Laserfiche WebLink
To: Aaron Aknin, Steven Turner, Lisa Costa Sanders January 8.C. - Page 19 <br />Subject: Evaluation of Development Alternatives for Harbor View and Parcels Portside <br />of Blomquist Page 3 <br />For the Jay Paul site, financial feasibility findings/opinions are: <br />■ If Commercial Park Tech Office, likelihood is high for a financially feasible <br />project, an opinion which is supported by: <br />a) This land use is the preferred choice of land owner/developer (at <br />requested 1,180,000 SF of development) and <br />b) Also by the likelihood that rents will be sufficient to meet CBRE opinion of <br />return on Cost requirements for Class A office development in non CBD <br />Bay Area locations such as the subject site. <br />■ If Biotech/R&D with a 50% lab requirement, KMA's opinion is less certain of <br />financial feasibility, given <br />a) Lack of densification of this Biotech/ Lab/ R&D use at Seaport Center, <br />b) Notwithstanding Seaport Center is a successful Biotech/ Lab/ R&D <br />project, Redwood City has not been a "hot spot" for Biotech development <br />like South San Francisco, but <br />c) A new fact is that Alexandria, a major developer of Biotech in the Bay <br />Area, has acquired property in next door San Carlos (Meridian 25), for <br />$85 million with entitlements, and is expected to build a 530,000 square <br />foot bio -tech development with a fairly high ratio of office to lab use. <br />Reportedly, this project will potentially be developed into two six -story <br />buildings with a parking structure. <br />Fiscal Impact/ Community Benefit Findings <br />As both the Tech Office and Biotech developments — at respectively 1.2 Million SF and <br />just over 800,000 SF — are large by any standards, either alternative will deliver high <br />positive fiscal and economic impact to Redwood City. <br />Again, added information pertinent to the financial feasibility and impact of the two <br />alternatives for potential future use is presented in the attached tables. <br />001-001;jf <br />18610.010 <br />