climate Units 478 70.0% Climate Units 205 30.0% Occupancy 95% Year Built 2014 Land Area (Acres)4.6792 Distance from Subject (Miles)2.8 Competition No. 2 Name CubeSmart Address 1201 N Hwy 377 City, State Roanoke, TX Gross Building Area (SF)67,212 Rentable Building Area (SF)66,912 99.6% Total Units 453 Non-climate Units 233 51.4% Climate Units 220 48.6% Occupancy 94% Year Built 1998 Land Area (Acres)3.371 Distance from Subject (Miles)3.2 Competition No. 3 Name U-Haul Address 1600 Mesa Butte Ct City, State Roanoke, TX Gross Building Area (SF)63,140 Rentable Building Area (SF)50,100 79.3% Total Units 424 Non-climate Units 389 91.7% Climate Units 35 8.3% Occupancy 85% Year Built 1987 Land Area (Acres)15.9342 Distance from Subject (Miles)4.2 Market Study Page 58 Competition No. 4 Name All Storage Address 4874 Keller Haslet City, State Keller, TX Gross Building Area (SF)355,150 Rentable Building Area (SF)302,990 85.3% Total Units 1,318 Non-climate Units 766 58.1% Climate Units 552 41.9% Occupancy 90% Year Built 2003 Land Area (Acres)36.148 Distance from Subject (Miles)4.8 Competition No. 5 Name CubeSmart Address 8800 Davis Blvd City, State Keller, TX Gross Building Area (SF)95,000 Rentable Building Area (SF)82,500 86.8% Total Units 750 Non-climate Units 640 85.3% Climate Units 110 14.7% Occupancy 94% Year Built 2000 Land Area (Acres)5.1141 Distance from Subject (Miles)4.6 Competition No. 6 Name McPherson Storage Address 1604 N Kimball Ave City, State Southlake, TX Gross Building Area (SF)24,570 Rentable Building Area (SF)24,470 99.6% Total Units 154 Non-climate Units 154 100.0% Climate Units 0 0.0% Occupancy 99% Year Built 1995 Land Area (Acres)2.9986 Distance from Subject (Miles)3.9 Market Study Page 59 Competition No. 7 Name Stor Self Storage Address 750 Davis Blvd City, State Southlake, TX Gross Building Area (SF)90,275 Rentable Building Area (SF)66,980 74.2% Total Units 572 Non-climate Units 0 0.0% Climate Units 572 100.0% Occupancy 11% Year Built Sep-2020 New Land Area (Acres)2.0929 Distance from Subject (Miles)4.0 Market Study Page 60 Market Study Page 61 Demand can be delineated by per capita, per household, the ratio of businesses to residential. single-family residential to high-density residential, and so on. Regardless of the demand sub-category, the supply of self-storage square footage is critical to identifying the equilibrium. These measurements along with the occupancy levels of a given market allow us to calculate future demand in an area and determine market equilibrium. When the average occupancy is lower than 80% in the market and continuing to drop, the area is considered saturated. When the average occupancy is in the range of 85% and above, and relatively stable, the market is at or near equilibrium. When the average occupancy is high and steadily increasing, the market is considered a demand driven market. According to the 2021 Self-Storage Almanac, the current U.S. supply of self-storage space is 5.99 square feet per person. The Almanac reports that 8.09 square feet per person exists in Texas, and the Dallas-Fort Worth (DFW) area has a supply equal to 10.55 square feet per person. This would suggest that the DFW area may be over supplied, but self-storage is a highly localized industry, and the conditions in the immediate market area of a site have the most impact. The U.S. had an average occupancy rate of 92.2% as of the second quarter 2020. The subject’s region (South - West South Central) reported an average of 90.2%. Excluding the occupancy for the recently completed Comp No. 7 that is in lease-up, the reported occupancies range from 85% to 99% and average 91.5% by market occupied space calculations (92.8% by 6-building average). It is noted that Comp No. 3 (U-Haul) represents a Class C, medal building project that is older and in fair condition with partial gravel drives and indirect access. The remaining five facilities range from 90% to 99% and average 92.1% by total occupied square feet (94.3% by 5-building average); thus, it is reasonable to assume 90% occupancy for the market equilibrium calculations. According to the 2021 Self-Storage Almanac, on average, residential customers make up approximately 79% of a facility's unit mix. Conversely, business customers comprise about 14% of the mix. However, this can vary dramatically depending on the physical location of the facility. Some facilities can have a business segment as high as 40% to 50%. Business customers are an extremely attractive customer pool for self-storage because of their stability, they pay their rents on time and tend to rent their units longer than other customer segments. The student and military categories makeup the balance nationally, but do not apply to this submarket. Accordingly, the residential and business categories are the focus of this trade area. As the Town of Westlake and the immediate surrounding area represents over 3 million square feet of commercial space with a high daytime population and number of businesses, it is reasonable to assume a facility on the subject property will include a higher percentage of business customers than the 14% national average. The Self-Storage Association Demand Study reported 75.5% of the tenants rented one unit and 24.5% rented two or more units. Accordingly, the household demand analysis by number of units will utilize a multiplier of 1.25. As previously noted, demand can be delineated by per capita, per household, the ratio of businesses to residential. single-family residential to high-density residential, and so on. The following calculations consider multiple methodologies to estimate the demand. Market Study Page 62 The first analysis is intended to be a benchmark using typical industry assumptions of approximately 8.0 square feet of storage space per person and 18.0 square feet per household. Since at least 75% of the self-storage customers come from within a 3-mile radius, this will be used as the target area for the benchmark analysis. A third analysis uses the 6.01 square feet per person estimated demand for the Dallas/Fort Worth market from the 2021 Self-Storage Almanac. A fourth benchmark analysis uses the 10.6% residential renter penetration reported in the 2021 Self-Storage Almanac for households on a per unit basis. Following those analyses are 1.5-mile, 3-mile and 5-mile calculations that are focused on the square feet per capita in correlation to the existing market supply and occupancy. (RSF = Rentable Square Feet) Table 1 3-Mile Radius Benchmark Analysis - Population PSF Year 2020 2025 Population 34,090 38,875 Estimated Residential Demand Per RSF 8.0 8.0 Total Residential Demand in Market (RSF)272,720 311,000 Commercial Demand Multiplier 1.20 1.20 Total Demand in Market (RSF)327,264 373,200 Less Total Supply in Market (RSF)(80,797)(80,797) Positive/(Negative) Demand in Market (RSF)246,467 292,403 Equilibrium/Vacancy Factor 90%90% Adjusted Demand in Market (RSF)221,820 263,163 Table 2 3-Mile Radius Benchmark Analysis - Households PSF Year 2020 2025 Households 11,402 12,968 Estimated Residential Demand Per RSF 18.0 18.0 Total Residential Demand in Market (RSF)205,236 233,424 Commercial Demand Multiplier 1.20 1.20 Total Demand in Market (RSF)246,283 280,109 Less Total Supply in Market (RSF)(80,797)(80,797) Positive/(Negative) Demand in Market (RSF)165,486 199,312 Equilibrium/Vacancy Factor 90%90% Adjusted Demand in Market (RSF)148,938 179,381 Market Study Page 63 Table 3 3-Mile Radius Benchmark Analysis - Population PSF (D/FW) Year 2020 2025 Population 34,090 38,875 Estimated