Maximum Number of Market Rate Residential Units Sample Clauses

Maximum Number of Market Rate Residential Units. Wherever the South OPA (as amended and including without limitation any Attachment thereto) makes reference to the number of Residential Units to be developed on Owner Property, specifically “3,043” units of housing, including “1,935” Market Rate Residential Units, and referring to the Owner Property, such phrases shall be deemed to be amended to refer to “up to 3,393” wherever the number “3,043” appears and “up to 2,285” wherever the number “1,935” appears. The South OPA will also be amended, when the specific number of total Residential Units to be developed on Owner Property or Market Rate Residential Units are referenced, to include the following phrase: “Up to 350 of the total number of Market Rate Residential Units constructed by the Owner will be limited to Block 1, and the total 350 Market Rate Residential Units on Block 1 will only be allowed if the 500-room hotel is reduced to a maximum of 250 guest rooms and the total amount of Block 1 retail does not exceed 25,000 leasable square feet. The total number of Market Rate Residential Units allowed to be constructed on Block 1 will be reduced by the number of Owner Affordable Housing Units constructed by the Owner on Block 1 pursuant to Section 4.5 of Attachment C (Mission Bay South Housing Program) to this South OPA. In no event shall the total number of Market Rate Residential Units and Owner Affordable Housing Units constructed by the Owner on Block 1 exceed 350.” Where the phrase “approximately” precedes any number identified in this Paragraph 1, that word shall be retained.
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Maximum Number of Market Rate Residential Units. Wherever the South OPA (as amended and including without limitation any attachment thereto) makes reference to the number of Residential Units to be developed in the South Plan Area, specifically “up to 3,393” units of housing, including “up to 2,285” market-rate units, and referring to the Owner’s property, such phrases shall be deemed to be amended to refer to “3,414” wherever the number “3,393” appears and “2,306” wherever the number “2,285” appears. The South OPA will also be amended, when the specific number of total Residential Units or market-rate Residential Units to be developed on the Owner’s property is referenced, to include the following phrase: “Up to 21 of the total number of market-rate Residential Units will be limited to Blocks 29-30. In no event shall the total number of market-rate Residential Units on Blocks 29-30 exceed 21.” Where the phrase “approximately” or “up to” precedes any number identified in this Section 1, that word or words shall be retained.
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