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April 25, 2023 <br />Facie I2 <br />Bristol Specific Plan EIR Amendment 1 <br />• Determine projected market prices and/or project valuations of the proposed product types; <br />• Determine demographic characteristics by land use type, including persons per household or employees <br />per thousand square feet; <br />• Confirm the public infrastructure to be constructed by the Project proponent. <br />10.2. Economic Overview of Project Trade Areas <br />DTA shall conduct research to examine and summarize the local and regional economic conditions that serve as <br />a basis for assumptions to be utilized in the Market Assessment of the Project. This task Includes the following <br />subtasks: <br />• Determine the Project's Trade Areas based on key factors, such as population density, political <br />boundaries, the scope of the Project's development, and the location of residential projects, retail centers <br />and hotels close to the Project site that are likely to represent competition. <br />• Compile a demographic profile of the Project's Trade Areas, including existing population and <br />employment, and the projected growth of these factors resulting from the Project, once trade areas have <br />been determined. <br />• Provide a summary of the local and regional economic conditions. <br />10.3. Existing Supply Conditions in Each Trade Area <br />DTA shall examine the existing market conditions for the Trade Areas, including an assessment of existing <br />inventory and recent growth trends for multifamily residential, retail and hotel development (the "Development <br />Categories") within the Trade Areas. This task shall include the following determinations for each of the three <br />Development Categories: <br />• Current inventory and recent inventory trends; <br />• Current vacancy rates and recent vacancy rate trends; and <br />• Current rent levels/hotel room rates and recent rent level/hotel room rate trends. <br />10.4. Existing and Future Demand in Each Trade Area <br />DTA shall examine the existing market demand for the three Development Categories in the Trade Areas, as <br />well as the total demand for each of the Development Categories once the Project has been completed. This <br />task shall include the following determinations: <br />• Current demand for rental housing and updated demand for rental housing once Project has been <br />completed; <br />• Current demand for retail development and updated demand for retail development once Project has <br />been completed; and <br />• Current demand for hotel development and updated demand for hotel development once Project has <br />been completed. <br />10.5. Comparison of Future Supply and Future Demand in Each Trade Area <br />DTA shall prepare a comparison of the future supply and future demand for each of the <br />three Development Categories based on the following: <br />Determine future supply within the Trade Areas for each of the three Development Categories based <br />on the current supply within the Trade Areas determined under combined with the Project land uses <br />determined under Task 10.1; <br />Compare the future supply for each of the three Development Categories with the future demand for <br />each of the Development Categories that are anticipated within each of the Trade Areas once the <br />Project has been completed, as determined under Task 10.4; <br />Verify that the future demand within the Trade Areas for each Development Category is greater than <br />the future supply for each Development Category. <br />10.6. Development Feasibility <br />DTA shall prepare a dynamic baseline proforma of the proposed privately developed portion of the Master <br />Plan incorporating the information obtained under Tasks 10.1 - 10.5, including an analysis of the time value of <br />