8G Consent 2009 1116 - Laserfiche WebLink

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CITY OF SAN LEANDRO REDEVELOPMENT AGENCY STAFF REPORT DATE: November 16, 2009 TO: Stephen L. Hollister, City Manager and Executive Director APPROVED AND FORWARDED TO REDEVELOPMENT AGENCY Stephen L. Hollister, Executive Director FROM: Luke Sims, Community Development Director BY: Jeff Kay, Business Development Analyst ~` SUBJECT PROJECT/PROJECT DESCRIPTION RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING AN EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT WITH INNISFREE VENTURES II, LLC RELATING TO DEVELOPMENT OF THE TOWN HALL SQUARE AND GATEWAY SITES SUMMARY AND RECOMMENDATION Innisfree Ventures II, LLC is being recommended to develop two sites within Downtown San Leandro: the former Albertsons site located at 1550 East 14th Street, known as the "Gateway Site" and the triangle-shaped block bounded by East 14th Street, Hays Street, and Davis Street, known as "Town Hall Square." Staff has negotiated an Exclusive Negotiating Rights Agreement (ENRA) with Innisfree that sets the stage for negotiating a development project which will likely include a mix of uses consistent with the City's Transit Oriented Development (TOD) Strategy for the Downtown. Staff recommends Agency adoption of the Resolution approving an ENRA with Innisfree for development of the two sites. BACKGROUND AND ANALYSIS Until construction of the new downtown parking garage is completed, the Gateway site and a portion of the site known as Town Hall Square will be used to provide temporary replacement parking for downtown businesses. In the long-term, however, these locations have been identified as two of the three key opportunity sites for implementation of the City's TOD Strategy. The opportunity sites were chosen based on their "ability to serve as development catalysts with the potential for near-term success in key locations." For both sites, the TOD Strategy preliminarily envisioned roughly 20,000 square feet of retail space and more than 100 for-sale residential units. Actual development plans are subject to change based on the results of more extensive planning efforts and current market conditions. Although development of the sites cannot commence until the parking garage is completed, staff recommends initiating the first steps of the development process at this time. Beginning the planning now will facilitate timely implementation of the TOD Strategy and will minimize the risk of having excess surface parking and underused sites downtown once the garage opens. The City can initiate planning for these crucial locations at this time by identifying a preferred