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Judson Brown, City of Santa Ana June 4, 2022 <br />WISEPlace PSH Preliminary Financial Gap Analysis Page 3 <br /> <br /> 2206004.SA.TRB <br /> 19090.018.025 <br /> <br />demolition and redevelopment of the property, the Developer is proposing an adaptive <br />reuse of the existing one-story structure. The Developer proposes to demolish the <br />existing two-story structure along Sycamore Street, which would then be replaced with <br />a newly constructed four-story building. <br />In order to develop the Project, WISEPlace proposes to ground lease the Site to the <br />Developer (partnership between WISEPlace and Jamboree Housing Corporation) for $1 <br />per year. The ground lease will be for a term of at least 65 years. <br />The proposed scope of development can be described as follows: <br />1. The Site is comprised of 0.6 acres, or 26,136 square feet of land area. <br />2. The Project’s unit mix is as follows: <br /> Number of <br />Units <br /> Unit Size <br />(SF) <br />Studio Units 47 410 <br />Two-Bedroom Units 1 979 <br /> Total / Weighted Average 48 422 <br /> <br />3. The gross building area (GBA) is estimated at 31,428 square feet, which is <br />comprised of the following: <br />a. The residential living area is estimated at 20,267 square feet; <br />b. The community room / leasing / social service GBA is estimated at 6,502 <br />square feet; and <br />c. The circulation / common area GBA is estimated at 4,659 square feet. <br />4. The Project includes 20 at-grade structured parking spaces, which equates to <br />approximately 0.4 parking spaces per unit. <br />5. The Project’s proposed affordability mix is as follows: <br /> <br />EXHIBIT 3