10A Action Items 2017 1106 - Laserfiche WebLink

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The Team conducted the needed due diligence and market research to evaluate the housing demand for a mixed use, residential development at the Town Hall Site. Consequently, we have designed this site for one, two, and (a few) three-bedroom, upscale apartments that meet the requirements set forth in the RFP. We are currently contemplating 55 one-bedroom, 46 two-bedroom and 18 three-bedroom units with 750, 950 and 1,150 sq. ft. floor plans, respectively. To maximize the density of the development of the site, an underground parking garage is contemplated and total number of parking spaces at all levels to be 176. The retail tenant mix is a crucial component to the marketability of the site and will cater strongly to the projected needs of the residential tenants. The Team expects strong demand from a demographic profile of adults, age 25 to 45, working in San Leandro, Oakland and San Francisco with a need for upscale, walkable living and easy commuter transit options. This project is designed to significantly redevelop the area and increase the vitality and stability of the neighborhood by ushering in a younger demographic with increased financial capacity and a propensity to utilize public transit while thriving in a centralized community. In keeping with the capacity of the demographics for this area, pro forma rents for the residential units are estimated to be $2.50 - $2.75 per square foot per month, and prices for the commercial space are estimated to be $2.25 - $2.50 per square foot. This pricing strategy is in alignment with the preliminary market research recommendations. Our understanding of the TOD strategy, which is to revitalize downtown San Leandro, is evidenced throughout this proposal. The Town Hall Square is an ideal location for TOD as the BART station is at a walking distance and serves multiple Alameda County transit lines. The City anticipates that the vast majority of residential growth will occur within downtown San Leandro thus making this project important in terms of crafting the appropriate TOD strategy, which identifies residential use as the best land use to support increased transit ridership and enhanced downtown retail. Emphasizing a pedestrian-oriented downtown shopping district, our proposal prioritizes TOD in the downtown area as a means of fulfilling the goals of the General Plan for the city of San Leandro. The Town Hall site will create a distinct, vibrant, pedestrian-oriented destination with a strong sense of place and civic identity. New stores, restaurants and cafes combine with widened sidewalks and improved streetscape design to return energetic life to the streets. With residences built above the stores, downtown will be populated day and night, and feel more alive, attractive and safe. With a goal of revitalizing and infusing new life into the Town Hall Square, we envision a lively, festive and vibrant community hub. By satisfying the goals of the TOD strategy while insisting on retention of the fine-grained, locally focused character of the Town Hall Square site, the envisioned plan creates an attractive, vibrant place to live, work and shop. The Town Hall Square site will create new housing choices with direct access to downtown San Leandro, Oakland and San Francisco, as well as local retail options. Jobs and economic development will evolve from the shops and restaurants that populate the site. Roadway congestion will be abated by supporting public transit, the reorientation of Dan Niemi Way, and the ease of walking to local shops. There are ancillary environmental benefits from the ensuing reduction in automobile use and associated greenhouse gas emissions through the project’s alignment of high density land uses with public transit. ADDITIONAL PROPOSED DEVELOPMENT The strength of this proposal is significantly enhanced by Beam’s goals of developing the Parrott Street site. Beam is submitting a development proposal for that site along with the Town Hall Square Proposal. If both proposals are accepted, the continuity of design will add to the overall rejuvenation and atheistic appeal of downtown San Leandro; and the ease of oversight and administration on all projects will allow the City to partner with an experienced 179