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7.A. - Page 7 of 36 <br />Figure 4 — Amenities and Priorities <br />Affordable Housing <br />Better Bike and Ped Connections <br />The overall district could have 285 affordable <br />Redevelopment of the Transit District would <br />units, approximately 28% of the total residential <br />allow for additional pedestrian and bike <br />units. Eden Housing proposes a standalone building <br />connections through the site and to the transit <br />with resident services. <br />station, including protected bike lanes along <br />EI Camino Real in front of the district. <br />Child Care and Open Space <br />Large Family Units <br />25,000 sq. ft. of family entertainment and a 31,000 <br />The Sequoia Station development proposes 50 <br />sq. ft. public square at the end of Hamilton with <br />three-bedroom affordable units, 20 percent of the <br />approximately 10,000 sq. ft. of child care space that <br />total affordable units. Additional large -unit sizes <br />could serve 100-130 children. <br />may be possible in other parts of development. <br />Jobs -Housing Balance —The City Council and community members had expressed concerns about the <br />amount of the office development and the overall jobs -housing balance when it last considered the <br />Sequoia Station development proposal in February 2020. While each development project is not required <br />to individually balancejobs and housing, the City is prioritizing the creation of new housing units to better <br />balance residential and office uses. In order to evaluate feasible land use alternatives, the City contracted <br />with an economic consultant, EPS, to study the feasibility of a variety of land use combinations for <br />potentially redeveloping the Sequoia Station property (Attachment D). <br />The financial feasibility study evaluates whether a project would generate the level of investment and <br />return needed to build the project. Factors such as land acquisition, construction costs, site remediation <br />and other factors were evaluated. The report looked at five different land use scenarios assuming that <br />each scenario would have approximately 240 affordable residential units and 175,000 sq. ft. of retail: <br />• 1.3M square feet of office and 240 affordable units with associated retail of 175,000 sq. <br />ft. (2019 proposal) <br />• 1.2M square feet of office with additional residential units beyond the 2019 proposal and <br />175,000 sq. ft. of retail (similar to current revised proposal) <br />• 500,000 sq. ft. of office <br />• High-density residential (1,190 units) <br />• Low/medium-density residential (730 units) <br />The feasibility study found that the office/jobs-heavy scenario (2019 proposal) and a more intense <br />office/jobs plus increased housing scenario would be feasible under current market conditions. Land use <br />combinations with significantly reduced office or varying combinations of residential only, including an <br />all -residential with retail option, were determined to be infeasible with a net development value of less <br />than zero per square foot (negative return). <br />Page 7 of 12 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org <br />183 <br />