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8.B. - Page 49 of 70 <br />Redwood City Broadway Streetcar/Urban Circulator Study <br />Summary Report <br />■ The Broadway corridor's urban form varies <br />considerably throughout the Study Area: <br />In downtown, the general intensity and pedestrian <br />orientation of development is highly supportive of <br />alternative modes of transportation such as a <br />streetcar, and a streetcar could contribute to the <br />already vibrant streetscape. <br />Between downtown and Douglas Avenue, the <br />lower density and intensity of the existing <br />buildings and poor pedestrian orientation of urban <br />form is less supportive of a streetcar. However, <br />applicable zoning districts facilitate transit - <br />oriented redevelopment by permitting greater <br />building heights and non-residential intensities, <br />incentivizing mixed-use, and requiring new <br />development to be pedestrian oriented. <br />• Near the Stanford in Redwood City Plan Area, there <br />are greater opportunities to incorporate the <br />streetcar into new development. The Stanford in <br />Redwood City campus is already under <br />construction, though plans considered the <br />possibility of a future streetcar. For other future <br />development along the Broadway corridor, the <br />challenge will be to ensure quality buildout of the <br />public realm, such that a successful pedestrian and <br />transit -oriented environment is created to balance <br />larger building masses. <br />Smith <br />Real Estate Market Conditions <br />■ Recent trends in the Bay Area and nationwide have <br />pointed to a revived interest in redeveloping dense, <br />walkable, and transit friendly downtown commercial <br />corridors such the Broadway corridor and Project <br />Study Area. <br />■ The Project Study Area is home to a robust and high - <br />demand real estate market for both residential and <br />commercial land uses. As it stands, there is more than <br />1.4 million square feet of office space within the <br />Project Study Area's development pipeline as well as <br />1,900 housing units. The largest residential project in <br />the area is a 471 -unit complex located at <br />525 Middlefield Road (Indigo), which was recently <br />built and is now fully occupied. <br />■ Proposed and recently completed office and residential <br />development in the Project Study Area will increase <br />the demand for retail sales. Retail demand for eating <br />and drinking establishments will be bolstered by the <br />influx of workers in the area, a population group that <br />contributes sizably to retail sales of this category. The <br />presence of a streetcar connecting existing and <br />proposed residential and office development to <br />Redwood City's downtown retail and entertainment <br />district will likely further benefit Redwood City's retail <br />market. <br />Page 13 <br />592 <br />