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Santa Ana Redhill Development <br /> <br /> <br /> <br /> <br />Prepared for: City of Santa Ana <br /> <br />AECOM <br /> <br /> <br />Table of Contents <br />1. Introduction ........................................................................................................... 6 <br />Key Findings .................................................................................................................................................................. 6 <br />Discussion ...................................................................................................................................................................... 7 <br />2. Market Assessment .............................................................................................. 8 <br />Project Market Context ................................................................................................................................................... 8 <br />Demographic Trends .................................................................................................................................................... 10 <br />Market Trends .............................................................................................................................................................. 11 <br />Industrial ...................................................................................................................................................................... 12 <br />Flex .............................................................................................................................................................................. 14 <br />Multifamily .................................................................................................................................................................... 15 <br />Retail ............................................................................................................................................................................ 17 <br />Industrial Market Demand ............................................................................................................................................ 19 <br />Retail Demand ............................................................................................................................................................. 21 <br />3. Development Feasibility ..................................................................................... 24 <br />4. Economic Impact ................................................................................................ 26 <br />5. Fiscal Impact ...................................................................................................... 32 <br />Appendix A Document copies ........................................................................................ 36 <br />Development Feasibility Analysis ................................................................................................................................. 36 <br />Industrial Prototype Relevant Comparisons ................................................................................................................. 39 <br /> ..................................................................................................................................................................................... 39 <br /> ..................................................................................................................................................................................... 39 <br />Fiscal Impact Tables ..................................................................................................................................................... 40 <br /> <br />Figures <br />Figure 1: Market Context for the Project ........................................................................................................................ 8 <br />Figure 2: Recent Multifamily Development and Pipeline .............................................................................................. 10 <br />Figure 3: 2-mile Radius around the proposed site of The Project ................................................................................ 12 <br />Figure 4: Industrial Vacancy ......................................................................................................................................... 12 <br />Figure 5: Industrial Vacancy ......................................................................................................................................... 13 <br />Figure 6: Flexy Vacancy ............................................................................................................................................... 14 <br />Figure 7: Flex Rent ....................................................................................................................................................... 14 <br />Figure 8: MFR Vacancy ................................................................................................................................................ 15 <br />Figure 9: MFR Rent per SF .......................................................................................................................................... 16 <br />Figure 10: MFR Rent per Unit ...................................................................................................................................... 16 <br />Figure 11: Retail Vacancy ............................................................................................................................................. 17 <br />Figure 12: Retail Rent .................................................................................................................................................. 18 <br />Figure 13: Orange County Projected Growth ............................................................................................................... 20 <br />Figure 14: Residual Land Value ................................................................................................................................... 24 <br />Figure 15: Top Sectors of Economic Impact - Project .................................................................................................. 30 <br />Figure 16: Top Sectors of Economic Impact - Industrial Prototype ............................................................................... 31 <br /> <br />3-231