Maintaining the same property value – and the corresponding tax revenue – when lowering the height of Building A from 14 stories to 12 stories requires expanding the floor area of each remaining story. Since the value of condo space on the highest floors averages about 16.8% higher than on lower floors, the additional area would need to be greater than the area lost.
The additional space would encroach on the 100’ wide public plaza (referred to in the zoning as “Large Site Open Space”) between buildings A and B, leaving about 55’ of width. Retail on either side of this narrower space would be less viable, and the space would be less useful and less appealing.
According to experts in both architecture and urban planning and design, the experience of people using the space is much more affected by the space and amenities at the ground level than the difference between a 12-story and a 14-story building. Thus, the public value of the maintaining the plaza’s dimensions substantially outweighs the cost and the visual effects of the 13th and 14th stories.