Item 22 - Public Hearing Regarding Bristol Project

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Related Bristol Specific Plan Entitlements & Development Agreement (3600 S. Bristol St.) and Staff Resolution Modifying Parking Districts in the Surrounding Area September 17, 2024 Page 34 Table 6d: Community Benefits Impacts Findings Onsite Full -Service Large -format grocery Large -format grocery No change Grocery Store store currently store in Phase 1 of 2 of operating as a Vons the project, pursuant to terms of the DA Source(s): Study prepared by DTA (Sep. 2023) In addition to the EIA, FIA, LRV, and CBA analyses, a Market Study was prepared to evaluate impacts of the proposed project on the economic market area, including the residential, commercial, hotel, and senior continuum care living components. The study concludes that given the amenity -rich environment of the project site, its location in a market area with higher than average rents, and the relatively low vacancy rates of nearby mixed -use and multiple -family residential communities, the project's residential component could be absorbed by the market area with low vacancies and rental rates above the area average. The study also concludes that despite a net loss of 115,000 square feet of commercial space on the project site, the reconfigured commercial spaces could be absorbed into the market area with the conveniences of underground parking, onsite amenities, proximity to South Coast Plaza and the I-405 freeway, and the existing two -percent (2%) retail vacancy in a two-mile radius of the project site. The reconfigured commercial spaces are expected to command a price per of at least $40 per square foot annually, an increase of $2.47 per square foot from the current average of $37.53 per square foot annually. According to the Market Study, the proposed 250 hotel room keys could also be absorbed, given low hotel room vacancy rates in the area, and given that the SP is targeting construction of a four -star hotel, similar to the Westin at South Coast. It is estimated that the value of another hotel on the project site would be approximately $95 million, while the costs would be $64 million, leading to an "Excess Value over Costs" ratio of about 32 percent, a figure that would attract a developer to finance construction of a four -star hotel on the project site. Lastly, the Market Study concludes that the senior continuum care facility would be valued at approximately $106 million, with costs near $73 million, leading to an "Excess of Value over Costs" ratio of about 36 percent, making the facility financially feasible on the project site. The EIA, FIA, LRV, and CBA analyses, as well as the Market Study and respective peer reviews, are provided as Exhibit 10 to this report. RESOLUTION AMENDING PERMIT PARKING DISTRICTS Separate from the Related Bristol Specific Plan Project but concurrently as an implementation of the General Plan Update (2022), it is recommended that the City Council adopt a resolution amending Resolution No. 91-088, Resolution No. 93-076, and Resolution No. 2000-062 (Exhibit 19) regarding Permit Parking District petitions.