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2. Market Assessment Project Market Context The Site is located at the southeast corner of the City of Santa Ana in an area with a large concentration of industrial, flex, and office buildings at the intersection of 3 municipalities: Santa Ana, Tustin, and Irvine. While this district of Santa Ana (hereafter referred to as Dyer South) has a long history of these land uses, recent trends have seen a significant and growing addition of retail and residential properties to the local area inventory. Both the cities of Tustin and Irvine have developed plans (Tustin Legacy Specific Plan and the Irvine Business Complex Vision Plan) to encourage mixed -use development that includes residential, professional office, retail, flex, industrial, hospitality and institutional uses. (Figure 1). These plans identify maximum densities and quantities of land uses at buildout. Figure 1: Market Context for the Project Source: Google Earth, AECOM Both the Irvine Business Complex and Dyer South have a considerable existing inventory of industrial, flex, and office uses with an established history, but limited growth has occurred in these areas since 2010, with the exception of multifamily residences in the Irvine Business Complex. Tustin Legacy sits on the site of a former Marine Corps Air Station that saw the development of approximately 1 million SF of retail along its periphery but no other significant development prior to the adoption of the Tustin Legacy Specific Plan in 2013. Since then, approximately 88,000 SF of new retail space has been delivered along with over 500,000 SF of office space and nearly 1,000 multifamily units. Details on the current inventory and growth in these 3 districts since 2000 are shown in Table 1. The existing inventory, and potential future growth of the land uses included in this local area, factors substantially into the assessment of supportable demand for the Project's proposed land uses, especially as it pertains to retail. While the Project includes a substantial amount of retail, 80,000 SF, it is neither currently planned nor envisioned to be a component of a major retail hub. As such, the Project's retail component is not expected to be directly competitive with nearby regional malls or districts that are drawing on the regional market. Instead, its retail component appears to be oriented towards capturing a portion of demand from future Project households, demand from existing households and incremental household growth in the local area (such as the Heritage and growth in the Tustin Legacy area), and existing employment and incremental employment growth in the local area. Residential 75C-631