Residential Demand Per SF for D/FW* 6.01 6.01 Total Residential Demand in Market (RSF)204,881 233,639 Commercial Demand Multiplier 1.20 1.20 Total Demand in Market (RSF)245,857 280,367 Less Total Supply in Market (RSF)(80,797)(80,797) Positive/(Negative) Demand in Market (RSF)165,060 199,570 Equilibrium/Vacancy Factor 90%90% Adjusted Demand in Market (RSF)148,554 179,613 *2021 Self-Storage Almanac Table 4 3-Mile Radius Benchmark Analysis - Households Units Year 2020 2025 Households 11,402 12,968 Residential Renters Market Penetration*10.6%10.6% Number of Residential Renters at Penetration 1,209 1,375 Units Rented Per Household Factor*1.245 1.245 Total Residential Unit Demand in Market (Units) 1,505 1,711 Commercial Demand Multiplier 1.20 1.20 Total Demand in Market (Units)1,806 2,054 Less Total Supply in Market (Units)(683)(683) Positive/(Negative) Demand in Market (Units)1,123 1,371 Equilibrium/Vacancy Factor 90%90% Adjusted Demand in Market (Units)1,010 1,234 Typical Average Market Unit Size (RSF)125 125 Adjusted Demand in Market (RSF)126,300 154,200 *2021 Self-Storage Almanac Existing Inventory (RSF)674,749 Existing Inventory (RSF)607,769 New Inventory (RSF)- Excluding Subject Property New Inventory (RSF)- Excluding Subject Property Total 2021 Inventory (RSF)674,749 Total 2021 Inventory (RSF)607,769 Existing Inventory (RSF)674,749 Existing Inventory (RSF)607,769 Approx. Average Occupancy 83.6%On Existing Inventory Approx. Average Occupancy 91.5%Excluding New Lease Up Facility Occupied SF 563,946 Occupied SF 556,310 1.5-Mile 3-Mile 5-Mile 1.5-Mile 3-Mile 5-Mile 2020 Population 8,313 34,090 92,114 2020 Population 8,313 34,090 92,114 Occupancy Residential Multiplier 67.84 16.54 6.12 Occupancy Residential Multiplier 66.92 16.32 6.04 2025 Population 9,720 38,875 102,248 2025 Population 9,720 38,875 102,248 X Residential Multiplier 67.84 16.54 6.12 X Residential Multiplier 66.92 16.32 6.04 Total Residential Demand (RSF)659,396 643,104 625,989 Total Residential Demand (RSF)650,467 634,396 617,513 X Commercial Demand Multiplier 1.20 1.20 1.20 X Commercial Demand Multiplier 1.20 1.20 1.20 Total Demand (RSF)791,275 771,724 751,187 Total Demand (RSF)780,561 761,275 741,016 Less Total Inventory (674,749) (674,749) (674,749) Less Total Inventory (607,769) (607,769) (607,769) New Demand (RSF)116,526 96,975 76,438 Adjusted Demand (RSF)172,792 153,506 133,247 Less Comp 7 Lease Up SF to 90%(52,646) (52,646) (52,646) New Demand (RSF)120,146 100,860 80,601 Columns may not total due to rounding. 1.5-, 3- and 5-Mile Self Storage Demand Analysis 1.5-, 3- and 5-Mile Self Storage Demand Analysis Comp No.7 has 66,980 RSF and has 7,636 occupied SF (11%).90% occupancy equates to 60,820 RSF, so 52,646 RSF remains for lease up. (All 5-Mile Competition Included)(Excludes Comp No. 7 In Lease Up) Table 5 Table 6 Market StudyPage 64 Market Study Page 65 The benchmark analyses in Tables 1 to 4 indicate a demand for the 3-mile target area from approximately 125,000 SF to 263,000 SF, but Tables 2 to 4 narrow this range from approximately 125,000 SF to 180,000 SF. Tables 5 and 6 use market extracted rates, supply and occupancy, and suggest the following ranges for the potential market demand for each target market radius: Tables 5 & 6 1.5-Mile 3-Mile 5-Mile SF Demanded 116,526 to 120,146 96,975 to 100,860 76,438 to 80,601 Demand Conclusion The preliminary plans indicate the storage area of the subject’s Storage/Restaurant building will comprise 90,080 gross square feet, but no current unit mix is available. As the competitive property survey supports and discussions with a local developer confirmed, a rentable area ratio equal to 74% is reasonable for this analysis. This equates to an estimated rentable area as follows: Subject Property - Estimated Rentable Square Feet 90,080 GSF X 74% = 66,659 RSF, rounded to 66,660 RSF While all of the analyses up to 3 miles support the demand for the proposed facility, the above 5-mile analysis and the additional competition just beyond the 5-mile radius suggest the lower end of the benchmark analyses should be given the most consideration. As such, this potential demand analysis suggests that there is adequate demand for additional self-storage units, but probably only one or two facilities. Accordingly, these projections and the subject’s good visibility from SH-114 with high traffic counts in an expanding submarket for both residential and commercial with a very high average household income support that there is currently adequate potential market demand for the planned storage facility on the subject property. Market Study Page 66 ASSUMPTIONS AND LIMITING CONDITIONS: 1. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 2. It is assumed that the self-storage use would be an allowed use on the subject property and no special licenses or permits would impact the demand for the use. 3. Any sketch in this report may show approximate dimensions and is not included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. 4. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report. 5. It is assumed that the subject property is free from any hazardous waste and/or toxic materials and there are no negative influences impacting the site. 6. It is assumed any proposed project will be constructed to meet the Americans with Disabilities Act and the design will not negatively impact demand or absorption. 7. Any proposed improvements, repairs or modifications are assumed to be completed in a good workmanlike manner. 8. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the consultant, and in any event, only with proper written qualification and only in its entirety. 9. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the consultant, or the firm with which the consultant is connected) shall be disseminated to the public through advertising, public relations, news sales or other media without prior written consent and approval of the consultant. 10. The consultant herein by reason of this report is not required to give further consultation, testimony or be in attendance in court with reference to the property in question unless arrangements have been previously made, including just compensation. 11. The liability of Mainland Valuation Services, Inc. and its employees or contractors is limited to the fee collected for preparation of the report. There is no accountability or liability to any third party. 12. Any reference within the report to I, we, consultant or consultants is to be the one and same as the signing individual or individuals of this report. Market Study Page 67 Extraordinary Assumptions and/or Hypothetical Conditions: Extraordinary assumptions presume uncertain information to be factual. If found to be false these assumptions could alter the consultant's opinions or conclusions. Hypothetical conditions are contrary to what exists, but the conditions are asserted by the consultant for the purposes of analysis. No hypothetical conditions were utilized. The use of any hypothetical condition or extraordinary assumption may impact the conclusions derived within the report. Should the actual facts of an assumption be materially different from the estimates herein, the consultant reserves the right to modify this report (upon just compensation). 13. The demand conclusion assumes stable market conditions. The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply and demand factors, and a stable economy unless otherwise noted in the report. These forecasts are therefore subject to changes with future conditions. 