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6 <br /> SECTION V <br />RESIDENTIAL PROJECTS PROPOSED IN <br />THE SPECIFIC PLAN <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />V RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN <br />A Residential <br />The Project is envisioned as a mixed-use urban community with multiple blocks of residential uses over <br />ground-floor retail shops throughout the Specific Plan area. This Specific Plan does not intend to limit or <br />restrict the residential building types or architectural style. Residential uses may be single-use buildings <br />within a block or in a mixed-use building with ground-floor retail uses. Residential building types may <br />include but are not limited to the following: <br />1. Tower on podium, which is multi-level tower organized <br />around or above a central core. <br />2. Podium structure, which is a multi-level structure <br />situated on top of a concrete or steel podium base. <br />3. Wrap structure, which is a multi-level building <br />surrounding an internal parking structure. <br />4. Live-work is an integrated residence and workspace <br />occupied by a single household. This is a relatively low- <br />density building type that is permitted but not <br />anticipated within the Specific Plan area. <br />5. Townhomes, which are individual attached units <br />arranged side-by-side. <br />6. Stacked dwellings, which are units within a single <br />structure that are stacked one above the other. <br />DTA did not include any land costs in our analysis since the <br />property is not being purchased, but we were informed that the <br />property is subject to a 99-year ground lease. We have also <br />been informed that the lease payments during construction are <br />“negligible.” Since most home buyers are not interested in purchasing a home on leased land, the <br />residential development will be targeted to rental tenants. <br />B Retail <br />The existing retail center of 465,000 SF was developed in the 1970s. Based upon changes in the retail <br />operations and impacted by new technology companies such as Amazon, significant existing traditional <br />retail is becoming obsolete, which is happening to this retail center. <br />The existing center includes a Vons grocery store, which will be replaced by a more modern grocery store. <br />Modern grocery stores will be smaller than traditional grocery stores because they will benefit from an <br />improved supply chain that is able to deliver replacement inventory faster, especially for slower moving <br />products. Further, new grocery stores are transitioning to more energy-efficient freezing and refrigeration <br />systems that in many cases require a complete revamping of interior space. Other changes include <br />Figure 4: Specific Plan Block Designation <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 529 9/17/2024