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Section 2: Existing Property Conditions <br />Chestnut Street Lofts is being developed off of North LBJ Drive on the west side of Chestnut <br />Street at the intersection of Acorn Street (platted as Live Oak Street). The Project Site has <br />historically been the location of The Rivendale Restaurant in San Marcos and includes a single <br />vacant lot north of the future Live Oak/Acorn Street ROW. The location of this property and <br />proximity to Texas State University lends it to being an excellent location for a mixed use <br />retail /residential development geared towards housing students in close proximity to campus. <br />The property has been cleared and all previous structures have been removed. Limited <br />remains of previous structures are visible on the project site. <br />The Future Land Use Map (FLUM) currently designates this property as Commercial and Low <br />Density Residential (LDR). The portion of the property that was the location of The Rivendale is <br />designated as Commercial and the lot on the north side of the Live Oak/Acorn Street ROW is <br />designated as LDR. The zoning map currently indicates the Project Site as Neighborhood <br />Commercial (NC) and Multiple - Family Residential District (MF -12). The portion of the property <br />that was the location of The Rivendale is designated as NC and the adjacent vacant lot is <br />designated as MF -12. The following illustrates the existing zoning and land use map conditions <br />on the property: <br />Section 3: Land Use Designation <br />3.01 Base Zoning: The Chestnut Street Lofts will be developed on approximately 1.95 acres <br />of land and will feature a multiple story building containing approximately 8,000 square feet of <br />ground floor retail uses and multiple stories of residential loft apartments above and around the <br />4 <br />