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Related Bristol Specific Plan Entitlements & Development Agreement (3600 S. Bristol St.) <br />and Staff Resolution Modifying Parking Districts in the Surrounding Area <br />October 1, 2024 <br />Page 34 <br />Table 6d: Community Benefits Impacts Findings <br />Greenlink, and other <br />plaza and landscaped <br />areas throughout the <br />41-acre site <br />Urban Design and <br />Traditional, suburban <br />Contemporary, iconic <br />Enhancement of the <br />Image of the City <br />shopping center with <br />mixed -use urban village <br />City at a key gateway <br />surface parking, no <br />with mid- and high-rise <br />intersection (Bristol <br />community amenities, <br />structures, urban <br />Street and Sunflower <br />and outdated buildings <br />village street network, <br />Avenue), capitalizing <br />bicycle lanes, on -street <br />on the success of <br />parking, outdoor dining <br />South Coast Plaza and <br />areas, and high -quality <br />adjacency to the 1-405 <br />furnishings <br />freeway <br />Onsite Full -Service <br />Large -format grocery <br />Large -format grocery <br />No change <br />Grocery Store <br />store currently <br />store in Phase 1 of 2 of <br />operating as a Vons <br />the project, pursuant to <br />terms of the DA <br />Sources : <br />Study prepared by DTA Sep. 2023 <br />In addition to the EIA, FIA, LRV, and CBA analyses, a Market Study was prepared to <br />evaluate impacts of the proposed project on the economic market area, including the <br />residential, commercial, hotel, and senior continuum care living components. The study <br />concludes that given the amenity -rich environment of the project site, its location in a <br />market area with higher than average rents, and the relatively low vacancy rates of <br />nearby mixed -use and multiple -family residential communities, the project's residential <br />component could be absorbed by the market area with low vacancies and rental rates <br />above the area average. The study also concludes that despite a net loss of 115,000 <br />square feet of commercial space on the project site, the reconfigured commercial <br />spaces could be absorbed into the market area with the conveniences of underground <br />parking, onsite amenities, proximity to South Coast Plaza and the I-405 freeway, and <br />the existing two -percent (2%) retail vacancy in a two-mile radius of the project site. The <br />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 />According to the Market Study, the proposed 250 hotel room keys could also be <br />absorbed, given low hotel room vacancy rates in the area, and given that the SP is <br />targeting construction of a four -star hotel, similar to the Westin at South Coast. It is <br />estimated that the value of another hotel on the project site would be approximately $95 <br />million, while the costs would be $64 million, leading to an "Excess Value over Costs" <br />ratio of about 32%, a figure that would attract a developer to finance construction of a <br />four -star hotel on the project site. Lastly, the Market Study concludes that the senior <br />continuum care facility would be valued at approximately $106 million, with costs near <br />