the neighborhoods of tustin town center: a new ... - City of Tustin

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A.4 Financial Feasibility Analysis for Key Opportunity Sites MEMORANDUM To: From: Frank Fuller, Principal Field Paoli Architects KEYSER MARSTON ASSOCIATES, INC. Date: June 1, 2010 Subject: Neighborhoods of Tustin Town Center Financial Feasibility Analysis Keyser Marston Associates, Inc. (KMA) is pleased to present the following memorandum report summarizing the conclusions of the financial feasibility analysis for three (3) sites in the Neighborhoods of Tustin Town Center. It is KMA’s understanding that Field Paoli prepared two alternatives for a variation of sites within the Neighborhoods. KMA’s analysis is based on the Alternative “B” scenarios which are generally the higher density scenarios. KMA evaluated the following sites: Neighborhood Site Acreage Center City Site 3 3.18 Southern Gateway Site 9 3.90 West Village Site 12 4.06 For this analysis KMA undertook a cursory review of the existing retail, office, and rental residential markets as compared to the findings of the 2008 Refined Market Analysis. KMA also relied on the 2008 Refined Market Analysis for identification of competing developments and projected absorption for each product and further, relied on Agency staff for updated market data. KMA found that given the current economic situation, the market data contained in the Refined Market Analysis has a relatively good caption of current market trends. The following Summary Table summarizes the project descriptions and residual land values in a side-by-side comparison format. Residual land value is best described as the value of the property after considering the value (or income generated) from the project and deducting total development costs including developer profit. The residual land value is the amount a developer can feasibly afford to pay for the property in the open market. It should be noted that KMA’s feasibility analysis does not include assumptions for land acquisition, demolition, and/or relocation. A-28 THE NEIGHBORHOODS OF TUSTIN TOWN CENTER MARKET ANALYSIS AND NEIGHBORHOOD CONCEPT PLANS STRATEGIC GUIDE 09.21.2010
SUMMARY TABLE FINANCIAL FEASIBILITY ANALYSIS FIELD PAOLI / CITY OF TUSTIN Site 3 Site 9 Site 12 Center City Southern Gateway West Village I. Project Description Acres 3.18 Acres 3.91 Acres 4.06 Acres Residential Units 0 Units 0 Units 40 Units Retail Uses Freestanding Retail 9,000 SF 22,000 SF 22,000 SF Retail (in office/residential building) 11,000 SF 12,000 SF 18,000 SF Total Retail SF 20,000 SF 34,000 SF 40,000 SF Office Uses Net Leasable 34,000 SF 28,900 SF 0 SF Circulation/Common Area 6,000 SF 5,100 SF 0 SF Total Office SF 40,000 SF 34,000 SF 0 SF Parking Spaces 230 Spaces 266 Spaces 250 Spaces Type of Parking Surface Surface Surface / at-grade encapsulated / one level below-grade Parking Ratios Residential 0.00 Spaces/Unit 0.00 Spaces/Unit 2.25 Spaces/Unit Retail 4.00 Spaces/1,000 SF 4.00 Spaces/1,000 SF 4.00 Spaces/1,000 SF Office (1) 3.75 Spaces/1,000 SF 3.82 Spaces/1,000 SF 0.00 Spaces/1,000 SF II. Residual Land Value (2) Total Residual Land Value $1,378,000 $1,908,000 ($2,334,000) Per SF Site Area $10 /SF Site Area $11 /SF Site Area ($13) /SF Site Area (1) Zoning code requires 4 spaces per 1,000 SF for first 25,000 SF, and 1 space per 300 SF for area above 25,000 SF. (2) Represents the value a developer can feasibility afford to pay for land. Land acquisition, demolition, and/or relocation are not included. STRATEGIC GUIDE 09.21.2010 THE NEIGHBORHOODS OF TUSTIN TOWN CENTER A-29 MARKET ANALYSIS AND NEIGHBORHOOD CONCEPT PLANS
Page 1: APPENDIX THE NEIGHBORHOODS OF TUSTI
Page 5 and 6: Table of Contents APPENDIX A.1 Glos
Page 7 and 8: A.1 Glossary of Terms MAJOR IMPROVE
Page 9 and 10: A.2 Development Thresholds CENTER C
Page 11 and 12: WEST VILLAGE POTENTIAL NEW DEVELOPM
Page 13 and 14: OPPORTUNITY SITES - COMPARISON OF D
Page 15 and 16: Table 1 LEVEL OF SERVICE DESCRIPTIO
Page 17 and 18: CENTER CITY TRAFFIC EVALUATION For
Page 19 and 20: Table 2 TUSTIN TOWN CENTER - CENTER
Page 21 and 22: SOUTHERN GATEWAY NEIGHBORHOOD - ALT
Page 23 and 24: Table 3 TUSTIN TOWN CENTER - SOUTHE
Page 25 and 26: WEST VILLAGE NEIGHBORHOOD - ALTERNA
Page 27 and 28: Center City Newport Avenue at El Ca
Page 29 and 30: INTERSECTION LOCATION MAP EXISTING
Page 31 and 32: 5. Red Hill & I-5 NB Ramps (6/14 &
Page 33: 13. Williams & McFadden (2005) 14.
Page 37 and 38: B. Center City, Site 3 (Alternative
Page 39 and 40: Total Development Costs KMA anticip
Page 41 and 42: Net Operating Income - Residential
Page 43 and 44: TABLE A-2 SITE 3 ALTERNATIVE B CENT
Page 45 and 46: Site 9 Alternative B Pro Forma Anal
Page 47 and 48: TABLE B-3 SITE 9 ALTERNATIVE B SOUT
Page 49 and 50: TABLE C-2 SITE 12 ALTERNATIVE B WES
Page 55 and 56: The Redevelopment Agency recognizes
Page 57 and 58: STRATEGIC GUIDE 09.21.2010 THE NEIG
Page 69 and 70: Area Circulation Public Transit TUS
Page 71 and 72: Residential Development Opportuniti
Page 73 and 74: For Next Meeting Please tell us: Di
Page 75 and 76: Southern Gateway Character Southern
Page 77 and 78: West Village Character West Village
Page 79 and 80: C: In some cases it may be OK to us
Page 81 and 82: West Village - Comments (C), Q&A C:
Page 83 and 84: A.6.3 WORKSHOP #2 - MATERIALS Note:
Page 85 and 86:
Public Comments from Workshop #1 EL
Page 87 and 88:
Opportunity Sites 1,2 & 3 SITE FEAT
Page 89 and 90:
Existing Conditions Existing Condit
Page 91 and 92:
Key Differences between Alternative
Page 93 and 94:
Opportunity Sites 8 & 9: Alternativ
Page 95 and 96:
Existing Conditions Existing Condit
Page 97 and 98:
Key Differences between Alternative
Page 99 and 100:
Opportunity Sites 14 & 15: Alternat
Page 101 and 102:
A.6.4 WORKSHOP #2 - PUBLIC COMMENTS
Page 103 and 104:
City Center ALTERNATIVE B POSITIVE
Page 105 and 106:
Southern Gateway Neighborhood Discu
Page 107 and 108:
Southern Gateway ALTERNATIVE B POSI
Page 109 and 110:
West Village Neighborhood Discussio
Page 111 and 112:
West Village ALT A. SITES 12-13 POS
Page 113 and 114:
SIGN IN SHEET September 29, 2009 6:
Page 115 and 116:
ATTENDEE LIST BY ADDRESS SIGN IN SH
Page 117 and 118:
SIGN IN SHEET October 6, 2008 Commu
Page 120:
150 CALIFORNIA 7TH FLOOR SAN FRANCI
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