Agenda - City of Santa Monica

MEMORANDUM
To:
From:
Steve Mizokami, Associate Planner
City of Santa Monica
Kathleen Head
Tim Bretz
Date: April 23, 2013
Subject:
1320 2 nd Street: Value Enhancement & Fiscal Impact Analysis
At your request, Keyser Marston Associates, Inc. (KMA) reviewed the proposal
submitted by Century West Partners (Developer) to develop the property located at
1318-1320 2 nd Street (Site) with a mixed-use development consisting of apartments,
ground floor retail space and subterranean parking (Proposed Project). The KMA
analysis consists of the following components:
1. KMA prepared pro forma analyses to compare the land value supported by a
project that meets the base zoning standards imposed on the Site (Base Zoning
Alternative), to the land value generated by the Proposed Project which utilizes
certain increased height and floor area ratio (FAR) incentives provided by the
City of Santa Monica (City).
2. The Developer submitted a fiscal impact analysis to the City related to a scope of
development that had previously been proposed. KMA utilized the Developer’s
fiscal impact assumptions to prepare estimates of the net fiscal impact of the
currently Proposed Project under two income and affordability alternatives.
EXECUTIVE SUMMARY
The following table summarizes the differences between the Proposed Project and the
scope of development allowed by the Base Zoning Alternative:
1210011_v4;SM:TRB
19305.013.001