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. . . .. Mateo County. He said he was confident "for sale" housing would work well on the Lonestar site, or any portion of the Franklin Street Area, acknowledging that selling - units next to 4-story buildings is "more challenging" but very doable. He said most developers today are focusing on grade level, 3-story buildings, because platform buildings have inherent challenges. In response to Board Director's questions regarding ease of sale of both types of housing in a mixed use area, Mr. Ryness said he could more accurately answer if he could see the Master Plan. He said, "for rent and 'for sale' people are not happy companions.... 'for sale' people are more security minded." He said "we are always concerned when we are right next to a for rent facility because of the shadowing factor if the for rent is quite tall, and the vehicular traffic, because for rent communities tend to pull more site visits than 'for sale'." Jeff Hansen, Project Director of Land Acquisitions of Shea Homes of Northern California, a 120 year old firm, one of the top 20 home builders in the country, said Mr. Butler asked him to address the Agency Board on the subject of "for sale" housing in the Franklin Street Area. Mr. Hansen said he agreed with Mr. Ryness that the demand for urban core infill "for sale" housing is very "considerable." He described a very successful project called River Oaks in downtown San Jose. Mr. Hansen said Shea Homes develops both "for rent" and "for sale" housing. He said it was critical to look at the area as a whole, "the concept of critical mass which is important for financial analyses, intTastructure concerns, development agreements with the city - involved, and a whole host of concerns important both to the municipality and the developer... 'For sale' housing in the Franklin Street Area could be very successful. It should be well designed, constitute part of the gateway to your City; however, we have master developed many large tracts as well as infill sites, and the more you reduce the property available for critical mass... the more challenging it becomes to do 'for sale' housing. If you deem 'for sale' housing an appropriate component of your downtown redevelopment effort, now would be the time to plan for it, and to undertake whatever analyses necessary to determine its viability. If it were up to me, one of the next steps in a project like this would be to do a mixed use Master Plan for the entire Franklin Street Area." Mr. Hansen said a retail component along El Camino Real would be appropriate. He agreed with Mr. Ryness on the demand for urban infill projects, the demographics, and described the San Mateo County buyers who have bought in the East Bay. He said, "on the eve of tax day, given the choice, people will buy." He said his company was eager to pursue this opportunity in the Franklin Street Area, and said urban infill "for sale" housing is a concept whose time has come. Mr. Hansen said that his company has initiated a program, "a liability insurance program to allow some contractors and design professionals who have been scared away by the construction defect litigation crisis, to in fact, obtain insurance and be able to participate in this type of construction." - SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 411 PAGE 9