Loading...
HomeMy WebLinkAboutSS3 - Potential Parking Structure at 23rd Street & Balboa BoulevardCITY OF NEWPORT BEACH CITY COUNCIL STAFF REPORT Study Session Agenda Item No. SS3 January 25, 2005 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: City Manager's Office Sharon Wood, Assistant City Manager 644 -3222, swood @city.newport- beach.ca.us SUBJECT: Potential Parking Structure at 23`d Street and Balboa Boulevard (109, 111, 115, 117, 119, 123, and 125 23`d Street and 2301, 2307 and 2309 Balboa Boulevard) ISSUE: Should the City explore the development of a municipal parking structure at 23`d Street and Balboa Boulevard? RECOMMENDATION: Provide direction to staff. DISCUSSION: Council Member Ridgeway requested that the City Council discuss the potential for developing a new municipal parking structure in the McFadden Square area of the Balboa Peninsula. The exact location on which staff has done preliminary study for this report is shown on the attached aerial photograph, Attachment 1. The potential project site is northwest of 23`d Street and west of Balboa Boulevard, and would include the properties at 109, 111, 115, 117, 119, 123, and 125 23`d Street and 2301, 2307 and 2309 Balboa Boulevard. All of these properties are currently privately owned and developed. This location is convenient to the beach, as well as to commercial activity in McFadden Square and on the opposite side of Balboa and Newport Boulevards. A new parking structure would benefit the public visiting beaches on the Balboa Peninsula, benefit businesses and residents in the area, and relieve some of the congestion in the Ocean Front parking lot. Staff estimates the land acquisition cost at $1.6 million, and the basic construction cost at $3 million. This would be for a structure with three levels plus rooftop parking, Potential Parking Structure at 23rd Street and Balboa Boulevard January 25, 2005 Page 2 without an enhanced fagade treatment. The structure would provide approximately 135 spaces. If the City were to finance the full cost of $4.6 million at 6.5% interest, annual debt service would be about $325,000 for forty years. This could be offset by parking revenue from the new structure. Based upon current revenue from the Ocean Front parking lot, staff would expect the new parking structure to generate approximately $250,000 per year. Another potential source of funds is the Off - Street Parking Fund, which has a current balance of approximately $300,000 and annual income of approximately $60,000. The City might not need to pay the full cost of the structure, if commercial property owners would agree to an assessment for it. This would be more likely if the presence of additional parking would allow properties to be redeveloped with more building area than exists today. Staff assessed the future development potential in the vicinity of the proposed parking structure. The area assessed is shown on Attachment 2. This exhibit also shows that many properties in the area have existing development that exceeds General Plan and Zoning development limits, having been developed prior to current regulations. Land in this area that is not fully developed is used predominantly for parking. The main exception to this is the South Coast Shipyard property (east of Newport Boulevard), which is the largest underdeveloped property in the area. However, there is an active development application for this property, which shows all required parking being provided on site. Accounting for the amount of commercial floor area being proposed in this application, staff estimates the remaining un -built entitlement at approximately 32,000 square feet. If the area of benefit were expanded, the development potential might be a bit higher, but the parking structure becomes less useful as the distance from it increases. Environmental Review: If the City Council were to decide to develop a parking structure, environmental review would be required when a specific project is designed. Submitted by: Sharon Wood Assistant City Manager Attachments: 1. Aerial Photograph of Potential Parking Structure Site 2. McFadden Square Potential Development • \! � � \ Y�{ypj i 'i l a A/ • \ NA Ilk 0 50 �. \.,;. \�, �,.a r,, / '.. '•\ \ ., '\ .elm 1 �:,. 00 \ \ 1 Feet i 9� 26TH STREET �• X09 ���■ N `p `t P ry5 � � • Nm� • �,a 9S ,ti° • � • '\J /, \ /J� \J ,t3 gyp" • � • t 9 • • Ate( N 5 e��O ♦ .M ♦ ,,A� iB° � ♦ Y' B i �p ♦ 5+ •� 222' •p3' � 1AS� � .n\z '� ♦♦ S 3 4N S, ♦ ry3�O 1-1 Standing Devel Exceeds Entitle �lgwvo* 4 1 � U b U • C •♦ a McFadden Square Potential Development rT a /un MMIMMSNICZ. MC r „�0 0 110 220 Feet e M'J' "RECEIVED AFTER AGENDA PRINTED:" S S 3 SUPPLEMENTAL INFORMATION POTENTIAL PARKING STRUCTURE 23RD STREET AND BALBOA BOULEVARD Land acquisition cost $3,000,000 Construction cost 3.000,000 TOTAL COST $6,000,000 ANNUAL DEBT SERVICE $423,000 (6.5% interest, 40 years) 1 -35-05