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<br />SEDWAV GROUP <br />Real Estate and Urban Economics <br /> <br />MEMORANDUM <br /> <br />353 Sacramento Street <br />Suite 1900 <br />San Francisco, CA 94111-3620 <br />T 4157818900 <br />F 415 781 811 8 <br />sedway@sedway.com <br /> <br /> <br />O~/6'I.A1 <br />'J14l <br /> <br />To: John J. Jermanis, City of San Leandro <br /> <br />FRoM: Terry R. Margerum and Mary A. Smitheram-Sheldon, Sedway Group <br /> <br />DATE: May 31,2000 <br /> <br />b: San Leandro Marina; Evaluation of Market Opportunities <br /> <br />At your request, Sedway Group has performed an evaluation of the market opportunities for various <br />development sites located at the San Leandro Marina. This evaluation is predicated upon the <br />assumption that the Marina boat harbor and related functions remain operational. The purpose of this <br />work is to identify market-supported revenue-generating uses that complement the existing uses and <br />strengthen the overall Marina. Sedway Group's scope of work included a review of the existing uses <br />at the Marina, a compilation of key regulatory data that guide the types of future uses, and targeted <br />market research related to selected potential uses. This memorandum summarizes the results of <br />Scdway Group's investigation and is appended with supporting exhibits. <br /> <br />EXISTING USES AT THE SAN LEANDRO MARINA <br /> <br />There are presently four revenue-generating uses at the San Leandro Marina: <br /> <br />San Leandro Marina Inn: <br />EI Torito: <br />Horatio's: <br />San Leandro Golf Complex: <br /> <br />A 131-room limited service hotel; <br />A 250-seat Mexican restaurant; <br />A 225-seat restaurant; and <br />A municipal golf facility with an IS-hole and a 9-hole <br />course, driving range, clubhouse and restaurant.! <br /> <br />Sedway Group reviewed selected lease and operational data with respect to these uses, as well as <br />conducted interviews with their respective managers. The following summarizes key operational <br />information related to these uses. <br /> <br />The San Leandro Marina Inn <br /> <br />The San Leandro Marina Inn is a 15-year old, independently-owned hotel with meeting space for <br />approximately 100 persons. The Marina Inn relies almost exclusively on corporate clients visiting <br />businesses in the San Leandro industrial area and greater East Bay, with guests staying about two to <br />four nights per visit. Services provided include continental breakfast, free airport shuttle service, <br />microwaves and ironing boards. Key facets of the Marina Inn's operations are summarized below: <br /> <br />· Business at the Marina Inn grew consistently over the period from 1995 through 1998, before <br />stagnating in 1999. The slowdown in business growth was due to the combined effect of an <br />increased supply of rooms and decreased demand in the immediate market area. A number of <br /> <br />I The City's golf facility has been under a major renovation program and at present, is not being considered for <br />expansion. However, this facility was reviewed in order to identify visitor potential (upon completion of the <br />renovation program) and possible synergistic uses. <br /> <br />a CB Richard Ellis Company <br />