AgdaPkt 2012-05-21 - Laserfiche WebLink

Browse Search

7.A. - Page 3 portion of the ground floor that abuts the sidewalk; it is unclear if there will be multiple entrances accessing an array of establishments as called for in the Plan, or if there will be frontage without an entrance and therefore without activity. The massing plan places the greatest emphasis on the "Redwood Tower" building, along Middlefield between Jefferson and Theatre Way. The project then steps down significantly and presents a smaller mass at Depot Circle. Additionally, the "Redwood Tower" structure is pulled back substantially from the railroad, with a lower parking volume adjacent to the tracks. Parkinq Strateqy The project is parked at a ratio of 3 stalls per 1,000 square feet of commercial space. This meets the Plan's minimum requirement for such uses, provided that all of the parking is shared and available to the general public on evenings and weekends. The proposal states that only 200 stalls would be available to the public on evenings and weekends, however, which would not comply with the Plan. If all 810 stalls are shared, however, this would increase evening and weekend parking spaces substantially. The proposal does not mention any strategies to lower parking demand through transportation demand management strategies such as transit passes or a car sharing program. While the parking occupies a large share of the building space, all of it appears to be wrapped by active uses or otherwise handled appropriately architecturally. The hotel is proposed to be parked slightly below the Plan ratio, and will need to share some of the office parking, or pay an in-lieu fee, in order to satisfy its parking requirement. Financial Assessment Hunter/Storm did not provide a lease option. The acquisition price proposed is within the parameters established by the City's independent appraiser. The final price will be a result of negotiations between the City and the developer and will be presented to the City Council with Disposition and Development Agreement, should Hunter/Storm be selected and the negotiations successfully completed. The developer proposes to allocate substantial developer funds towards the construction of the Depot Circle public space. Though it is not clear in the proposal, the final development agreement will require curb, gutter, street tree, and sidewalk improvements along Middlefield Road and Winslow Street. It is also clear that there would be a long term benefit to the project due to retail spending by employees and hotel guests of the project. Also, by adding these sites to the property tax rolls, new revenue would be generated. However, no estimates of potential City revenues are provided.