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,Mr_Iohn J. Jermanis City of San Leandro May 31,2000 Page 3 SEDWAY GROUP Real Estate and Urban Economics San Leandro Golf Complex The San Leandro Golf Complex is currently undergoing an $S million renovation as part of a lease, management and improvement agreement with American Golf Corporation. Work completed to date includes a new two-tiered driving range and a rehabilitation of the 9-hole Marina Course. The IS-hole Tony Lema Course is under reconstruction and is expected to open sometime between January and March 2001. An expansion of the clubhouse and restaurant is to follow. While the East Bay has a fair number of golf courses, the Peninsula and South Bay are severely under-golfed. San Leandro, only 20 minutes from the Peninsula and 30 minutes from San Jose (non- rush hour), is well located to capture the untapped demand from these areas. The new Tony Lema Course is expected to attract Peninsula and South Bay golfers looking for quality play at competitive rates. American Golf projects 80,000 rounds per year on the two courses; while lower than levels played prior to the renovation, the fewer rounds enhance the experience for golfers. Management intends to attract a major golf tournament to the new course, which will add to the facility's prominence. Opinions Regarding the San Leandro Marina - Additional Uses and Overall Conditions The managers of the four existing businesses provided their opinions on the potential synergy of specific additional uses at the San Leandro Marina. The following synthesizes the various comments regarding these additional uses. . Hotel- All four interviewees uniformly endorsed the addition of another hotel at the Marina. One respondent indicated that a hotel is "one use that would benefit everyone." In fact, ownership of the Marina Inn is interested in adding rooms at the Boat Works site, under a different name and at a different service level. In addition, ownership would like to see a larger, upscale hotel on the Blue Dolphin site, such as a Hilton product. Management at the golf course is also extremely interested in the development of another hotel, preferably a high-end, full-service hotel along the lines of a Marriott, whose guests golf more than those at a primarily business hotel. Currently, American Golf is working with the Marina Inn ownership to develop weekend golf packages. . Restaurant - All four interviewees also uniformly endorsed one or more additional restaurants at the Marina. In particular, the two restaurant managers believed that additional restaurants offering different cuisine would be beneficial to their own businesses as well as to the Marina overall. . Retail - Retail received mixed responses and those who believed that retail would add to the Marina's overall experience nonetheless questionedits.viability. . Office - Offices also received mixed responses. The restaurant managers were in favor of office uses as their lunch business is driven by nearby workers. . Residential - Residential also received mixed and generally lukewarm responses. Discussions with the management of the existing businesses also elicited several items of concern that they believe impact the future success of the Marina: . The entrance to the Marina needs physical improvements to the roadway and streetscape in order to be a more attractive gateway.