AgdaPkt 2012-05-21 - Laserfiche WebLink

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7.A. - Page 4 Schedule Hunter/Storm anticipates a 24 month construction period for Block 2, with completion of the offices in February of 2015. The hotel on the Winslow Lot is not explicitly identified on the schedule, so it is not clear if it would also be completed in February of 2015, or if it would be constructed on a separate timeline. A schedule for occupancy of the office building is not provided. Minimization of Construction Impacts A detailed construction impact mitigation plan is not laid out, although the proposal offers some specific ideas to minimize construction impacts. The heavy hauling activity during the excavation phase is proposed to occur in the early morning and be completed by noon each day, which would produce fewer conflicts than if the hauling occurred all day long. Hauling routes are also identified that avoid core Downtown streets. Hunter/Storm also proposes to have a community meeting prior to the beginning of construction to identify concerns and aid in the development of a more detailed plan. To compensate for the temporary loss of public spaces on Block 2, it proposes to install an electronic system which can track vacant parking spaces elsewhere in Downtown and guide parkers to available parking with a mobile application. Lowe Enterprises Lowe Enterprises is an experienced national development firm based out of Los Angeles, with a regional office in San Mateo. It has developed office, residential, and hotel properties throughout the United States for about 40 years. Lowe's proposal consists primarily of 262,100 square feet office space and 126 for-rent residential units. Also included are 6,000 square feet of conference space and 20,000 square feet of retail space. 903 parking spaces are proposed, with 2 levels below ground and 3 levels above ground. It proposes two buildings on the project site, separated by an extension of Theatre Way. Lowe Enterprises does not control the two private parcels on Block 2, and would build around them. It also proposes to develop a 140-room hotel on the Winslow Lot. Downtown Revitalization Potential Depending on how densely the office space is occupied, the project would probably place about 576 employees on Block 2, assuming 2.2 employees per 1,000 square feet (this was the basis for General plan projections). An economic analysis of the Lowe Enterprises proposal was conducted by the Sedway Group, a real estate and economics consulting company based in San Francisco. Its analysis indicates that the project would generate closer to 1,200 employees in the 250,000 square feet office component. Again, the nature of the final tenancy will determine employee density and economic benefits to the City. The employees could provide a new presence on the streets in the area, boosting the liveliness of the sidewalks and providing economic stimulus due to coffee breaks, lunch