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;ZFP No. 13-35 — 3 Respondents
RD Olson Development
13o -room boutique hotel and spa and complementary
retail, restaurant, and meeting space
■ Shopoff Group
99- unit, residential mixed -use project with 15,000
square feet of retail, restaurant, and community room
■ Sonnenblick Development
148 -room boutique hotel and fitness center and
complementary retail, restaurant, and meeting space
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Shopoff Group
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Community Development Department July g, 2013
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Community Development Department July 9, 2013
RD Olson
Sonnenblick
Shopoff
Rooms /Units
130 hotel rooms
148 hotel rooms
99 units
Investment
$46.6 million
$81.8 million
$61.3 million
Operator
Destination Hotels &
Auberge Resorts
Riverstone Property
Resorts
Management
Stabilized Room
$279/ night (average)
$379/ night
$5,058 /month
Rate /Rent
(average)
Public Plaza &
Pedestrian
0.68 acres
1.3 acres
1.2 acres
Paths
Parking
145 spaces
210 spaces
325 spaces
4 stories and tower
4 stories at 55 ft.
Building Height
feature at 58 ft. -5 in.
and tower feature at
4 stories at 55 ft.
65 ft.
Community Development Department July 9, 2013
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Estimates of City Revenues Provided in Developer Proposals
Item
RD Olson
Sonnenblick
Shopoff
Representative Year Tax Revenue
$1.13 million
$1.59 million
$0.23 million
Representative Year Lease
$0.42 million
$0.60 million
$1.01 million
Revenue
Total Annual Revenue
$1.53 million
$2.19 million
$1.25 million
10 -Year Revenue Estimate
$17.25
$19.63 million (1)
Not estimated (2)
million
Proposal Estimates of Economic Impacts to Community
Estimated Annual Economic
$36.2 million
$56.1 million
Not estimated (s)
Impact
Estimated 10 -Year Economic
$402.3
$682 million
Not estimated
Impact
million
(i) Does not include ground rent.
(2) Developer provided a 20 -year estimate without ground or percentage rents of $3 35 million.
(3) Developer estimates $102 million from construction and s6 million from resident spending.
Community Development Department July 9, 2013
`ouncil Selection of 41
DPVPInnmPnt Team
■ Key next step in moving forward.
Staff recommends RD Olson:
The hotel proposal generates significant economic
activity to the overall area, although not as much as the
Sonnenblick hotel proposal estimates.
The hotel proposal is best supported by the previous
market and economic studies.
The proposed architectural design complements Lido
Village and Balboa Peninsula.
The site plan engages the community from the
surrounding streets, including a public plaza and paseos.
Community Development Department July g, 2013 8
Hear public comments from 3 Development Teams and General
Public;
Select one of the three development teams to enter into a MOU
and initiate lease negotiations,
Adopt Resolution forming an Ad Hoc Negotiating Committee and
Mayor's appointment of 2 Council Members; and
Direct staff to modify project description of pending land use and
zoning amendments
Community Development Department July g, 2013 9
Recommended
Council
Actions
Hear public comments from 3 Development Teams and General
Public;
Select one of the three development teams to enter into a MOU
and initiate lease negotiations,
Adopt Resolution forming an Ad Hoc Negotiating Committee and
Mayor's appointment of 2 Council Members; and
Direct staff to modify project description of pending land use and
zoning amendments
Community Development Department July g, 2013 9
Confirmation of Mayor's appointments to
Committee;
Preparation of Memorandum of Understanding
with Development Team;
Update land use and zoning amendments
Initiate Lease negotiations;
Refinement of development concept and
ultimately process applications for review and
approval
Community Development Department July g, 2013 �0
QUESTIONS?
For more information contact:
Kim Brandt, Community Development Director or James Campbell, Principal Planner
949-644-3228 949-644-3210
kbrandt@newportbeachca.gov jcampbell@newportbeachca.gov
www.newportbeachca.gov