Item 27 - Appeal Application Nos. 2020-03 and 2020-04 - Central Pointe Mixed-Use Development

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THEE CONCORD GROUP To: Arnel Development Co. From: The Concord Group Date: August 2020 Re: Market & Fiscal Impact Analyses for a Mixed -Use Development in Santa Ana, CA (0 & Cabrillo Park Dr) Arnel Development Co. ("Arnel") is evaluating the development potential of a mixed -use project in the central Orange County community of Santa Ana. The project site is located at the eastern edge of the city, immediately opposite Interstate 5. The project is planned for 644 upscale apartment units and 15,200 square feet of commercial space, in a five -story building. In support of strategic planning and underwriting due diligence, Arnel required market and fiscal impact input to identify the highest and best use of the project under the current MEMU zoning and demonstrate the financial viability of the development. To this end, The Concord Group ("TCG") and RSG were engaged to conduct market and fiscal feasibility analyses for the project. The following text highlights the key findings and conclusions generated by the analysis, supported by an exhibit package of tables, maps and graphs. Project Overview • The project is well located near Interstate 5, Southern California's primary north / south connector, and is just over a mile from the city's Downtown and associated food, dining, service and employment amenities (Exhibit 4). • A total of 644 apartments are planned in a five -story building with 15,200 square feet of ground floor retail, located at the northwest corner of 4" Street and Cabrillo Park Drive (Exhibits 7 and ,�. • The prolect's elevated regional accessibility, close proximity to Downtown's cultural amenities and major County job nodes, combined with a top -of -market community amenity and interior unit specification package, merits a near top - of -market multi -family rent positioning strategy (Exhibit .2). • The scale of the commercial retail planned within the project's mixed -use context is in alignment with other multi -family focused mixed -use projects in Orange County, who's commercial retail footprints range from 8,500 to 14,000 SF ( Exhibit 7 7) . Arnel Development Co. August 2020 Santa Ana — 4'" & Cabrillo Park Dr 20233.00