14. Financial and real estate markets are in a state of uncertainty because of the Novel Coronavirus/COVID-19 pandemic. The outbreak of COVID-19 has been a rapidly evolving situation and the effects on the real estate market are currently unclear. As such, it is impossible to predict the effects on a near-term and/or long-term basis. The opinions and conclusions in this report are based on our interpretation of market conditions as well as their effect on the subject's demand as of the date of report. However, the impact on demand within rapidly changing market conditions cannot be fully quantified at this time. Therefore, the conclusions within this report are based on the most current information available to the consultant as of the date of report and is subject to change as the situation continues to evolve. 15. The intended users of this report should be aware of the uncertainty regarding market conditions and its potential impact on the subject's demand as of the effective date of the report. 16. 90,080 gross square feet was identified on the preliminary plans for the subject’s self- storage. A rentable area ratio of approximately 74%, or 66,660 rentable square feet, was assumed herein. Should the actual building areas be materially different from the estimates herein, the consultant reserves the right to modify this report (upon just compensation). 17. It is assumed that the contemplated uses, density and design of the project are or will be allowed and consistent with the zoning and permitting requirements. Should the actual requirements be materially different from the assumption herein, the consultant reserves the right to modify this report (upon just compensation). 18. No unit mix for the proposed self-storage has been made available, and it is beyond the scope of this report to analyze the potential unit mix. It is assumed the unit mix will be consistent with market demand and optimize the building efficiency and absorption. Should the actual unit mix be materially different from the assumption herein, the consultant reserves the right to modify this report (upon just compensation). Market Study Page 68 19. While every attempt was made to provide the highest level of accuracy and reliability, it must be recognized that the report relies heavily on written and verbal information as provided by others. In some cases these sources are competitors who may have a vested interest in skewing the data. Also, the municipalities have been contacted and interviewed, in person, by phone or online, to determine possible projects that are in plain view, submission, pending approval, or have been approved. The consultant also physically drove the area and reviewed online maps and reports to identify the competition within the defined radius. It is assumed the provided information within the report is reliable and there is no additional competition within the defined radius rings. Should any added or updated information be materially different from the assumption herein, the consultant reserves the right to modify this report (upon just compensation). Market Study Page 69 CERTIFICATION It is hereby stated that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. I have not provided any real property services for this property within the past three years. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined demand or direction in demand that favors the cause of the client, the amount of the demand conclusion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this report. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. My analyses, opinions, and conclusions were not developed, and this report was not prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice, but USPAP was used as a guideline. I have made a personal inspection of the property that is the subject of this report. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, John A. Gans, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. John A. Gans, MAI Market Study ADDENDA QUALIFICATIONS JOHN A. GANS, MAI 1. STATE CERTIFICATION: State of Texas Certified General Real Estate Appraiser (TX-1323087-G) 2. EDUCATION: Master in Business Administration, University of Kansas, 1982 Bachelor of Science in Journalism, University of Kansas, 1980 Real Estate Courses: CCIM 101: Fundamentals of Real Estate Investments and Taxation. Condemnation Process & Appraising and Mock Trial - Appraisal Institute Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets - Appraisal Institute (SBA Going Concern Registry) State of Texas: Course 303: Principles and Introduction to Real Estate, Commercial College Real Estate Institute, Dallas, Texas Course 1030: Real Estate Finance, Commercial College Real Estate Institute, Dallas, Texas Course 1230: Commercial and Income Property Brokerage, Commercial College Real Estate Institute, Dallas, Texas Fair Housing Law, Commercial College Real Estate Institute, Dallas, Texas Real Estate Law, Baylor University, Waco, Texas Real Property Management, Baylor University, Waco, Texas Numerous on-going continuing education courses and seminars Appraisal Institute (American Institute of Real Estate Appraisers): Course 1A-1: Real Estate Appraisal Principals Course 1A-2: Basic Valuation Procedures Course 1B-A: Capitalization Theory and Techniques, Part A Course 1B-B: Capitalization Theory and Techniques, Part B Course SPP: Standards of Professional Practice Course 2-1: Case Studies in Real Estate Valuation Course 2-2: Report Writing and Valuation Analysis Numerous on-going continuing education courses and seminars 3. PROFESSIONAL LICENSES: Real Estate Broker License, State of Texas Securities Licenses: Series 22, NASD Direct Participation Programs (Inactive) Series 63, Uniform Securities Agent (National Uniform Blue Sky) (Inactive) 4. EXPERIENCE: 5/01 to Present Independent Commercial Real Estate Appraiser, Mainland Valuation Services, Dallas, Texas 10/95 to Present Real Estate Brokerage & Consulting, MVS Real Property Services, Dallas, Texas 10/95 to 5/01 V.P. of Finance/Marketing/Real Estate., AMS, Pilot Point, Texas 12/92 to 10/95 Commercial Real Estate Appraiser, Mainland Valuation Services, Lawrence, Kansas 7/87 to 12/92 Commercial Real Estate Appraiser, Kevin K. Nunnink & Associates, Westwood, Kansas 3/86 to 7/87 Served as Treasurer of G.B. Investments, Inc., organized partnerships to develop income properties. 7/84 to 3/86 Assistant to Vice President and Real Estate Sales Assoc. for Grunnah/Swanson Real Property Co., Dallas, TX. 1/82 to 7/84 Marketing Representative for IBM, Kansas City, Missouri. 