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33433 Report-II 03 Davis Street July 2005 Most Suitable for Residential Development Residential use is consistent with the ROR redevelopment plan designation, as long as the architectural character of residential development is compatible with both the single-family neighborhood to the southwest and southeast and the modem two-story office building to the site's east across a street. Davis Street's small-scale retail and restaurant uses will be supported by additional residences in the area. A small residential subdivision, nine attached townhomes totaling approximately 17,500 square feet of construction, is the most feasible development given the size and shape of the Property, and the proposal received from 1103 Davis Street LLC confirmed the viability of small-scale residential development on the site. The estimated value of the interest to be conveyed for this project is $520,000. The development proposed by 1103 Davis Street LLC requires discretionary approvals from the City of San Leandro, including a rezone to Residential Multi-Family with a Planned Development Overlay (RM2500-PD) and a General Plan map amendment to designate the site as Medium Density Residential. The entitlement process allows the City to require conditions of approval that affect the scope of the development, such as replacing adjacent sidewalk sections and tree grates. The developer will also pay the City's standard development fees. Additional restrictions the Agency will place on the property, restricting its development flexibility and therefore its value, include: . maintenance standards; . provision of one unit affordable to moderate-income households; . Agency approval of changes in identity of developer; . design review by Agency. These conditions, in addition to the costs of preparing the site and constructing the buildings and site improvements, contribute to the estimated $3,000,000 in development costs. ELIMINATING BLIGHT Davis Street is a well-traveled gateway into the City, with freeway on and off ramps less than one-half mile from the Property. The Property, on a highly-visible intersection, currently consists of an unpaved vacant lot, buffered from the street by a chain link fence. Its prominence led to its designation as a "key site" in the City's Urban Design Plan for the Davis Street Corridor (1991). This project will result in nine attractive row houses with the potential for ground-floor home- occupation work space, fulfilling the many of the design principles suggested by the Urban Design Plan. The buildings will have entrances from Davis Street, creating a strong street presence. Parking will be on a rear alley, onto which the buildings' garages face. The homes are stucco with tile roofs, with a number of windows and varying wall planes and roof heights, breaking up the buildings' mass. The one way in, one way out proposed parking lot circulation Page 4