$4,950,000

32.50 acres (1,415,700 sf) inside city limits, zoned R-3 High- Density Residential. R-3 uses a site-area formula: for townhomes/multifamily up to 4 units, 7,000 sf for the first unit + 3,000 sf each thereafter; beyond 4 units, 7,000 + 3,000 (next 3) + 1,000 per additional unit. Max building coverage 70%; typical front/side/rear yards apply. This framework supports efficient, phased multifamily development. A 2012 feasibility study for this 32.50-acre R-3 site concluded it can support ~525 apartments. While R-3's site-area rules could allow a higher theoretical count, real-world yield is driven by setbacks, parking ratios, utilities, stormwater, and open-space programming. Use ~525 units as the planning ceiling and size infrastructure accordingly. Recommend phased delivery (e.g., 150-200 units per tranche) with amenities sequenced to absorption, preserving acreage for circulation, greenspace, and potential future add-ons.