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Developer presents 75-unit townhome plan for Poulsbo site
Summary
Developer David Smith presented plans for a ~75-unit townhome project on just over five acres in Poulsbo, describing 630-sq-ft, two-bedroom units and a pro forma that assumes $2,000,000 land cost and a $329,000 sales price before subsidy. The commission tasked subcommittees to vet feasibility and funding.
David Smith, a private developer, presented a proposal for roughly 75 attached townhome units on a little-more-than 5-acre parcel zoned for multifamily (10–15 units per acre). "The property is a little over 5 acres," Smith said as he walked the commission through the site plan and a unit-lot subdivision approach that allows individual ownership of attached units.
Smith said the product would be 2-bedroom, 1-bath units of about 630 square feet with a one-car garage and common open areas. He outlined the pro forma: an assumed land price of $2,000,000; site-development costs of about $65,000 per unit (sewer, water, storm and fees); a unit construction cost of about $160,000; and a suggested sales price of $329,000. Smith said those assumptions produce a projected profit of roughly $47,000 per unit (about a 15% margin) under current estimates.
Commission members probed parking, tree-retention and grading constraints on the site and asked for engineer and arborist inputs before endorsing any concept. The commission concluded by directing staff to form subcommittees that will examine land, site feasibility and financing so the group can bring concise, site-specific recommendations to the full commission at the next meeting.
