AgdaPkt 2014-12-08 Closed and Joint SA

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9.B. - Page 10 Furthermore, in addition to the Downtown area, there is ample room for housing in adjacent areas, as detailed in our recently approved Housing Element. For example, new zoning (2012) along the Veterans Avenue corridor has allowed two major development projects to be constructed, and resulted in more than 400 housing units. While these units are not within the DTPP boundaries, they are within Downtown and Caltrain walking distance and add to the vitality of the Downtown area. The El Camino Real corridor is also another key housing area. Staff will soon be proposing that a Request for Proposal for consultant services be prepared for an El Camino Real Corridor Plan. This RFP was recently reviewed by the Council General Plan Subcommittee. The concept will be brought to the entire Council for input and direction in early 2015. It is expected that adoption of this Corridor Plan could allow for construction of additional Downtown adjacent housing developments. Retail Base: Another concern expressed by some Downtown business owners is the impact a conversion could have on the retail base. Specifically, that a conversion could erode the existing retail base, as well as not allow room for modest retail growth. In other words, by increasing the supply of office, the retail base could be weakened. Staff agrees that having a strong retail base is a key element to any successful downtown. As it stands now, there is approximately 600,000 square feet of existing Downtown retail space. This base would be unaffected from an allocation standpoint, as any adjustment would only impact "net new" retail space. Furthermore, although there is essentially "zero" square feet of net new retail currently proposed, there is actually 40,000 sq. ft. of (gross) new retail space proposed or under construction. The total square footage is a "net zero" because 40,000 sq. ft. of retail space being removed as a result of new development projects. This new space will be designed based on today's retail demands, and therefore should result in a more successful retail base. Please note this number does not take into consideration a recently submitted (and incomplete) application which is proposing to remove 19,000+ sq. ft. of retail. Staff also believes that additional Downtown office supply will help alleviate "pressure" on storefronts along the side streets that were originally constructed as retail space. Conversion of smaller retail spaces to office was an additional concern expressed. Currently, retail is required for street facing storefronts along Broadway. This retail requirement previously stretched to several side streets, but the requirement was consolidated to Broadway due to a number of side street vacancies. Discussions related to protected retail areas can be taken up during Downtown Plan Phase 2.