3 - The Bowery - Laserfiche WebLink

Home Browse Search

EIR No. 2020-01, GPA No. 2020-02, & AA No. 2020-01 – The Bowery Mixed-Use Development May 11, 2020 Page 11 neither the applicant nor the City have the ability to reduce. Greenhouse Gas Emissions impacts stem from approximately 60 percent of the GHG emissions being generated by vehicle trips. Neither the applicant nor the City can substantively or materially reduce the vehicular-source GHG emissions. Lastly, Transportation impacts stem from the project’s requirement to pay fair share funds to improve right-turn overlap phasing at the intersections of Grand and Warner avenues and Redhill and Alton avenues, calculated at 5.93 and 8.57 percent, respectively, and to construct or fully fund right-turn overlap phasing at the intersection of Redhill Avenue and Barranca Parkway. As a result of these impacts that cannot be mitigated to a less than significant level, adoption of a Statement of Overriding Considerations is required prior to approving the project. A Statement of Overriding Considerations is the process through which decision makers balance the economic, legal, social, and technological or other benefits of the proposed project against its unavoidable environmental impacts. Economic Development The City utilized the services of AECOM to prepare an economic and fiscal analysis of the proposed project and to compare its impacts again those of an industrial prototype that could be built pursuant to the M-1 zoning district standards on the project site. The analysis reviewed key areas including residential, industrial, and retail market assessments; development feasibility; and economic and fiscal impacts of the project. AECOM’s analysis reveals positive economic and fiscal impacts from either the proposed development or the industrial prototype due to the project site’s location in a high-value, jobs-rich area surrounded by employment centers and commercial developments. The report’s conclusions about the proposed project and the industrial prototype are illustrated in Table 6. Table 6: Key Findings of the Proposed Project and Industrial Prototype Comparison of Impacts Topic Proposed Project Industrial Prototype Residential Market Assessment The proposed quantity of residential units could be absorbed with low vacancy and high rents N/A – Residential not permitted by current M- 1 zoning designation Industrial Market Assessment N/A – The proposed project does not contain industrial buildings or uses The industrial prototype (up to 320,000- square foot light industrial office/industrial building) could be absorbed into the broader market, as the expected incremental demand for new industrial square footage by 2026 is 2.2 million square feet Retail Market Assessment The proposed 80,000 square feet of leasable commercial square footage could be absorbed by the market area due to the buildout anticipated within a two-mile market area N/A – The industrial prototype does not contain a significant commercial component as commercial uses are limited by the M-1 zoning designation Development Feasibility/Residual Land Value (RLV) $65 million ($100/square foot of land) $17 million ($26/square foot of land) Economic Impact $498 million in one-time construction impacts, $58 million in annual economic $76 million in one-time construction impacts, $153 million in annual economic impacts, 3-11