AgdaPkt 2005-10-03 - Laserfiche WebLink

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£ A -¿) 7. In neighboring cities, why can the market produce buildings at 50-55 feet while 165 feet is necessary in Redwood City for developers to make a return? San Mateo has more tall buildings than any other neighboring city. Conversation with San Mateo's Planning Manager reflects the following: All the housing in the immediate downtown has apparently been built with a Redevelopment or City subsidy and so he~ht is not a direct function of the market. The large project near the freeway and 3r Street was apparently developed in the early 1 990's by BRIDGE Housing, a non-profit developer. The San Mateo Planner indicates that Measure H -the voter initiative that reduced buildings heights downtown from 120' to 55' - has been in place long enough that it has started to have an effect on land values downtown. 8. What level of public subsidy would an arts district take? The Concord Group indicates that this question would take further study to answer in depth. However, they indicated that one essential element of the arts district projects they have seen has been the creation of a space in which artists can work and display. The local government typically pays for the creation of such space. One way to quantify the cost for this space is to assume that a large space in an existing building is leased, and improvements are made to make the space suitable for an arts center. If we assume a building of eight thousand square feet, and a rent of two dollars per square foot, the annual cost is $192,000. It might take $100,000 to remodel the space for the intended use. Given these assumptions, the five year cost to establish such an arts center would be $1,060,000. This does not include any costs to staff such a facility or for utilities. 9. What are the amounts of residential and retail development that will act as a catalyst to further development downtown? The Concord Group thinks that the first significant market rate residential project downtown will act as the catalyst to further residential development. The project would have to be in excess of 80 -100 units and be high-end. In addition to the size and scope of the project, its location within Downtown will also have a determining effect on its success as a catalyst of future development. The most effective catalyst would be a high-end, large-scale (80 - 100 units) project in a marquee location, such as one of the two sites bordering the new Courthouse Square. The 'buzz' created by one such development will have an impact much greater than its immediate retail demand. Such a development will indicate to the market that development downtown can work and that the City supports and promotes it. Over time, businesses that might have located elsewhere in the area will be drawn downtown. 10. Development of high density housing along Middlefield Road and Broadway, south of downtown. This area is outside the Downtown but the question of the long term land uses of these southerly entrances to the downtown will be considered in the General Plan. 5