5. ASSOCIATION MEMBERSHIPS: Member, Appraisal Institute (MAI) No. 9043 National Association of Realtors Texas Association of Realtors North Texas Commercial Association of Realtors Phi Delta Theta Fraternity - Kansas Alpha APPRAISAL ASSIGNMENTS (Representative Sample): Multiple Target Stores - Various Cities, USA Multiple Net Lease and GSA Properties - Various Cities, USA Presidential Towers, Chicago, IL Miramar Metroplex Mixed Use Development, San Diego, California 42 Circle K Convenience Stores, Various Cities, USA 32 Wal-Mart Stores, Various Cities, USA River Market Redevelopment, Kansas City, Missouri Shoprite Shopping Centers, Various Cities in Upstate New York Proposed 500 Coventry Office Building, Crystal Lake, Illinois Frisco Boat & RV Storage, Frisco, Texas Tower Self Storage, Fate, Texas AA Assured Self Storage, Wylie, Texas Royal Self Storage, Prosper, Texas CityPark at Golden Triangle Apartments, Fort Worth, Texas Three Lakes Apartments, Overland Park, Kansas Rosehill Pointe Apartments, Lenexa, Kansas Austin Marriott Hotel, Austin, Texas Continental Manufacturing Building, Hazelwood, Missouri 500 acre Shawnee Mission Park Expansion, Johnson County, Kansas Proposed Heritage Oaks Nursing Home, Lake Jackson, Texas Numerous Existing Nursing Homes in the State of Texas Three Kansas City Star & Times Industrial Buildings, Kansas City, Missouri Multiple El Fenix Restaurants - DF/W Metropolitan Area QuickNClean Car Wash - Carrollton, TX SUBJECT PHOTOGRAPHS Looking north from the intersection of Aragon Drive and Tarragona Drive at the eastern/self-storage portion of the site Looking southeast from near the northwest corner of the site Aragon Drive on the right Looking easterly along SH-114 Subject is on the right Looking westerly along SH-114 Subject is on the left TW 619.74BW612.00 TW621.00 BW616.00 TW621.00BW616.00 TW621.00BW616.00 TW621.00BW616.00 TW 621.00 BW 616.00 TW622.00BW616.00 BW616.00 BW616.00 TW 631.78 BW 619.78 TW621.00 TW621.00 BW 616.00 TW 622.75 TW621.00 TW 621.00 BW 616.00 TW622.08 TW631.78BW619.98 TW 631.78 BW 620.20 TW621.00BW616.00 TC=637.01TC=636.25 TC=636.25TC=637.01 TC=634.97 TC=632.79 TC=632.16 TC=631.57 TC=630.23TC=628.86 TC=629.09 TC=629.48 TC=630.20 TC=637.87 TC=637.87 TC=632.87 TC=631.98 TC=629.98 TC=629.66 TC=629.31 TC=629.09 TC=628.75TC=627.36 TC=625.27 TC=628.45 TC=625.02 TC=624.15 TC=TW624.15BW 621.18 TC=623.39 TC=622.40 TC=623.58 TC=624.10 TC=622.40 TC=623.39 TC=634.68 TC=632.79 TC=632.16 TC=631.57 TC=629.47 TP=634.23 TP=628.61628.61 TP=628.95 TP=628.73 TP=633.69 TC=637.78 TP=628.33 TW 621.00 BW 616.00 TW621.00BW616.00 TW 621.00 BW 616.00 TC=623.36 TC=623.36 TP=623.24 TC=624.32 LIP=622.00 TW621.00BW616.00 TW621.00BW616.00 TW 619.74BW612.00 BW619.78 TW 621.00 BW 616.00 TW 619.74 BW 612.00 TW631.78BW620.20 TP=633.20 TW 621.00 BW 616.00TC=622.25 TC=622.13 TC=631.00 TC=630.75 TC=628.09 TP=627.85 TP=628.15 TC=629.00 FL=615.00 TW 622.75 BW 616.00 TW 622.80 TW622.50 BW616.00 TW622.65BW616.00 BW 616.00 TW 622.78 TW 622.78 BW 616.00 TP 622.85TW 622.78 BW 616.00 TC=623.13 TC=624.40 TC=623.89 EC=622.89 EC=623.34 EC=623.82 EC=624.02 EC=624.17 EC=621.34 EC=621.43 EC=621.52 EC=621.53 EC=621.53 EC=622.28641642643 644646647648649651652654 65 6658657659661662 664663666 631631632634636633637643642641 639638 637 634 659 6 5 8 6 5 7 6566 5 4 6 5 3 6 5 2 6 5 1 6 4 9 6 4 8 6 4 7 6 4 6 6 4 4 643642641639638637636650645640 650655 6656 6 0 6 5 5 6 5 0 6 4 5 6 4 0 6 4 5 660 6 5 5 6 5 0 645640655 650 630635 631631630 631 632 633 634 635 636 637 642 WV WVWV SSMHSSMH TR 6 AE 2230 4588 TR 7 CEA 2231 4589 TR 11 CEA 2252 4590 TR 7 CEA 2418 4601 TR 7.5 CEA 2420 4602 TR 6.5 CEA 2414 4603 TR 7 CEA 2410 4604 TR 12.5 COTT 2413 4606 TR 6.5 CEA 2422 4607TR 7 CEA 24234608 TR 12 OAK 4251 4701 BO VLV BO VLVWWMH PR3080PR3080 PR3080 PR3080 V E XIS T T R A S E W E R AV STATE HWY 114VOL. 222, PG. 176D.R.T.C.T.WATERLINE MARKER E XIS T 3 0" W A T E R LIN E (S O U T H L A K E) 3 1 2 4 54:1 MAX4:1 M A XC B PROPRETAININGWALL PROPRETAINING WALL PROPRETAINING WALL END TRAFFICRAIL FF 632.04 0,0 5 0 S F R E T A IL P A D S I T E S TR 6.5 CEA 2229 4587 TR 13.5 AE 2409 4605 TR 6.5 CEA 24084609TR 8.5 CEA 24244610TR 13 CEA 24214611 DNDNARAGONT A R R A G O N A24' FIRE LANESTORAGE / RESTAURANTRETAIL AREA ARETAIL AREA BRETAIL AREA CISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP000SITE PLAN20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1" = 60'-0"REF: 1 / P0061SITE PLAN UPP0062P006P006P00613412345678910BEA11CSHOP 1101SHOP 2102SHOP 3103SHOP 4104SHOP 5105SHOP 6106SHOP 7107SHOP 8108SHOP 9109SHOP 10110SHOP 11111SHOP 12112RETAIL CORNER113SHOP 13114SHOP 14115SHOP 15116SHOP 16117SHOP 17118SHOP 18119SHOP 19120SHOP 20121SHOP 21122SHOP 22123SHOP 23124SHOP 24125SHOP 25126DRIVE12728' - 0"28' - 0"28' - 0"28' - 0"22' - 0 1/4"28' - 0"28' - 0"28' - 0"28' - 0"15' - 6"30' - 1"24' - 0"38' - 0"92' - 7"55' - 0 1/4"206' - 0 3/8"1' - 6" 1' - 6"25' - 0"3' - 0"25' - 0"3' - 0"25' - 0"3' - 0"25' - 0"3' - 0"5' - 6" 15' - 9 5/8"25' - 8 5/8" 3' - 0"25' - 0"3' - 0"25' - 0"3' - 0"3' - 6" 18' - 0" 3' - 6"1' - 0" 10' - 0" 3' - 0" 10' - 0" 1' - 0" T A R R A G O N AARAGONELEV002ELEV001ELEV LOBBY000STAIR #101FIRE RISER128STAIR #202ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP001PRESENTATION PLAN -LEVEL 01 - STORAGE20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / P0062GROUND LEVEL - STORAGELOWER LEVEL : 22,520 SQ. FT. SECOND FLOOR : 22,520 SQ. FT.THIRD FLOOR : 22,520 SQ. FT.FOURTH FLOOR : 22,520 SQ. FT.FIFTH FLOOR : 3,940 SQ. FT. RESTAURANTTOTAL GROSS AREA : 94,020 SQ. FT.COVERED PATIO, FIFTH FLOOR : 1,765 SQ. FT.MECHANICAL YARD, FIFTH FLOOR: 7,820 SQ. FT.PATIO AREA FIFTH FLOOR: 5,165 SQ. FT.SITE AREA FOR STORAGE/RESTAURANT: 30,944 SQ. FT. (0.71 ACRES)52 PARKING SPOTS FOR ENTIRE BLOCK C DNUPDNP0062P006P006P00613412345678910BEA11C27' - 0"18' - 0"18' - 0"27' - 0"28' - 0"28' - 0"28' - 0"28' - 0"22' - 0 1/4"28' - 0"28' - 0"28' - 0"28' - 0"15' - 6"30' - 1"24' - 0"38' - 0"STAIR03ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP002PRESENTATION PLAN -LEVEL 02 - STORAGE20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / P0062FLOOR PLAN - LEVEL 02 - STORAGE DNUPP0062P006P006P00613412345678910BEA11CLEVEL 3300ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP003PRESENTATION PLAN -LEVEL 03 - STORAGE20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / P0061LEVEL 3 STRG DNUPP0062P006P006P00613412345678910BEA11CLEVEL 4400ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP004PRESENTATION PLAN -LEVEL 04 - STORAGE20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / P0061LEVEL 4 STRG DNDNP0062P006P006P00613412345678910BEA11CP0071RESAURANT / BAR500P0072MECHANICAL EQUIPMENT YARD-COVERED PATIO501ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP005PRESENTATION PLAN -LEVEL 05 - RESTAURANT20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / P0061LEVEL 5 STRG GROUND LEVEL638' -0"LEVEL 2 STRG649' -0"LEVEL 3 STRG660' -0"LEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"MISSION BARREL TILE ROOFCAST STONEMISSION BARREL TILE ROOFWROUGHT IRON RAILINGWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MISSION BARREL TILE ROOFWROUGHT IRON RAILINGROUGH STONE ARCH PER ENTRADA DESIGN GUIDELINESEXTERIOR STONE FINISHOVERHEAD COILING DOOR TO MATCH COLOR PER ENTRADA GUIDELINESDECORATIVE CAST STONE PARAPET CAPDECORATIVE WROUGHT IRON TOWER ELEMENTDECORATIVE WROUGHT IRON TOWER ELEMENTEXIT STAIRWELL FROM LEVEL 2-5SCREENED MECHANICAL YARDGROUND LEVEL638' -0"LEVEL 2 STRG649' -0"LEVEL 3 STRG660' -0"LEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"MISSION BARREL TILE ROOFDECORATIVE CAST STONEOVERHEAD COILING DOOR PER ENTRADA GUIDELINESMISSION BARREL TILE ROOFFULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINESMISSION BARREL TILE ROOFWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON RAILINGDECORATIVE WROUGHT IRON TOWER ELEMENTDECORATIVE WROUGHT IRON TOWER ELEMENTMISSION BARREL TILE ROOFGROUND LEVEL638' -0"LEVEL 2 STRG649' -0"LEVEL 3 STRG660' -0"LEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"MISSION BARREL TILE ROOFDECORATIVE CAST STONEWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY DECORATIVE CAST STONE PARAPET CAPDECORATIVE WROUGHT IRON TOWER ELEMENTEXIT STAIRWELL FROM LEVEL 2-5DECORATIVE CAST STONEWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY SCREENED MECHANICAL YARDGROUND LEVEL638' -0"LEVEL 2 STRG649' -0"LEVEL 3 STRG660' -0"LEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"MISSION BARREL TILE ROOFMISSION BARREL TILE ROOFWROUGHT IRON RAILINGWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MISSION