AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 8 of 36 0 Z 250 0 -250 -500 -750 Figure 5— Land Value Analysis Net Development Value per Land Square Footage Five Land Use Scenarios 820 S35 High Density High Density Lower Density High Density Lower Density Office Office with Office Housing Housing Housing Source: EPS Feasibility Analysis 2020 Typically, the construction of additional office square footage generates the need for additional market - rate and affordable housing. While the two office -intensive scenarios would provide the required amount of affordable housing per the City's requirement, they would not fully mitigate the need for housing generated by the proposed office buildings. However, this project is at a unique period in time with commercial tenancy that enables development. Without redevelopment and the shifting of certain private buildings, creation of a four -track station becomes substantially more expensive and difficult, with negative impacts on both mid-term train service (10-20 years) to the City as well as the regional service for the entire Caltrain service corridor. Community preferences for more dense development next to the train station, improved pedestrian connectivity, open space, and retail/restaurants would also not be realized in the short to mid-term. Consistency with Council Strategic Initiatives and City Goals - The City has a series of goals and priorities that connect to the Transit District. In addition to addressing key City Council Priorities of housing and transportation, the district addresses sustainability and climate goals with reducing dependence on single - occupancy vehicle trips and increasing transit service for the downtown. It also provides an opportunity to build on the vision in the EI Camino Real Corridor Plan, which envisioned a high-intensity activity center in this location with protected bike lanes and connections to the transit systems. Lastly, this work furthers the study completed for Transit Station design. The estimated 1,000 residential units that could be provided in the district would be an important step towards meeting the City's Regional Housing Needs Allocation (RHNA) for the next 2023-2031 Housing Element Cycle. Currently estimated at 4,629 units, the district could provide almost 20 percent of the needed housing for the next eight years. Page 8 of 12 �EL - City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 184