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Warner Redhill Mixed -Use Development Project August 18, 2020 Page 5 a dynamic, commercial and residential village. These finishes and designs are consistent with the development standards and design guidelines found in the City's mixed -use zoning areas such as the Transit Zoning Code and Metro East Mixed Use (MEMU) Overlay Zone, as well as the Citywide Design Guidelines. When reviewing proposals for Specific Development zones, staff compares proposed projects against the development standards found in other existing mixed -use documents. For reference, the Metro East Mixed -Use Overlay Zone (MEMU) and Harbor Mixed -Use Transit Corridor Specific Plan (SP-2) require the most amount of onsite open space, equivalent to 15 percent of the development lot area. The project's proposed open space equals approximately 40 percent of the development area (5.75 acres), including ground -level recreation areas, landscape areas, plazas, walkways, courtyards, paseos, balconies, roof amenity decks, community rooms, fitness, and other services. Of this acreage, 2.57 acres (18 percent of the entire site) will be publicly accessible open space located on the ground floor. This includes the central paseo, plaza, walkways and landscape areas and Courtyard No. 1. The remaining 3.18 acres will be private common open space areas for residents that will contain pools, courtyards, fitness areas, relief areas for pets, and other amenities typical to high -quality mixed -use developments found in Santa Ana and in Orange County. Of these 3.18 acres of private/resident area, 1.59 acres is provided through residential patios and balconies. Economic Analysis The City utilized the services of AECOM to prepare an economic and fiscal analysis of the proposed project and to compare its impacts again those of an industrial prototype that could be built pursuant to the M-1 zoning district standards on the project site. The analysis reviewed key areas including residential, industrial, and retail market assessments; development feasibility; and economic and fiscal impacts of the project. AECOM's analysis reveals positive economic and fiscal impacts from either the proposed development or the industrial prototype due to the project site's location in a high -value, jobs -rich area surrounded by employment centers and commercial developments. The report's conclusions about the proposed project and the industrial prototype are illustrated in Table 4. Table 4: Key Findings of the Proposed Project and Industrial Prototype Comparison of Impacts Topic Proposed Project Industrial Prototype Residential Market The proposed quantity of residential N/A — Residential not permitted by Assessment units could be absorbed with low current M-1 zoning designation vacancy and high rents Industrial Market N/A — The proposed project does not The industrial prototype (up to Assessment contain industrial buildings or uses 320,000-square foot light industrial office/industrial building) could be absorbed into the broader market, as the expected incremental demand for new industrial square footage by 2026 is 2.2 millionsquare feet Retail Market The proposed 80,000 square feet of N/A — The industrial prototype does Assessment leasable commercialsquare footage not contain a significant commercial 75C-5