Laserfiche WebLink
Amend DA No. 05-02 and CUP Nos. 05-10 & 05-15 <br />March 23, 2009 <br />Page 2 <br />towers, a six-story mid-rise residential/office building, a four to six- <br />story mid-rise condominium development, and 14,000 square feet of retail <br />and restaurant uses. Two high-rise towers, the 349-unit Skyline Towers <br />development at 9 and 15 MacArthur Place, were completed in October 2008. <br />At final build out, a total of 791 for sale condominium units are <br />entitled to be constructed at the MacArthur Place South project. <br />The overall MacArthur Place South project site is zoned Specific <br />Development No. 76 (SD-76) and has a General Plan land use designation <br />of District Center (DC) Surrounding land uses include the MacArthur <br />Place mixed-use development to the north, the Newport-Costa Mesa (SR-55) <br />Freeway to the east, office and industrial development to the south and <br />the Sandpointe residential neighborhood to the west (Exhibits 1 and 2). <br />Analysis of the Issues <br />In 2005, the City approved several entitlements, including a development <br />agreement and two conditional use permits, for The Grand Plan I and II, <br />LLC, subsidiaries of the Nexus Development Corporation, and Integral <br />Communities for the MacArthur Place South development. The development <br />agreement established development intensity, permitted uses and <br />development standards for the term of the agreement. Further, the <br />approved development agreement required certain improvements and public <br />benefits such as in-lieu fees for parkland dedication, payment of an <br />inclusionary housing fee, and the execution of an off-site improvement <br />agreement with the Sandpointe Neighborhood Association (Exhibit 3). <br />Also included in the entitlements was a requirement that all units <br />within the projects be for-sale units. <br />Over the last few years, a significant shift in the local and national <br />economy has occurred. This shift has severely impacted the real estate <br />and development market. As evidence of the severe nature of the <br />economic downturn in real estate development, of the 14 large projects <br />that have been submitted to the City for review in the past three years <br />(Brookhollow Office project, City Place retail/residential project, Sky <br />Loft Tower, Cordoba courtyard housing, First and Cabrillo condominiums, <br />Montage condominiums, Nexus Skyline Towers, Nexus Phase II, One Broadway <br />Plaza office tower, Promenade Pointe condominiums, Sixth and Parkcenter <br />development, Town and Country Manor, Village Green and the West End <br />Lofts), only the City Place and Skyline Towers projects have begun or <br />completed construction. These same trends are evident in communities <br />throughout the region. <br />7 5A-4 <br />