Agenda Packet_2024-09-17 - Laserfiche WebLink

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1 SECTION I PROJECT INFORMATION Related Bristol at 3600 South Bristol Street September 2023 Draft Market Study Report www.FinanceDTA.com I PROJECT INFORMATION DTA has been engaged to conduct a Market Study (the “Study”) for the Related Bristol Specific Plan project (the “Project”) located in the City of Santa Ana (the “City”), California, on behalf of EPD Solutions, Inc. (the “Client’). The Project has been proposed by RCR Bristol, LLC (the “Developer”). The specific purposed of the Market Study Report (the “Report”) is to provide the City with a better understanding of current real estate market conditions, a forecast of anticipated future absorption of the Project (estimated to be 10 years for the residential component), and an analysis of the financial opportunities inherent in the Related Bristol Specific Plan (“Specific Plan”). The Project site includes Income-Producing Properties (“IPP”) expected to comprise 3,750 dwelling units, 350,000 square feet (“SF”) of retail space, a 250-room hotel, and a 200-bed congregate care facility, as well as roadways, parks, and open space. The Project is also planning to construct 3,690 parking spaces, the vast majority of which will be underground. The Specific Plan area is located north of Interstate 405 (the San Diego Freeway) and west of State Route 55 (the Orange Freeway). The adjacent streets are Sunflower Avenue to the south, South Bristol Street to the east, South Plaza Drive to the west, and West Sunflower to the south, with the latter being the boundary between Santa Ana and Costa Mesa. The current use of the 41.0-acre site includes 465,000 SF of obsolete retail space. The City had a vision for the redevelopment of this area, known as the South Bristol Focus Area, and updated its General Plan to accommodate a different type of development targeting the look and feel of an urban village. A primary goal of an urban village setting is that residents desire that the community be walkable to both local-serving retail and recreational amenities. The Developer responded to the City's desires by targeting a Project design that would both achieve the desired urban feeling while creating an economically successful project. The adjacency to South Coast Plaza and Segerstrom Center for the Arts provides a strong draw for people to both live and work in the surrounding community. The Project site is strategically located within: 3 miles of the Irvine Business District, adjacent to John Wayne Airport (SNA); 5 miles to downtown Santa Ana, the seat of Santa Ana and Orange County governments; 6 miles to Fashion Island, a high-rise office and residential district in Newport Beach; and 12 miles to the Irvine Spectrum Center, a high-rise office and residential district at the intersection of the I-5 and I-405 freeways. Figure 1: Project Site Project Site Exhibit 10 City Council 22 – 524 9/17/2024