BARREL TILE ROOFWROUGHT IRON RAILINGROUGH STONE ARCH PER ENTRADA DESIGN GUIDELINESEXTERIOR STONE FINISHOVERHEAD COILING DOOR PER ENTRADA GUIDELINESDECORATIVE CAST STONE PARAPET CAPFULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINESDECORATIVE WROUGHT IRON TOWER ELEMENTDECORATIVE WROUGHT IRON TOWER ELEMENTDECORATIVE WROUGHT IRON TOWER ELEMENTMISSION BARREL TILE ROOFISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP006PRESENTATIONELEVATIONS -STORAGE/RESTAURANT20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK C1/16" = 1'-0" REF: 1 / A1001STORAGE - NORTH1/16" = 1'-0" REF: 1 / A1002STORAGE - EAST1/16" = 1'-0" REF: 1 / A1003STORAGE - WEST1/16" = 1'-0" REF: 1 / A1004STORAGE - SOUTHNO.DESCRIPTIONDATE LEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINESMISSION BARREL TILE ROOFWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICYLEVEL 5 STRG682' -0"LEVEL 4 STRG671' -0"MISSION BARREL TILE ROOFWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY DECORATIVE WROUGHT IRON TOWER ELEMENTSTONE PLANTERWROUGHT IRON RAILINGFULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINESISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP007PRESENTATIONELEVATIONS -RESTAURANT/ AXO20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATE1/16" = 1'-0" REF: 1 / A1111LEVEL 5 - RESTAURANT1/16" = 1'-0" REF: 1 / A1112LEVEL 5 - RESTAURANT FOUNTAIN AREA3AXO - STORAGE4AXO-STORAGE ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP012RENDERINGS20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATECOLORED ELEVATION FROM LOWER LEVELCOLORED ELEVATION FROM UPPER LEVELSTORAGE / RESTAURANT ELEVATION AT ARAGONRETAIL ELEVATION LOWER LEVEL AT TARRAGONA ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP014RENDERINGS20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATEUPPER LEVEL AT STORAGE VIEW TOWARDS RETAILUPPER LEVEL VIEW AT STORAGE / RESTAURANTSTORAGE / RESTAURANT ELEVATION AT ARAGONAERIAL VIEW ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP015RENDERINGS20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATEVIEW FROM LEVEL 4 TOWARDS RETAIL LOCATED ON TARRAGONAAERIAL VIEWLOWER LEVEL VIEW AT TARRAGONA TOWARDS STORAGE / RESTAURANTLOWER LEVEL VIEW TOWARDS STORAGE / RESTAURANT ISSUE LOGPROJECT NO:ISSUED FOR:DRAWN BY:DATE:4700 WESTGROVE DRIVE, STE 200ADDISON, TX 75001PHONE 469-857-3151BushARCHITECTS© BUSH ARCHITECTS, LLC - 2019NOT FOR CONSTRUCTIONP016RENDERINGS20-085Checker09/21/2020ReviewENTRADA BLOCK C TOWN OF WESTLAKE TARRANT COUNTY, TEXAS ENTRADA BLOCK CNO.DESCRIPTIONDATEUPPER LEVEL VIEW TOWARDS RETAIL, STORAGE / RESTAURANTUPPER LEVEL VIEW TOWARDS RETAIL, STORAGE / RESTAURANTUPPER LEVEL VIEW TOWARDS RETAIL, STORAGE / RESTAURANTAERIAL VIEW MAINLAND VALUATION SERVICES. INC. Real Estate Appraisers & Consultants December 17,2020 Mr. Michael Beaty Mooreland Development 4516 Lovers Lane 350 Dallas, TX 75225 Reference: Self Storage Market Study Assignment 2.232 Acres of Land 56 to 64 Tarragona Drive Block C, Lots 1 & 2 at Westlake Entrada Town ofWestlake, Tarrant County, Texas Dear Mr. Beaty: Thank you, on behalf of Mainland Valuation Services, Inc., for the opportunity to fulfill your analysis needs. Pursuant to our discussions, this letter will serve as our proposal and, upon your acceptance, our letter of engagement to conduct a review of the marketplace to determine the demand for a self storage facility on the above-referenced property. It is our understanding that the above listed entity is the client of this assignment. We have been advised that the purpose of the assignment is to provide a basis for internal planning. Based on this understanding, our firm will provide an overview of the marketplace, subject submarket and analyze the potential demand for additional self storage units. As a self storage use is being contemplated for a planned development zoning application, this analysis will not address unit mixes or specific potential land-plans for the site in relation to zoning requirements and will focus on the overall demand for the use. Accordingly, no associated potential revenue streams or valuations will be analyzed. We intend to complete the consulting assignment within three to four weeks from commencement of the engagement; however, the client recognizes the potential delays that may occur because of the holidays and COVID-19. We will provide a PDF copy of the report. Hard copies of the report are available at $25.00 per copy. The fee for this assignment is $5,500.00 and is due upon delivery of the report. In addition to said professional fee for this assignment, you agree to compensate our firm at a rate of $250 per hour for any time expended by us should we be required (by subpoena or otherwise) or requested by you or your representative to become involved in any litigation or legal proceeding in any way involving this engagement, the appraisal work produced, or the property which is the subject of this assignment. You also agree to pay on demand all expenses in connection with any related litigation of legal proceedings to which we are not a party. 2921 MOSS CREEK CT McKINNEY, TX 75072 972-741-7264 FAX 972-767-0201 Mr. Beaty Page 2 Commencement of the engagement shall occur upon delivery of your written authorization. Additionally, should you agree to tenninate the assignment at any point during the analysis, Mainland Valuation Services, Inc. shall be entitled to compensation based upon a pro-rata share of time and expenses incurred. If the terms of this contract are acceptable, please sign and return one executed copy of this agreement as soon as possible. Thank you for this opportunity to be of service. We look forward to working with you. Respectfully submitted, MAINLAND VALUATION SERVICES, INC. ^^^j^-- John A. Gans, MAI Printed: f-^^U^^.^^^y Date:. ^»z-?. LZ. c^- For: ^A ^&<A.AV<r r/T>^^ /^^/^/-v^ /^^^ Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P000A REPOSITORY RESTAURANTS RETAIL ARAGON TARRAGONA DN DN DN DN ARAGON TARRAGONA24' FIRE LANE REPOSITORY / RESTAURANT RETAIL UPPER RETAIL LOWER 5 3 13 16 14 EXISITNG RESTAURANT EXISITNG RESTAURANT EXISITNG RECEPTION EXISTING TOPO Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P000B 1" = 50'-0"REF: 1 / P0051SITE PLAN 2 AXO -OVERALL BLOCK C HIGHWAY 114 UPPER LEVEL: NEW STREET LOWER LEVEL: TARRAGONA BLOCK C - REPOSITORY AND RETAIL RESTAURANTS Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P000C 1/16" = 1'-0" REF: 1 / A100 1 SITE SECTION THRU BLOCK C UP P0052 P005 P005 P005 1 3 4 SHOP 1 101 SHOP 2 102 SHOP 3 103 SHOP 4 104 SHOP 5 105 SHOP 6 106 SHOP 7 107 SHOP 8 108 SHOP 9 109 SHOP 10 110 SHOP 11 111 SHOP 12 112 RETAIL CORNER 113 SHOP 13 114 SHOP 14 115 SHOP 15 116 SHOP 16 117 SHOP 17 118 SHOP 18 119 SHOP 19 120 SHOP 20 121 SHOP 21 122 SHOP 22 123 SHOP 23 124 SHOP 24 125 SHOP 25 126 DRIVE 127 92' - 7"55' - 0 1/4"206' - 0 3/8" 25' - 0"3' - 0"25' - 0"3' - 0"25' - 0"3' - 0"25' - 0"3' - 0"5' - 6" 15' - 9 5/8"25' - 8 5/8" 3' - 0"25' - 0"3' - 0"25' - 0"3' - 0" 3' - 6" 18' - 0" 3' - 6"1' - 0" 10' - 0" 3' - 0" 10' - 0" 1' - 0"TARRAGONAARAGON ELEV 002 ELEV 001 ELEV LOBBY 000 STAIR #1 01 FIRE RISER 128 STAIR #2 02 4 6 ' - 1 0 "24' WIDE FIRE LANE, 100' OF THE FUTURE FIRE LANE TO ACCESS PAD MID-POINT FIRE HOSE DROP 85' - 0"150' - 0" REPOSITORY DUMPSTER LOCATION MONUMENT WAYFINDING R 30' - 8"R 30' - 0"R 30' - 0" APPROVED FIRE LANE NOT TO EXCEED 10% GRADE 44' - 0 1/8"1370 SQ FT320 SQ FT6 SPACES AT 9' X 18' 54' - 0" 3 SPACES AT 9' X 18' 27' - 0" Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P001 1/16" = 1'-0" REF: 1 / P005 2 GROUND