AgdaPkt 2012-05-21 - Laserfiche WebLink

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7.A. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er May 21, 2012 SUBJECT Depot Circle Developer Selection RECOMMENDATION Select a preferred developer for the Depot Circle project, and direct staff to commence negotiations with that developer for the terms of a potential Disposition and Development Agreement BACKGROUND On December 12, 2011, the City Council directed staff to invite Hunter/Storm and Lowe Enterprises to submit proposals for the development of the Depot Circle project. On March 30, 2012, the two development teams submitted their proposals. A summary of each proposal is included in Attachment 1. ANALYSIS The Depot Circle ad hoc committee (Councilmembers Foust and Seybert) and staff developed selection criteria by which the proposals should be evaluated (Attachment A). No recommendation is made by the committee or staff. Rather each project is objectively summarized for Council discussion. Prior to the Council meeting, a study session will be held at 6:00 p.m. where each team will make a presentation of its project and then a facilitator will assist the Council in evaluating each proposal based on the criteria provided. A summary of the each of the two proposals is provided as follows: Hunter/Storm Hunter/Storm is an experienced development and investment firm based in Cupertino, California. The firm has developed retail, office, and industrial properties throughout the Bay Area for about 20 years and they also developed the office space at 500 Arguello in Redwood City. The heart of its proposal consists of 261,000 square feet office space. Also included is a 6,000 square foot conference center and 3,000 square feet of retail space. 810 total parking spaces are proposed, with one level below ground and 4 levels above. The development consists of two buildings separated by an extension of Theatre Way. Hunter/Storm controls the two private parcels adjacent to the City's property, and proposes to incorporate them into the project. It also proposes to partner with BPR Properties to develop a 120-room hotel with 40 parking stalls on the Winslow Lot.