Item 26 - Public Hearing Regarding Bristol Project

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ta www.FinanceDTA.com SECTION IV OVERVIEW OF COMMUNITY BENEFITS TO THE CITY IV OVERVIEW OF COMMUNITY BENEFITS TO THE CITY The Specific Plan will invigorate the South Coast Plaza area by providing 3,750 housing units. According to the US. Census Bureau, the population of the City is comprised of approximately 309,000 people living in 77,000 households, with an average of four people per housing unit. However, the housing units located within the Project's boundaries are smaller than the average unit in the City. Assuming that 1.73 people will live within each unit, the Specific Plan will generate an estimated 6,500 new residents who will generate benefits for the City, including significant Figure 4: Proposed Street Design new sales and property tax revenue. In u addition to providing a new grocery store, the Specific Plan will demolish existing obsolete buildings and replace them with modern mid -rise and high-rise mixed -use structures. This will serve to .r,�c:4 ii, enhance the health and quality of life of the neighborhood. The Project site currently contains 465,000 SF of retail uses and the associated surface parking, which is proposed to be replaced by 350,000 SF of new retail and commercial space with up to 780 surface spaces, 205 open air parking spaces, and 2,910 underground parking spaces. The proposed redevelopment of the Project site will allow merchants opportunities to establish new businesses in the local area. One goal of the Project will be to create inclusive economic development and job opportunities for residents in the surrounding community, which should create a large urban center in the County in conjunction with South Coast Plaza and the Segerstrom Center. Community Benefits related to the overall Specific Plan include the following: 1. The Project will include the development of up to 3,750 residential units that will have a meaningful contribution to the housing needs in the region. As identified by CoStar, a leading market data provider, the apartment vacancy rate in the immediate area is quite low and the creation of up to 3,750 units should help relieve the local housing shortage. Furthermore, the addition of these new rental units will create a need for local serving retail that will reinvigorate the existing "obsolete" neighborhood commercial. From the CoStar site, DTA obtained information about the market for both County and multifamily products within a 2-mile radius of the Project site. In this Report, we will refer to the area within 2 miles of the site as the "2-Mile Zone." Related Bristol at 3600 South Bristol Street Community Benefits Analysis Report Exhibit 10 September 27, 2023 /8