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8.A. - Page 19 <br /> • Urban Design/Streetscape Conditions Summary— Prepare a bullet list of the <br /> conditions and issues that are illustrated by the graphic materials above, <br /> and any additional items that should be addressed by the Corridor Plan. <br /> 4-C Market and Economic Analysis (Sub-Consultant-1). Provide an overview of <br /> trends influencing market and development opportunities along the Corridor. The <br /> findings from this assessment will provide insight into economic opportunities, <br /> constraints, and market-supported land uses; context for understanding the timing <br /> and coordination of infrastructure development; and perspective on economic <br /> development strategies that can continue the transformation of the Corridor into a <br /> mixed use, multi-modal area. <br /> This assessment will place the existing development in the Corridor in the context <br /> of the City's overall commercial development including the mix of business types, <br /> related business activity measures, employment, and trade area considerations. A <br /> retail sales "leakage" analysis for the City will be conducted to understand current <br /> retail trade area dynamics and to inform, given unique development opportunities <br /> along the Corridor, the ability to capture additional retail sales in the City. <br /> Preliminary recommendations for market-supported uses in the Corridor will be <br /> presented in a technical memo, including commercial and residential development, <br /> given market factors, existing conditions, and other factors that may emerge <br /> through the course of the analysis. It will include a discussion of how future <br /> development may affect the retention of small businesses along the Corridor. <br /> 4-D Development Feasibility Analysis (Sub-Consultant-1). Provide an <br /> assessment of development feasibility by establishing an estimated value of a <br /> range of existing commercial uses in the Corridor and comparing this value with <br /> the value added by a set of development prototypes (reflecting a range of use <br /> types and densities). This comparison will indicate the Corridor's potential for <br /> redevelopment and the uses and development densities needed to achieve it. For <br /> example, development prototypes may include typical mixed use buildings (e.g., <br /> residential over a retail/ commercial ground floor or office space over a <br /> retail/commercial ground floor) or various single use buildings, such as a medium <br /> density multifamily building or an office building. <br /> The analysis will employ static development pro forma analyses that incorporate <br /> market pricing, land and site costs, typical direct and indirect construction costs, <br /> and an assumed developer return to test development feasibility of up to three <br /> development prototypes that could occur at key opportunity sites. The analysis will <br /> be flexible, allowing adjustments in estimated or forecast market values reflecting <br /> the likely gradient of circumstances along the Corridor. <br /> The financial feasibility analysis of the development prototypes will establish the <br /> market-supported thresholds for land uses and development prototypes being <br /> considered in the Corridor. The analysis will be prepared in close collaboration with <br /> consultant team members, City staff, and key stakeholders. The results of this <br /> REV:OS-1245 VR <br /> Page 16 of 21 <br /> ATTY/AGR.2015.164/Professional Services Agreement with Dyett& Bhatia <br />