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Page 4 of 11 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />TABLE 1: ELCO YARD PROJECT DETAILS AND CONSTRUCTION STATUS <br />Lot Use Details Applicant Status <br />A Mixed-Use 252 units (including 59 affordable) <br />5,300 sq. ft. retail <br />High Street <br />Residential Plan check <br />B Mixed-Use <br />110,000 sq. ft. office <br />19,000 sq. ft. family friendly <br />entertainment/retail <br />8,400 sq. ft. child-care <br />IQHQ Complete <br />C R&D 166,000 sq. ft. IQHQ <br />Temporary <br />certificate of <br />occupancy <br />D Multifamily  249 units (including 50 affordable)High Street <br />Residential Plan check <br />E - <br />North Mixed-Use 118,600 sq. ft. R&D <br />1,500 sq. ft. retail IQHQ Complete <br />E – <br />South Mixed Use 135,300 sq. ft. R&D <br />3,300 sq. ft. retail IQHQ Compete <br />F Multi- <br />family <br />39 units (including 38 affordable, 1 <br />managers unit)Greystar Complete <br />Green = work is complete or nearly complete Yellow = plans in review, construction has not begun <br />Pursuant to the zoning code (Section 41.10 Modification of Approved Plans and Permits), the requested <br />modification shall be reviewed by the final review authority of the originally approved permit (in this case <br />the City Council). <br />ANALYSIS <br />The current economic climate, including high interest rates, rising construction costs, inflation, labor <br />shortages, and uncertainty around tariffs, has compounded the challenges facing developers. In <br />particular, multifamily residential development has stalled, even for projects with development <br />entitlements. The commercial developer, IQHQ, has partnered with a housing developer, High Street <br />Residential, a subsidiary of Trammell Crow Company, collectively the “applicant”, to construct the <br />remaining two lots (lots A and D) in accordance with the project’s entitlements. <br />In order to maintain the project’s density, design aesthetic, and community benefits, including the public <br />creek walk and plaza at the corner of El Camino Real and Maple streets totaling 16,316 sq. ft. and the <br />ground floor retail space fronting El Camino Real (on lot A) totaling 5,300 sq. ft., the applicant is requesting <br />the following modifications (See also Attachment B - Request Prepared by the Applicant): <br />8.B. - Page 4 of 120 <br />167