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TRANSIT*ORIENTED SPECIFIC PLAN <br />FOR THE HACIENDA BUSINESS PARK <br /> <br />3.D. Real Estate Market Overview <br /> <br />A specific plan that is rooted in real estate market <br />realities becomes a useful tool rather than an <br />encumbrance for developers and property owners. <br />Strategic Economics will conduct a real estate <br />market overview that examines <br />the short and long-term real estate market <br />conditions and trends driving office, retail, and <br />residential demand in the park. <br /> <br />This analysis will build upon the real estate market <br />analysis already completed by Strategic Economics <br />(Hacienda Business Park- Opportunities for Mixed <br />Use Retail), and any other relevant published <br />studies. <br /> <br />3.E. Demographic Overview <br /> <br />The demographic overview focuses on those <br />characteristics of households that relate to the <br />demand they generate for housing and retail i,e. <br />income and household type. Strategic Economics <br />has already completed a demographic overview for <br />the 'Hacienda Business Park- Opportunities for <br />Mixed Use Retail' study. Strategic Economics will <br />add to this demographic analysis with more <br />detailed information on household types, as well as <br />household projections that will be used in the TOD <br />Housing Demand Estimate. <br /> <br />3.F. Housing Market Overview <br /> <br />Strategic Economics will review prevailing rents <br />and sales prices, performance and salient design <br />features for a range of multifamily housing types, <br />including townhomes, condominiums, and <br />apartments. This analysis will yield market pricing <br />and rents by unit type and size that will be used <br />later to project revenues in the pro forma analysis <br />for different development prototypes <br />under consideration. <br /> <br />Strategic Economics will also generate a numeric <br />estimate of the total demand for TOD housing in <br />Hacienda Business Park using its internal projection <br />model. <br /> <br />3.G. Office/R&D Market Overview <br /> <br />While the stock of available office and R&D space is <br />currently high relative to demand, these sectors will <br />rebound in the future when the economy improves. <br />Strategic Economics will review current <br />information on office market real estate trends, as <br />well as, relevant economic projections and their <br />likely impact on the Hacienda Business Park <br />market. <br /> <br />The relative strength of different types of office and <br />R&D product will produce recommendations <br />regarding marketable product types. As needed, <br />Strategic Economics will generate rents and sales <br />prices for different product types and space <br />increments to use as inputs later in the financial <br />feasibility pro forma analysis. <br /> <br />3.H. Retail Market Overview <br /> <br />Much of the retail market analysis has already been <br />completed for Strategic Economics' 'Hacienda <br />Business Park- Opportunities for Mixed Use Retail.' <br />Should demand for other retail formats, such as <br />single use retail will be identified, other retail <br />products and retailers will also be examined. The <br />market analysis will cover a range of retail project <br />sizes and tenant mixes. <br /> <br />Estimated rents for different retail product types <br />will ultimately be used as inputs in the pro forma <br />financial feasibility analyses that test different land <br />use alternatives. <br /> <br />3.1. Comparative Analysis <br /> <br />Ellen Greenberg, AICP, working with Strategic <br />Economics, will investigate relevant national <br />research and development projects that consider <br />land use and transportation relationships. Her <br />findings will be synthesized into a set of <br />recommendations for the alternatives and identify <br />those elements that are essential for achieving <br />viable transit-oriented development. <br /> <br />Critical to this research will be the identification of <br />appropriate internal trip capture rates, as measured <br />in comparable development projects. These will be <br />used in conjunction with the work of Fehr and <br />Peers, to determine methods for projecting "impact <br />neutral" trip projections. This will be used to <br /> <br /> <br />