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regard to the previous restaurant, she believed there were a lot of management problems with the original operation and believed that is why it failed. She felt the reason other restaurants have not occupied the space was due to the cost. Mr. Graeser believed his office building is different than the examples cited by other speakers. PeopleSoft and Schwab are companies that each use over 100,000 square feet of office space. Morgan Stanley Dean Witter needs 10,000 square feet. This building provides small spaces for three or four tenants. If there is a downturn in the economy, it will be the larger spaces that will be impacted. This project is important for Chamberlin as well as for the City and he felt it provided benefits for both. He said the traffic information was accurate and his project would be good for the city. If a different use than his building is put on the site such as restaurant or retail, it will increase traffic. He believed his proposal was a win/win solution and he hoped Council agreed. Ms. Michelotti inquired about the vacancy rate for Hacienda Business Park. Mr. Paxson replied that until the last couple of months the vacancy rate was about 1% and retail was at about 8%. He estimated at the present the vacancy rate is about 2- 3%. Ms. Ayala asked if there were four million square feet of office space that has been approved, but not yet built? Mr. Paxson said that was too high. He briefly reviewed what he remembered of various expansion projects that were incomplete. He estimated about one million to one and a half million square feet were yet to be constructed. These are for companies that own their own buildings, such as PeopleSoft, Roche and Shaklee which have purchased land for expansion. Ms. McKeehan believed the figure Ms. Ayala referred to applied to the entire city. There being no further speakers, the public hearing was closed. There was a break at 9:40 p.m. The meeting reconvened at 9:45 p.m. Mayor Pico believed the most significant issues to be addressed were the land use and whether a city-sponsored market study was necessary. He felt Council should address those issues first. If it decides this is an appropriate land use, then it needs to decide whether it would process the design review or refer it to the Planning Commission. Ms. Dennis indicated she had straggled with this issue. Because of the history of the restaurant use on the site and the number of restaurants around this area, she did not feel a restaurant was a viable use for this site. She believed the proposed office building Pleasanton City Council 15 04/03/01 Minutes