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<br />FREEDMAN TUNG & BOTTOMLEY <br />03106.01 <br />January 12, 2005 <br />Page 2 <br /> <br />SCOPE OF WORK <br /> <br />To provide actionable information on the residential market to the planning team, we <br />propose to complete the following scope of work. <br /> <br />Residential Market Analysis <br /> <br />(Already <br /> <br />1. <br /> <br />Review the completed analysis for content and input of value. <br />Completed) <br /> <br />2. <br /> <br />Revisit Downtown and analyze its various areas, with special focus on "catalyst" <br />sites identified by FTB. Factors to be considered will include but not be limited <br />to, location of sites with residential potential within the downtown, their <br />visibility, access, proximity to services and impact of surrounding land uses. <br />Review proposed, approved and recently completed projects in Downtown, <br />including in the vicinity of EI Camino Real. <br /> <br />3. <br /> <br />Building on the already completed study, generate an understanding of the market <br />dynamics in the residential market in Downtown Redwood City and neighboring <br />areas. <br /> <br />4. <br /> <br />Define the catalyst projects' Competitive Market Area ("CMA") the area in <br />which similar product is likely to compete with that planned for Downtown. <br /> <br />5. <br /> <br />Review the summaries of competitive and comparable residential product from <br />the prior study, augmenting wher~ necessary. <br /> <br />6. <br /> <br />Analyze the competitive resale market, including but not limited to historical <br />volume and price trends, areas of particular competition and projected trends in <br />resales, utilizing data from the prior study, where possible. <br /> <br />7. <br /> <br />Identify planned and proposed comparable projects in Downtown, and evaluate <br />using data from the prior study, where possible. <br /> <br />8. <br /> <br />Identify the catalyst projects' Primary Market Area ("PMA") the area from which <br />the majority of demand is expected to emanate. <br /> <br />9. <br /> <br />Conduct statistical analyses of demand and potential per project share of the <br />demand utilizing data from the prior study, where possible. <br /> <br />]0. <br /> <br />Analyze all of the above in order to evaluate the market opportunity for <br />residential development Downtown, in general, and the catalyst project sites in <br /> <br />-.,.... ,..-.. ,'..-,.-.., "-"""-""",-,,,,,--,--,,"""-"-'-"-""~"----" <br />