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S.A. - Page 25 of 61 Strategic Priorities: The project addresses the following Council Strategic Priorities: • 54 on-site below market rate units provided at the low and very low level (Housing); • $9.1 million contribution to affordable housing (Housing); • Housing and jobs within close proximity to Caltrain (Transportation); • Retail space would be prioritized for family entertainment (Children & Youth) Discussion: The proposed project is located in the DTPP and would require a General Plan Amendment and DTTP amendment for additional office development and residential units. As currently presented, the project site would require the closure and acquisition of public right-of-way (Spring Street) and the adjacent parklet area. Improvements to the parklet, including benches to expand use as well as increasing visibility and safety, was considered in the DTPP as a potential future project. The street closure and parklet would need to be reviewed more in depth by the Community Development & Transportation and the Fire Departments to ensure that the closure would not affect City services or circulation. The on-site residential units would be operated by HIP housing, and the proposal includes 2 studios, 28 one -bedroom units, 16 two-bedroom units, and 8 three-bedroom units. The proposal splits up the retail use into two spaces with an 8,404 sq. ft. space on Broadway and a 1,897 sq. ft. space on the corner of Broadway and Main, however two additional options are also included: one 10,000 sq. ft. space on Broadway or two smaller spaces that would face the public plaza. The public plaza would be available for public use, and the applicant has also indicated that the programming of public space would be determined collaboratively with youth groups. Finally, the project would also include $500,000 to local non -profits and another $100,000 donation to job training programs. 8. 2300 Broadway (Chase Bank) Project Description: The project includes 200,000 sq. ft. office, 15,000 sq. ft. of retail space, and 5,000 sq. ft. of open space ('Redwood Grove') on the corner of Broadway and Hamilton. In addition to the on-site open space, the project would request to utilize a portion of Hamilton Street adjacent to the subject property, and Courthouse Square, to create a 15,000 sq. ft. plaza. The proposed building would be approximately 112 feet in height (9 stories) with the retail spaces located on Broadway and Hamilton. The proposal also includes a commitment to building a minimum of 40 off-site below market rate units at the low and very low income levels. • General Plan: Mixed Use — Downtown • Zoning: P (Downtown Precise Plan) • Existing Use: Bank (Chase) Strategic Priorities: The project addresses the Council's Strategic Priorities in the following ways: 80 off-site below market rate units provided at the extremely low (8), very low (24), and low (48) levels (Housing); Commitment to pay $40 per sq. ft. ($8 million) for affordable housing fee (Housing); • Jobs within downtown and in close proximity to Caltrain (Transportation); 10 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 292