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Development Plans for Davis /Hays /East 14 Site 4 March 7, 2011 <br /> Current Status <br /> MVE's 2004 renderings of the Site envisioned a high - density project with ground floor retail and <br /> residential condominiums above. However, the inability to acquire all parcels, the <br /> reconsideration of the closure of•Hays Street, and substantial changes to the real estate markets <br /> make it appropriate to reconsider the best uses for this project. Innisfree Ventures II is presently <br /> assessing the economic viability of several scenarios. Efforts by Innisfree have confirmed that <br /> the Chevron property will not be included as part of the project. The success of the Creekside <br /> Plaza office development has demonstrated a strong demand for class -A office space in San <br /> Leandro — something that was not fully recognized in 2004. Accordingly, lnnisfree's early <br /> design concepts are likely to focus on office uses with complementary retail. Any mixed -use <br /> office retail project would require a zone change as the current zoning mandates residential use <br /> on upper floors. <br /> A City Council work session is scheduled for April 24, and staff expects to have more <br /> information on the project scope, and some preliminary development plans at that time. From <br /> there, project details will be refined based on more detailed analyses and public outreach efforts <br /> throughout the remainder of 2011. Assuming no major setbacks, the project is on track to begin <br /> construction in mid -2012, corresponding with the opening of the new downtown garage and the <br /> closure of the Davis /Hays temporary parking lot. <br /> Attachments <br /> Hays St / East 14 St / Davis St Parcel Ownership Map <br /> G: \OBD1Files RDA\Plmn \Town Hall SquarellnnisfreelStafr Report Davis Hays Update 03 -07- 11.doc <br />