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Slide 42 Related Bristol Specific Plan <br />Item No. 22 <br />Planning and Building Agency <br />September 17, 2024 <br />Community Benefits <br />•The General Plan Land Use Element requires projects proposing a zone <br />change, such as the proposed Specific Plan, to evaluate economic, fiscal, and <br />community benefits impacts through various analyses (Policy Nos. LU-2.4, LU- <br />3.1, and Implementation Action No. 1.2). <br />•The applicant provided and the City prepared and/or peer-reviewed analyses <br />on economic impacts (EIA), fiscal impacts (FIA), land residual value (LRV), and <br />community benefits (CBA). <br />•A Market Study also evaluates project’s economic market impacts. Outcomes <br />include: <br />–The project’s residential component could be absorbed by the market area with low <br />vacancies and rental rates above the area average. <br />–Despite a net loss of 115,000 square feet of commercial space on the project site, the <br />reconfigured commercial spaces could be absorbed into the market area with the <br />conveniences of underground parking, onsite amenities, proximity to South Coast Plaza <br />and the I-405 freeway, and the existing two-percent (2%) retail vacancy in a two-mile <br />radius of the project site. <br />–The reconfigured commercial spaces are expected to command a price per of at least $40 <br />per square foot annually, an increase of $2.47 per square foot from the current average <br />of $37.53 per square foot annually. <br />–The proposed 250 hotel room keys could also be absorbed, given low hotel room vacancy <br />rates in the area, and given that the SP is targeting construction of a four-star hotel, <br />similar to the Westin at South Coast.