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Transfer of Development Rights for <br />the Nexus High Rise Condominiums <br />February 6, 2006 <br />Page 2 <br />Staff has reviewed various financial information concerning Intracorp. <br />Intracorp is a stable, financially sound company with the financial <br />ability to complete the project. Also, its expertise in building various <br />types of housing, including mixed-use urban infill projects and multi- <br />family residential substantiates its solid track record in developing the <br />high-rise condominiums. Intracorp has a variety of similar projects that <br />are presently under construction or which have been completed, including <br />The Cove, an 18-story, 138-unit high rise in Marina Del Rey and the West <br />Ocean Towers, a 22 and 29 story tower project with 246-units in Long <br />Beach. Reference checks regarding these similar projects and Intracorp's <br />overall ability to perform have also confirmed excellent working <br />relationships with municipalities as well as a successful track record of <br />completed projects. <br />Intracorp is an experienced, fiscally sound company that has the <br />capabilities to construct the high-rise condominium project. Therefore, <br />staff recommends that the City Council authorize the City Manager to <br />execute documents transferring the development rights for the 349-unit <br />high-rise condominium project to MacArthur Towers, LLC, a subsidiary of <br />Intracorp, Los Angeles, LLC. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />a M. Trevino <br />cutive Director <br />Planning & Building Agency <br />VF:rb <br />of\re po rtsANexu st=an sfex.cc <br />31 C-2 <br />