Only multifamily projects meeting the following criteria are eligible for review using the criteria of this Chapter:
   (a)   Minimum Site Acreage:  Seven (7) acres.  The land area comprising the site must be contiguous but may be divided by a public street as long as the entire site is consolidated into a single site for ownership and management for the entire lifespan of the project.  The consolidation of the site shall be regulated by appropriate deed restrictions, covenants or other binding commitments.  The site may not be divided or sold off in part at a later date without the express approval of the Planning Commission as a modification to the original project approval.  The total acreage of the site does not have to be located entirely within the Overlay District.  In these cases, the acreage outside the Overlay District may be counted toward the total density calculation and may be used for meeting the open space requirements for the project.  Parking may also be provided on the non-Overlay portion of the site provided the parking is separated from adjoining residential property / properties by no less than a 100 foot buffer comprised of landscaping approved by the Planning Commission.  The number of dwelling units constructed on the non-Overlay portion of the site and their use must be consistent with the zoning of the site and may not utilize the provisions of the Overlay District.
   (b)   Minimum Number of Dwelling Units:  None.
   (c)   Maximum Density:  The maximum density permitted for eligible projects shall be defined by bedroom number as follows:
      1)   Vacant Land:  The maximum density for the development of vacant land shall be forty (40) bedrooms per acre.  Vacant land shall include any parcels / acreage that are part of the site which contain residential units that are being demolished as part of the project.
      2)   Redevelopment of Existing Multifamily Properties:  Existing multifamily housing developments that are eligible for review under the RROD may be redeveloped based on their existing number of bedrooms at the time of the redevelopment.  In situations where the existing development is completely demolished and reconstructed or where existing facility is redeveloped in a manner where it is completely upgraded to present day building, fire and energy efficiency standards, the maximum number of bedrooms permitted shall be 125% of the existing number of bedrooms on the property at the time of development.