PC-2023-05 - Laserfiche WebLink

achieve a density of 80 du/ac) would receive an equal housing allocation of 288 units3. This scenario reflects the most dispersed or distributed allocation of various housing sites in terms of location. In this scenario, since it has the largest number of parcels and developable sites, Simon would be allocated two housing sites and the other owners one site each. Conceptual Scenario 2: Clustered Development, Six Housing Sites In Scenario 2, a total of six sites or subareas would be designated for housing development with 1,440 units total; each of the six subareas would receive an equal housing allocation of 240 units. Simon and SHPR each would have two 240-unit housing sites allocated (480 units total), and 300 Venture Group and Macy's each receives one housing site of 240 units. This option clusters the housing sites more than Scenario 1. One site within the 300 Venture Group property is also identified as an office/retail opportunity site, but such commercial opportunities could be provided on other parcels if there were market support and interest, and it would be beneficial to provide flexibility in the Framework to allow for this. This scenario would also offer a relatively equitable distribution of housing among the owners and properties, although slightly less balanced, since it allocates two sites each to SHPR and Simon, and one each to Macy's and 300 Venture Group. The slightly smaller allocations on each site may make housing projects marginally less viable. Scenario 2a: BART-focused Development, Six Housing Sites Scenario 2a is an alternative version of Scenario 2, which also includes six sites or subareas that would be designated for development of housing with a total of 1,440 units (each of the six parcels would receive 240 units, identical to Scenario 2). This scenario is also more clustered in terms of distribution of housing sites but focuses that clustering more intensively near the BART station and would similarly help to support both a stronger connection to BART, although reflects the same, less balanced distribution among owners. As described in the "Common Elements" section of the agenda report, all scenarios could accommodate new uses, including a new hotel, and a grocery store, if these proved to be market-viable. Such uses would improve the local serving amenities as in the case of the grocery, and for the hotel would help to encourage day/night activity as well as amenities such as dining or meeting space. ANALYSIS AND DISCUSSION The professional services team includes traffic and transportation firm Fehr and Peers and Economic & Planning Systems, a consulting firm that specializes in economic and market analysis, including fiscal impact and financial feasibility. Each has provided a high-level analysis, below. 3