LEVEL - STORAGE LOWER LEVEL : 22,520 SQ. FT. SECOND FLOOR : 22,520 SQ. FT. THIRD FLOOR : 22,520 SQ. FT. FOURTH FLOOR : 22,520 SQ. FT. FIFTH FLOOR : 3,940 SQ. FT. RESTAURANT TOTAL GROSS AREA : 94,020 SQ. FT. COVERED PATIO, FIFTH FLOOR : 1,765 SQ. FT. MECHANICAL YARD, FIFTH FLOOR: 7,820 SQ. FT. PATIO AREA FIFTH FLOOR: 5,165 SQ. FT. SITE AREA FOR STORAGE/RESTAURANT: 30,944 SQ. FT. (0.71 ACRES) 17 PARKING SPACES FOR REPOSITORY DN UP DN P0052 P005 P005 P005 1 3 4 P010 2 27' - 0"24' - 0"18' - 0"3 SPACES AT 9' X 18' 27' - 0" STAIR 03 4 6 ' - 1 0 "DROP-OFF AREA, LOCATED IN FRONT OF ENTRANCE GARAGE DOOR. DROP-OFF AREA NOT TO IMPEDE ON FIRE LANE. 24' WIDE FIRE LANE, 100' OF THE FUTURE FIRE LANE TO ACCESS PAD APPROVED FIRE LANE NOT TO EXCEED 10% GRADE 44' - 0 1/8" 3' - 0" 3 2 ' - 4 7 /8 "2 1 ' - 5 "7' - 6 3/8" 8 SPACES @ 9' X 18' 72' - 0" 5 SPACES AT 9' X 18' 45' - 0" Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P002 1/16" = 1'-0" REF: 1 / P005 2 FLOOR PLAN - LEVEL 02 - STORAGE DN UP DN UP P0052 P005 P005 P005 1 3 4 LEVEL 3 300 APPROXIMATE UNIT COUNT: 10'x15' 55 OUTER PERIMETER 10'x10' 30 INNER RING 5'x10' 50 TWO-ROWS 5'x5' 15 FILL-INS PENDING FINAL LAYOUT ODD SIZES 4 TOTAL 154 P0052 P005 P005 P005 1 3 4 LEVEL 4 400 Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P003 1/16" = 1'-0" REF: 1 / P005 1 LEVEL 3 STRG 1/16" = 1'-0" REF: 1 / P005 2 LEVEL 4 STRG DN DN DN RESAURANT / BAR 500 MECHANICAL EQUIPMENT YARD - COVERED PATIO 501 P0052 P005 P005 P005 1 3 4123456 7 8 9 10 B E A 11 C P0061 P006 2 4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4 " / 1'- 0 " 4 " / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"4" / 1'-0"MECHANICAL EQUIMENT YARD. ROOF TO SLOPE DOWN TO DRAINS Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P004 1/16" = 1'-0" REF: 1 / P005 1 LEVEL 5 STRG 1/16" = 1'-0"2 ROOF PLAN GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" LEVEL 3 STRG 22' - 0" LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF CAST STONE MISSION BARREL TILE ROOF WROUGHT IRON RAILING WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MISSION BARREL TILE ROOF WROUGHT IRON RAILING ROUGH STONE ARCH PER ENTRADA DESIGN GUIDELINES EXTERIOR STONE FINISH GARAGE DOOR PER ENTRADA GUIDELINES DECORATIVE CAST STONE PARAPET CAP DECORATIVE WROUGHT IRON TOWER ELEMENT DECORATIVE WROUGHT IRON TOWER ELEMENT EXIT STAIRWELL FROM LEVEL 2-5 SCREENED MECHANICAL YARD PROPOSED SIGNAGE LOCATION FOR REPOSITORY 8,860 SQ.FT. STONE 15% VOID 6% CAST STONE 4" 1'-0" 4" 1'-0" GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" LEVEL 3 STRG 22' - 0" LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF DECORATIVE CAST STONE GARAGE DOOR PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON RAILING DECORATIVE WROUGHT IRON TOWER ELEMENT DECORATIVE WROUGHT IRON TOWER ELEMENT MISSION BARREL TILE ROOF 4,880 SQ.FT. STONE 9% VOID 4% CAST STONE GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" LEVEL 3 STRG 22' - 0" LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF DECORATIVE CAST STONE WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY DECORATIVE CAST STONE PARAPET CAP DECORATIVE WROUGHT IRON TOWER ELEMENT EXIT STAIRWELL FROM LEVEL 2-5 DECORATIVE CAST STONE WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY SCREENED MECHANICAL YARD 3.219 SQ.FT. STONE 2% VOID 11% CAST STONE GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" LEVEL 3 STRG 22' - 0" LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF MISSION BARREL TILE ROOF WROUGHT IRON RAILING WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MISSION BARREL TILE ROOF WROUGHT IRON RAILING ROUGH STONE ARCH PER ENTRADA DESIGN GUIDELINES EXTERIOR STONE FINISHGARAGE DOOR PER ENTRADA GUIDELINES DECORATIVE CAST STONE PARAPET CAP FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES DECORATIVE WROUGHT IRON TOWER ELEMENT DECORATIVE WROUGHT IRON TOWER ELEMENT DECORATIVE WROUGHT IRON TOWER ELEMENT MISSION BARREL TILE ROOF 4" 1'-0" 4" 1'-0" 9,335 SQ.FT. STONE 19% VOID 14% CAST STONE Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P005 1/16" = 1'-0" REF: 1 / A100 1 STORAGE - NORTH 1/16" = 1'-0" REF: 1 / A100 2 STORAGE - EAST 1/16" = 1'-0" REF: 1 / A100 3 STORAGE - WEST 1/16" = 1'-0" REF: 1 / A100 4 STORAGE - SOUTH LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY4" 1'-0" 700 SQ.FT. STONE 7% CAST STONE 37% VOID LEVEL 5 STRG 44' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY DECORATIVE WROUGHT IRON TOWER ELEMENT STONE PLANTER WROUGHT IRON RAILING FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES 890 SQ.FT. STONE 2% CAST STONE Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P006 1/16" = 1'-0" REF: 2 / P004 1 LEVEL 5 - RESTAURANT 1/16" = 1'-0" REF: 2 / P004 2 LEVEL 5 - RESTAURANT FOUNTAIN AREA 3 AXO - STORAGE 4 AXO-STORAGE Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P007 1 AXO - RETAIL UPPER LEVEL Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P008 1 AXO -RETAIL LOWER LEVEL UP UP UP P009 2 P0093 TARRAGONA FIRE RISER 128 3' - 0"44' - 0 1/8"1 P000C 1370 SQ FT 320 SQ FT 1240 SQ FT 960 SQ FT 870 SQ FT 570 SQ FT 620 SQ FT 500 SQ FT 1000 SQ FT 600 SQ FT 1070 SQ FT850 SQ FT GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" MISSION BARREL TILE ROOF WROUGHT IRON RAILINGWROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF ELEVATOR ENCLOSUREWATER FOUNTAIN EXISTING ELECTRICAL EQUIPMENT MECHANICAL YARD MISSION BARREL TILE ROOF WROUGHT IRON RAILINGCAST STONE EXTERIOR STONE FINISH MISSION BARREL TILE ROOF 364 sq ft Stone - 73% Cast Stone - 7% Void Space - 20% 788 sq ft Stone - 52% Cast Stone - 18% Void Space - 30% 878 sq ft Stucco - 28% Stone - 45% Cast Stone - 6% Void Space - 21% 878 sq ft Stucco - 28% Stone - 45% Cast Stone - 6% Void Space - 21% 902 sq ft Stucco - 42% Stone - 43% Cast Stone - 6% Void Space - 9% 850 sq ft Stone - 83% Cast Stone - 2% Void Space - 15% 840 sq ft Stone - 74% Cast Stone - 12% Void Space - 14% 674 sq ft Stone - 73% Cast Stone - 13% Void Space - 14% 515 sq ft Stone - 84% Cast Stone - 5% Void Space - 11% 620 sq ft Stone - 84% Cast Stone - 5% Void Space - 11% 414 sq ft Stone - 80% Cast Stone - 5% Void Space - 15% 678 sq ft Stone - 76% Cast Stone - 10% Void Space - 14% Stone - 73% Cast Stone - 6% Void Space - 21% GROUND LEVEL 0' - 0" LEVEL 2 STRG 11' - 0" MISSION BARREL TILE ROOF WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY 42" WALL Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P009 1/16" = 1'-0" REF: 1 / P005 1 LOWER LEVEL - RETAIL 1/16" = 1'-0" REF: 1 / A100 2 ELEVATION - RETAIL - LOWER LEVEL 1/16" = 1'-0" REF: 1 / A100 3 ELEVATION - LOWER LEVEL LOWER LEVEL : 11,545 SQ. FT. UPPER LEVEL : 42,235 SQ. FT. TOTAL GROSS AREA : 53,780 SQ. FT. 88 PARKING SPOTS FOR RETAIL 907 sq ft Stone - 88% Cast Stone - 3% Void Space - 9% 907 sq ft Stucco - 0% Stone - 88% Cast Stone - 3% Void Space - 9% DN DN DN DN 12 11 10 9 8 7 6 5 4 3 2 1 19181716151413 987654321 19181716151413121110 9 8 7 6 5 4 3 2 1 19181716151413121110 P005 1 P010 2 P009327' - 0"24' - 0"18' - 0"3 SPACES AT 9' X 18'27' - 0"44' - 0 1/8"3' - 0"1' - 0"6' - 9"20' - 6 5/8" 16 SPACES @ 9' X 18' = 144' - 0" 27' - 8 1/8"30' - 0"31' - 2 1/8"24' - 8" 113' - 6 1/8"17' - 8 1/2"CLEAR6' - 0"6' - 6"3' - 0"35' - 0 1/2"1 9 ' - 9 1 /2 "1 7 ' - 1 0 7 /8 " 4 3 ' - 4 7 /8 "28' - 5 5/8"11' - 8 1/8"2 8 ' - 5 3 /4 "9' - 0"24' - 2"6' - 7 1/4"32' - 4 7/8"21' - 5"20' - 0"46' - 0"13 SPACES @ 9' X 18' = 117' - 0"14 SPACES @ 9' X 18' = 126' - 0"14' - 0"CLEAR6' - 0"20' - 0"20' - 0"18' - 0"24' - 0"18' - 0"24' - 0"18' - 0"8' - 6"8' - 11 1/4"11' - 0 5/8"2' - 2"4' - 0"2' - 0"35' - 1 3/4"29' - 1 3/4"2' - 0"7' - 6 3/8"CLEAR 5' - 6"9' - 1 5/8" P010 3 9 0 . 