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LIVING DOWNTOWN Housing is essential to the vitality and the character of the downtown core. Housing transforms downtown from an institutional and employment center to a neighborhood. People who live downtown, particularly homeowners and long-term renters, become stakeholders for the health of downtown. They enhance the customer base for shops and restaurants, and provide an after-hours vitality to the area. As patrons for these businesses increase, the downtown becomes more attractive to local and regional investors. Downtown Housing Downtown housing is increasingly seen as convenient and prestigious. Demographic projections indicate growing interest in smaller urban dwellings close to work and services downtown. Cultural activities and public transit are attractive to potential urban dwellers, who are beginning to imagine a future without the expense of an automobile. Live/work units are convenient and efficient, add to the liveliness of downtown, and help reduce transportation needs in the city. A variety of housing densities and types exists within and along the edges of downtown. Approximately 2,500 residential units e-x-ist are located within two blocks of the downtown plan area, including single family houses, mixed-use structures, and residential -rises ....... e ...... a ......... ~ .-~, ..................... ~ ......... e, .... ...... +.~,;~ ~r~;o+~ ...... ~;~ wi+h .... n~ tr~ ~;~ed ...... s. The Downtown ~ea Housing map on page 50 indicates the location ~d density of residential units in and around do--town. This plan encourages additional housing units within downtown and on the edge of downtown. Both rental and ownership housing at a variety of densities and prices are desired and should be supported with economic tools available to the City. Design and construction of new residential structures should be sensitive to the character of existing historic properties and neighborhoods. Design review for new structures is needed to help ensure compatibility of scale, setback and orientation, and maintain livability of these areas. Market Conditions Market conditions, specifically the higher cost of building housing downtown than elsewhere in the city, have been a deterrent to downtown housing without some level of public sector financial support. Currently there are approximately 1,000 residential units in the downtown plan study area. The majority of these units were built in the past 25 years and relied on public financial subsidies. While housing is desirable and encouraged, there are many obstacles associated with the development of housing downtown. These include higher land costs, higher construction costs associated with taller structures, the need for secure parking, and market rents that are not high enough to support the cost of development. For mixed-use housing projects, 25