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8.B. - Page 206 <br /> Mr. Lyon introduced the amendments to the Downtown Precise Plan. He stated that the <br /> community has sought to allow the opportunity to keep pace with the market. He stated <br /> that ground floor vacancies has been an economic issue, and noted that the <br /> Commission can either vote on what they feel comfortable with, or ask for more <br /> information in the future from items they don't feel comfortable with. <br /> Dan Zack gave the following presentation: <br /> Amendments to the Downtown Precise Plan <br /> Background <br /> ❑ DTPP adopted in January of 2011 <br /> ❑ It is working well: <br /> o New Developments: <br /> ■ 201 Marshall <br /> ■ Block 2 <br /> o Building Remodels <br /> ■ 626 Jefferson <br /> ■ 701 EI Camino Real <br /> o New Businesses <br /> ■ Sakura <br /> • Old Spaghetti Factory <br /> ■ Captain's <br /> ■ Cynthia L. <br /> ❑ Stubborn Problem: Ground floor vacancies <br /> o Since 208 the rate has stayed between 20% and 30% <br /> o Retail is struggling nationwide <br /> o Vacancies are creating "dead spots" in Downtown <br /> o Vacancies are creating a negative perception <br /> o Small tech office space is very viable right now, but our office vacancy is <br /> effectively zero. <br /> o Generally speaking, Council has asked staff to move quickly in response <br /> to various market conditions <br /> About the Proposed Changes <br /> Reduce the high ground floor vacancy rate <br /> Increase flexibility <br /> Reduce confusion <br /> Reduce the High Ground Floor Vacancy Rate <br /> ❑ Applicant must demonstrate 40,000 square feet of vacant ground floor space in <br /> the Entertainment District and Downtown Core zones. <br /> o This is about 10% of the supply <br /> o When space starts filling up, this mechanism automatically shuts off, <br /> preserving space for retail growth. <br /> Commissioner Holt asked if the 40,000 square feet is in all the area considered in the <br /> Downtown Precise Plan. <br /> Mr. Zack stated that it is in the red and the blue area on the map. <br /> Page 2 of 16 <br />