0 0 ° 1 P000C 1370 SQ FT 320 SQ FT 850 SQ FT 1070 SQ FT 1240 SQ FT 960 SQ FT 870 SQ FT 570 SQ FT 620 SQ FT 500 SQ FT 1000 SQ FT 600 SQ FT 620 SQ FT 1000 SQ FT 500 SQ FT 570 SQ FT870 SQ FT960 SQ FT1240 SQ FT 1070 SQ FT850 SQ FT 850 SQ FT 1370 SQ FT 320 SQ FT 640 SQ FT 2740 SQ FT 2550 SQ FT 2140 SQ FT 2480 SQ FT 1920 SQ FT 1740 SQ FT 1140 SQ FT 1240 SQ FT 1000 SQ FT 2000 SQ FT 1230 SQ FT 3200 SQ FT 1550 SQ FT 1550 SQ FT 1570 SQ FT 1570 SQ FT 3430 SQ FT 3430 SQ FT 1600 SQ FT1620 SQ FT1600 SQ FT 1100 SQ FT 10 SPACES @ 9' X 18' 90' - 0"13 SPACES @ 9' X 18' 117' - 0"8 SPACES @ 9' X 18' 72' - 0"3 SPACES @ 9' X 18' 27' - 0"3 SPACES @ 9' X 18' 27' - 0"8 SPACES @ 9' X 18'72' - 0"LEVEL 2 STRG 11' - 0" LEVEL 4 STRG 33' - 0" MISSION BARREL TILE ROOF CAST STONE MECHANICAL YARD EXTERIOR STONE FINISH FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF ELEVATOR ENTRANCE WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MECHANICAL YARD FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES CAST STONE MISSION BARREL TILE ROOFTotal Stone - 53% Total Stucco - 21% Total Cast Stone - 6.5% Total Void Space - 19.5% MISSION BARREL TILE ROOF CAST STONE MECHANICAL YARD EXTERIOR STONE FINISH FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES MISSION BARREL TILE ROOF WROUGHT IRON APPEARANCE LIGHT FIXTURES TO COMPLY WITH DARK-SKY POLICY MECHANICAL YARD FULL MASONRY CHIMNEY/FIREPLACE PER ENTRADA GUIDELINES CAST STONE MISSION BARREL TILE ROOF MISSION BARREL TILE ROOF EXTERIOR STONE FINISHEXTERIOR STONE FINISH WROUGHT IRON RAILING Total Stone - 37% Total Stucco - 31% Total Cast Stone - 10% Total Void Space - 22% Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P010 1/16" = 1'-0" REF: 1 / P005 1 UPPER LEVEL - RETAIL AREA 1/16" = 1'-0" REF: 1 / A100 2 UPPER LEVEL ELEVATION - RETAIL 1/16" = 1'-0" REF: 1 / A102 3 UPPER LEVEL - RETAIL AREA LOWER LEVEL : 11,545 SQ. FT. UPPER LEVEL : 42,235 SQ. FT. TOTAL GROSS AREA : 53,780 SQ. FT. 88 PARKING SPOTS FOR RETAIL Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P012 UPPER LEVEL VIEW TOWARDS RETAIL, REPOSITORY / RESTAURANT UPPER LEVEL VIEW TOWARDS RETAIL, REPOSITORY / RESTAURANT UPPER LEVEL VIEW TOWARDS RETAIL, REPOSITORY / RESTAURANT UPPER LEVEL VIEW TOWARDS RETAIL, REPOSITORY / RESTAURANT Bush ARCHITECTSNOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. NOTE: Renderings, materials, graphics, dimensions and any associated design content presented herein are conceptual and for preliminary review purposes only. Final design is subject to juristictional review and approval under separate submittal. ENTRADA BLOCK C REPOSITORY AND RETAIL - V4 07/06/2021 P013 UPPER LEVEL AT STORAGE VIEW TOWARDS RETAIL UPPER LEVEL VIEW AT STORAGE / RESTAURANT STORAGE / RESTAURANT ELEVATION AT ARAGON AERIAL VIEW ADJOURNMENT Planning and Zoning Commission Item #8 Page 1 of 7 WESTLAKE PLANNING & ZONING COMMISSION TYPE OF ACTION Regular Meeting - Action Item Monday, September 20, 2021 TOPIC : Conduct a public hearing and consider recommendation of p roposed amendments to Ordinance 928 regulating the PD7 zoning district, known as “Westlake Ranch”, approving concept/development plan for a 3-acre portion thereof, located east of Pearson Lane and south of Aspen Lane. STAFF CONTACT: Ron Ruthven, Planning and Development Director Strategic Alignment Vision, Value, Mission Perspective Strategic Theme & Results Outcome Objective Planned / Responsible Development Citizen, Student & Stakeholder High Quality Planning, Design & Development - We are a desirable well planned, high-quality community that is distinguished by exemplary design standards. Preserve Desirability & Quality of Life Strategic Initiative EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) Waterside Land Company, LLC, on behalf of property owners Bryant and Becky Fisher, is requesting approval of concept/development plan for a three-acre portion of the PD7 zoning district. The developer proposes to construct a private street that would include a total of three single family detached homes on the Phase Two portion of the PD7 zoning district. PD7 ZONING REQUIREMENTS PD7 was amended by Ordinance 928 on May 24, 2021. As part of these amendments, the 37.8- acre zoning district was divided into two portions: Phase One – 34.8 acres with 32 lots; and Phase Two – 3 acres with up to 4 lots pending the final approval of a concept/development plan. The portion of the PD7 zoning district that pertains to the applicant’s request is the Phase Two portion only. Ordinance 928, Exhibit A, Section 1(C) states: “Phase two of the PD7 zoning district may contain up to 4 single family residential lots pending final approval of a concept/development plan specific Page 2 of 7 to the phase two portion of the development. Said concept/ development plan shall be approved as a n amendment to the PD7 zoning district.” The subject property is currently undeveloped. The concept/development plan for Phase One was approved by Ordinance 928. Site grading for the Phase One portion is currently underway and the civil construction plan s are currently under review. PD7 HISTORY The following is a chronology of events and actions regarding the PD7 zoning district: First Zoning Change Request 11/17/2017: The initial zoning change application is received from the original developer, Waterside Land Company LLC to rezone the property from R5 - Country Residential to PD7. The original concept/development plan includes 89 single family homes including attached and detached homes with a gross housing density of 2.34 units per acre. 4/16/2018: First consideration of the request by the Planning and Zoning Commission. Concept/development plan includes 72 single family homes with a gross housing density of 1.89 units per acre. The request is tabled given technical issues involving property ownership. 4/30/2018: First Town Council discussion of the item. The item is tabled by the Town Council given Commission tabled status of the item. 5/14/2018: Second consideration of the tabled request by the Planning and Zoning Commission. The Planning and Zoning Commission votes to recommend denial of the request without prejudice. 5/21/2018: REQUEST WITHDRAWN. Second consideration of the request by the Town Council. The applicant requests to withdraw the item prior to a Council vote and the zoning request closes. Second Zoning Change Request 7/13/2018: Waterside Land Company LLC submits a second zoning change application to rezone the property from R5 - Country Residential to PD7. The proposed concept/development plan includes 68 single family homes with a gross housing density of 1.79 units per acre. 2/11/2019: First consideration of the 2nd request by the Planning and Zoning Commission. Concept/development plan includes 68 single family homes with a gross housing density of 1.89 units per acre. The request is tabled to have the applicant provide additional information. 