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REQUEST FOR <br />Planning Commission Action <br />PLANNING COMMISSION MEETING DATE: <br />JULY 8, 2013 <br />TITLE: <br />PUBLIC HEARING — FILED BY DOUG COBB, GENESIS <br />REAL ESTATE GROUP TO MODIFY DEVELOPMENT <br />AGREEMENT NO. 2012-01 TO ALLOW AN AMENDMENT <br />AND ASSIGNMENT TO A NEW PROPERTY OWNER <br />FOR THE MET DEVELOPMENT PROJECT LOCATED AT <br />200 EAST FIRST AMERICAN WAY <br />Prepared by Sergio Klotz <br />xeculive Director <br />RECOMMENDED ACTION <br />Recommend that the City Council: <br />PLANNING COMMISSION SECRETARY <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Set Public Hearing For <br />DENIED <br />❑ <br />Applicanrs Request <br />Staff Recommendation <br />CONTINUED TO <br />Planning Mana r <br />Direct the City Manager to authorize the assignment and amendment of Development <br />Agreement No. 2012 -01 for The Met development project to First Rock Santa Ana, LLC, <br />development entity for Genesis Real Estate Group, subject to the finalization of the sale of the <br />subject property to First Rock, with such non - substantive changes as may be approved by the <br />City Manager and City Attorney. <br />2. Approve and adopt an addendum to the Mitigated Negative Declaration and Mitigation <br />Monitoring Program, Environmental Review No. 2011 -46. <br />DISCUSSION <br />Request of the Applicant <br />Doug Cobb of Genesis Real Estate Group is requesting approval of an amendment and assignment of <br />an existing development agreement to facilitate a change in ownership for the development project <br />known as The Met, a multi - family residential project located at 200 East First American Way. <br />Protect Location and Background <br />The project site lies within the MacArthur Place District Center (SD 43), a master planned, 62 -acre <br />mixed -use project located on the north side of MacArthur Boulevard between Main Street and the <br />Newport-Costa Mesa (SR -55) Freeway. <br />The site is a vacant, 3.1 -acre rectangular shaped parcel situated at the northeast corner of MacArthur <br />Boulevard and MacArthur Place. Currently, the MacArthur Place District Center area is developed <br />with approximately 894,000 square feet of office uses, 20,000 square feet of retail space, a 7 -story, <br />251 room DoubleTree Hotel, a 190 -room Courtyard by Marriott hotel and 346 for -sale and rental <br />residential units. EXHIBIT A <br />75B -3 <br />