Laserfiche WebLink
2 <br /> SECTION I <br />PROJECT INFORMATION <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 27, 2023 <br />Land Residual Value Study Report <br /> <br />www.FinanceDTA.com <br />targeting the look and feel of an urban village. One of the primary goals of an urban village <br />setting is that residents can walk within the community to both local-serving retail and <br />recreational amenities. The Developer responded to the City's desires by targeting a Project <br />design that would both achieve the desired urban feeling while offering an economically <br />successful project. <br />The plan is to develop a dense urban village with ground-floor retail in all the residential <br />buildings. The Specific Plan is designed to harmonize with the high-rise office buildings in <br />the Arts District to the east. Another benefit of the program is that at build-out, there could <br />be as many as 6,750 residents living in the village who would shop at the proposed <br />350,000 SF of retail. <br />Figure 1: Artist’s 3-D Rendering of Project <br /> <br />We based our product mix on the approved Specific Plan. Based upon an artist’s rendering <br />of the site (as shown in Figure 1), we estimated the height of the buildings. It was assumed <br />that all multifamily buildings would include ground-floor retail. A 250-room upscale hotel, <br />with approximately 20 stories, is anticipated to be developed in the southwest corner of the <br />Project site. The Specific Plan also proposes a 20-story, 200-unit congregate care facility to <br />be built-out in Phase 1. <br />As stated in the Specific Plan, DTA based our model on the understanding that the Project <br />shall be completed in three phases, as shown in Table 2. <br />Table 2: Project Schedule <br />Activity Start/End Phase 1 Phase 2 Phase 3 <br />Approved TTMs Start June 2022 June 2022 June 2022 <br />End December 2025 December 2025 December 2025 <br />Horizontal <br />Construction <br />Start December 2025 June 2029 March 2032 <br />End June 2029 December 2031 June 2034 <br />Vertical <br />Construction <br />Start June 2026 December 2029 September 2032 <br />End March 2030 December 2032 May 2035 <br />Sales Start March 2027 September 2030 June 2033 <br />End March 2030 December 2032 May 2035 <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 487 9/17/2024