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THE CONCORD GROUP <br />Key Findings (cont.): <br />• Redevelopment of the Site from commercial uses will not negatively affect the local <br />neighborhood as the market performance suggest an oversupplied commercial zone, and <br />given the vacant space surrounding the Site gives the opportunity to relocate within the <br />local neighborhood <br />Site Overview and Market Areas: <br />• The Project is located in Santa Ana, California on the corner of Cabrillo Park Dr and 4'" <br />Street, adjacent to the 1-5 freeway, a regional connector of Southern California. The Project <br />is close in proximity to the 1-55. <br />• The proposed land uses offered include residential apartments, for -sale townhomes, and <br />ground floor retail. <br />• The Site is located on an 8.98-acre parcel planned over a 3-year construction period <br />anticipated to be 2023 through 2026. The breakdown of the anticipated development <br />program at buildout consists of the following: <br />0 449 residential apartment units including 12 live/work units containing 9.000 SF <br />of commercial space (898 parking stalls) <br />0 58 for -sale townhome units (130 parking stalls) <br />0 6,000 square feet of ground floor retail <br />• The Competitive Market Area ("CMA") represents the geographic source of competitive <br />supply and is defined by the cities of Santa Ana, Costa Mesa, Irvine, Orange, and Tustin. <br />Pricing Confirmation: <br />TCG evaluated the sponsor development scenario provided by FRH to evaluate the market <br />rent/price potential for each land use including: 449 rental apartment units, 6,000 square feet of <br />ground floor retail, and 58 for -sale townhome units. The following tables and figures breakdown <br />the sponsor program to confirm if the current sponsor rents/prices are feasible in the Market. <br />Rental Apartments <br />• The subject Site is positioned in -line with top -of -market comparables in Orange on a <br />nominal basis including new comparables, Aura Apartments and Vita Apartments. The <br />Site's mixed -use orientation merits the positioning, although the Site's location is slightly <br />inferior. The subject site is positioned at a premium to older Santa Ana and Tustin product <br />due to a newer vintage but positioned at a discount to new comparables located in <br />downtown Santa Ana due to an inferior location. TCG confirms the planned rents for the <br />Site are well positioned in the Market. <br />FRH Realty LLC <br />22179.01 Santa Ana, CA April 2023 <br />City Council 18 — 377 10/3/2023 <br />