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Developer proposes luxury condominiums at Market Street site; council seeks technical review on zoning and view impacts
Summary
A developer proposed up to ~230 luxury condominiums with underground parking on the Mountain America/Market Street site and asked the council to consider rezoning or a site-specific development agreement; staff recommended initiating technical review (setbacks, floodplain, traffic) and council requested elevations, drone views and further analysis of height and view impacts.
A development team presented a concept to redevelop the Mountain America Credit Union building and adjacent parking into a mixed‑use luxury condominium project with retail and an underground parking structure.
Farzad, the project lead, said the plan could yield roughly 230 condominium units with a multi‑level parking structure and ground‑floor commercial space that the team anticipates would appeal to young professionals in the valley. He described a building of residential stories with approximately seven stories above a multi‑level parking structure and estimated total project costs "North of 75,000,000 Dollar".
City planning staff explained the site is currently zoned ORD (office/research/development), which constrains the proposed use and massing. Staff identified three pathways the developer could pursue: a rezoning to a mixed‑use or multifamily district (which would require map amendment), a site‑specific development agreement, or a PDD amendment — each would involve planning commission review, technical analysis and public hearings.
Staff recommended beginning a preliminary technical review to assess sensitive lands, riparian setbacks, stormwater and traffic impacts before the council takes any legislative action. Council members asked for visual aids (elevations, drone views or balloons) to clarify view‑shed impacts and requested staff analysis of how height compares to nearby permitted buildings.
The developer said parking costs (roughly $40,000–$50,000 per stall for structured parking) and unit count drive the project's financials and explained that reducing a floor could materially affect project feasibility. Council did not take a vote; staff will return with technical findings if the council gives conceptual direction to proceed.
