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Block Two Development <br /> <br /> Market Conditions <br /> <br /> In the present market, there are currently few viable land uses that would also be compatible <br /> with the development that will occur on Block One and on adjacent blocks. An office <br /> building, as originally proposed, is no longer feasible due to the glut of office space currently <br /> available in our sub-regional market. Absorption of that space is expected to take several <br /> years. <br /> <br /> There has been considerable interest from hotel developers but they readily admit that <br /> financing may not be available in the present market. There has not been any expressed <br /> interest by housing developers for this particular site although there is general interest in the <br /> downtown overall. <br /> <br /> The City currently owns the majodty of Block Two (the parking lot). Since we have control of <br /> most of the site, it may be in our best interest to preserve development on that Block until <br /> later when the market retums and the overall economic conditions improve. It is expected <br /> that, with development of Block One as proposed, the value of Block Two could increase <br /> significantly in time. Waiting to develop the site would also allow more time to plan for the <br /> integration of Downtown, the train station and Sequoia Station at the juncture of Block Two <br /> and Winslow. <br /> <br /> We are continuing to investigate this option. Given this possibility we are taking a fresh look <br /> at parking. <br /> <br /> Downtown Parking <br /> <br />In anticipation of possible changes to the project, and to provide Council with as much <br />information as possible on which to make decisions, staff has conducted parking studies for <br />the entire downtown. We now have a complete inventor~ of the existing supply, including all <br />public (city and other agencies) and private spaces. With this information, we will be able to <br />develop an overall parking program for the entire downtown as it begins to revitalize. <br /> <br />An occupancy survey of existing spaces to determine utilization has also been completed. <br />This was done on three Fridays in April, and included an event at the Fox Theater. This <br />information becomes the basis for projecting future needs. <br /> <br />Additionally, a revised Retaii-Cinema project to include development on Block One only was <br />analyzed to determine the projected parking demand so that we would know what we need <br />to provide for a Block One project. <br /> <br />With the above information, working with the developer, some parking options were created. <br /> <br />The parking alternative that has the greatest appeal is one that includes underground <br />parking under the project on Block One. Between 200 to 600 spaces may be provided <br />depending on the number of levels. As we study this further, development constraints may <br /> <br />· Page 2 <br /> <br /> <br />