2/25/2019: First Town Council discussion of the tabled 2nd request. The item is tabled b y the Town Council given Commission tabled status of the item. Page 3 of 7 3/11/2019: Second consideration of the tabled 2nd request by the Planning and Zoning Commission. A revised concept/development plan is submitted for consideration that includes 54 single family homes with a gross housing density of 1.43 units per acre. The request is recommended for approval by the Commission. However, the approval includes the condition that there be no more than 38 residential lots in the development with a gross housing density not to exceed one dwelling unit per acre. 3/25/2019: REQUEST DENIED. Second Town Council consideration of the 2nd request. Although the Commission recommended approval subject to a maximum of 38 lots, the applicant did not agree to the 38-lot recommendation and requested approval of the 54-lot plan. Therefore, the Town Council voted to deny the request, closing the request. Third Zoning Change Request 5/8/2019: Waterside Land Company LLC submits a third second zoning change application to rezone the property from R5 - Country Residential to PD7. The request includes 38 single family lots with gross housing density of one dwelling unit per acre. 5/13/2019: The Planning and Zoning Commission considers the request and votes to recommend approval of the item with certain conditions. 5/20/2019: REQUEST APPROVED. The Town Council considers the request and votes to approve the zoning change by approving Ordinance 882. Events After Zoning Approval 9/30/2019: The PD7 preliminary site evaluation is approved by the Town Council. 10/7/2019: The development and economic development agreements between the Town and Waterside Land Company LLC are approved by the Town Council. 8/28/2020: Paul Pastore, Waterside Land Company LLC, sends a potential 44 lot concept plan to Town staff for preliminary review with the intent of submitting a PD amendment application to formally approve the amended plan. However, an application is never received. The last correspondence with Mr. Pastore is received on 9/17/2020. 1/25/2021: A zoning application to amend PD7 is received from a new potential developer, Pearson 35 Opportunities LLC. 5/24/2021: Ordinance 882, approving the PD7 zoning district, is amended by Ordinance 928, which, due to lack of property owner consent on the part of the minority property owner to amend the zoning, results in the district being divided into two separate phases, with Phase One containing the “Westlake Ranch” development and Phase Town to be addressed by a future developer with a separate concept/development plan. Page 4 of 7 8/2/2021: A zoning application to amend PD7 and approve a concept/development plan for Phase Two is received from Waterside Land Company, LLC. DEVELOPMENT PROPOSAL The attached concept/development plan shows Phase Two containing three residential lots served by an approximately 200-foot-long private street that ends in a cul-de-sac. The following are the total breakdowns of proposed use: Total Acreage: 3.00 acres Common Open Space: 0.23 acres (7.9%) Private Open Space (landscape Easements): 0.87 acres (29.2%) Total Open Space (Public and Private): 1.1 acres (36.6%) Residential Lot Area: 2.35 acres (78.3%) Roadway Right-of-way Area: 0.41 acres (13.8%) Proposed Development Standards The applicant proposes to utilize many of the basic lot requirements from the original Spencer Ranch standards contained in Ordinance 882. Total Units: 3 Single Family Detached Units Gross Density: 1 dwelling unit per acre Average residential lot size: 0.78 acres Minimum lot size: 25,591 square feet Ordinance 882 Development Standards: Front Setback: 10 feet; or 5 feet where courtyards/motor courts are provided; Side Setbacks: 0 feet; the principal structure may be located on the property line; the total length of the building to be located on the property line shall not exceed 20% of the average lot depth; Rear Setback: 40 feet; Minimum Unit Size: 3,000 square feet; Maximum Height: 35 feet from finished floor to the mid point of the span of the highest roof pitch. Setback from Aspen Lane: 40 feet Setback from Southern Boundary line: 40 feet For comparison purposes, the following are the development standards for Westlake Ranch in Ordinance 928: Minimum Lot Size: 21,250 square feet; Minimum Lot Width at Building Line: 105 feet; Front Setback: 30 feet Page 5 of 7 Side Setbacks: 5 feet on one side of the lot and 15 feet on the opposite side Rear Setback: 40 feet; Minimum Unit Size: 4,500 square feet; Maxim um Height: 35 feet from finished floor to the mid- point of the span of the highest roof pitch. Maximum First Floor under Roof: 7,800 square feet LANDSCAPING AND OPEN SPACE A total of 36.6% of Phase Two is proposed for use as open space. The breakdown includes 7.9% common open space to be maintained by the homeowner’s association and the remainder to be located within landscape easements on the individual private lots, similar to portions of Westlake Ranch. In comparison, the Westlake Ranch open space requirement is 34.68%. Ordinance 928 states the following regarding landscape easements: “Landscape Easements - The following note shall be placed on the final plat relative to the landscape easements: " Landscape easements are intended for landscape material such as trees, plants, and groundcover only. No impervious surface of any kind or permanent structures, including buildings and swimming pools, may be placed in any landscape easement." The applicant states that they would like to abide by the landscape requirements for the Spencer Ranch development approved by Ordinance 882. However, the Ordinance 882 landscape requirements are the same as those contained in Ordinance 928. No common open space amenities were provided by the developer. FENCING AND GATES According to the concept/development plan, a six -foot ornamental iron fence will be built on the perimeter of the development. No graphics were provided showing fencing. The street is private and will be gated. No details were provided regarding the design of the gate. BUILDING DESIGN AND STYLE The applicant did not provide a description of the proposed home style for the development. However, a link was sent with sample home elevations, viewable here. Per Ordinance 928 conditions, design guidelines demonstrating compliance with the Building Quality Manual must be submitted by the developer. STAFF RECOMMENDATIONS AND SUMMARY The proposed development includes three single family detached homes on the three-acre Phase Two portion of the PD7 zoning district. While scant detail was provided for the proposed development in comparison to the Westlake Ranch portion, staff believes that, provided the conditions contained in Ordinance 928 are met, the proposed development will be somewhat consistent with Westlake Ranch. Page 6 of 7 Should the Commission vote to recommend approval of the proposed development, staff recommends the following conditions: 1. All conditions and provisions of Ordinance 928 shall be applicable to the proposed development, except as specifically amended and noted herein. 2. A preliminary site evaluation shall not be required for the proposed development. Regarding Ordinance 928 conditions applicable to the proposed development, trigger points that reference the preliminary site evaluation shall be understood to mean the final plat. ALTERNATIVE P&Z ACTIONS The Planning & Zoning Commission has the following options when considering this item: • Recommend approval as submitted • Recommend approval with modifications or additional condition(s) • Recommend approval with staff recommendations • Any combination of the above • Table the agenda item to a specific date with clarification of intent and purpose • Recommend denial TOWN COUNCIL ACTION If the Planning & Zoning Commission acts and makes a recommendation for approval/denial on this agenda item, then it will be scheduled for Town Council action on September 27, 2021. ATTACHMENTS 1. Location Map 2. Narrative provided by Applicant 3. Proposed Aspen Ranch Concept/Development Plan Page 7 of 7 Location Map SITE LOCATION PD7