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HomeMy WebLinkAboutPOWERPOINT - R.D. OLSONT ' -k-w wW" TUSTIN F woo L,SON O HISYOdY W BUILNGFUrUPF LL h`LQ` +' ' am ` hI N HONOR O •UR G OUR PAST — 4, —.00 womw I Background and Project Summary • ENA approved with R.D. Olson Development on Nov. 21 2010. It required good faith exclusive negotiations & preparation of a DDA. • Purpose of DDA 2011-01 is to: ❑ effectuate disposition and development in accordance with the Pacific Center East Specific Plan, the South Central Redevelopment Plan ❑ off -set a portion of City's acquisition of Reconfiguration and Project. the City's costs associated with right-of-way for the SR -55 Ramp Newport Ave. Extension, Phase I DEVELOPMENT Background and Project Summary • Site bounded by the SR -55 Freeway, Edinger Ave. to the north, Newport Avenue on the east, and SR -55 Freeway off -ramp on the south • 7.53 acres (3 parcels) to be sold to Developer • On an additional .85 acre adjacent Water Well Parcel located in City of Santa Ana to be retained for water utility purposes, City will provide a grant under declaration of reciprocal easement (for parking and access) to Developer. DEVELOPMENT Background and ProjectSummary Hotel Sites (Parcel A & C) • Hilton Homewood Suites or Class A Alternatives — 139 guestrooms — 4-sto ry — 1,500 sf of meeting space — 147 parking stalls to be provided — FAR: 0.76 • Hilton Garden Inn or Class A Alternatives — 159 guestrooms — 6 -story — 4,000 sf of meeting space — 160 parking stalls to be provided — FAR: 0.94 Retail/Restaurant Site (Parcel B) • 16,000 sf of total rentable Class A retail space • 2 separate pads (10,000 sf and 6,000 sf) • Potential to pad lease each site to major restaurant/bar or build out retail space to lease to multiple tenants • 132 parking stalls provided • FAR: 0.17 1 DEVELOPMENT -- __ S.R. 55 FREEWAY ----------- — - a Cn—^�9=• MICLmNS 7mAIF%e NI1hM A^FAs —f ��'---'--_—__ WEEeIepAFeIN GM N590M Rmgyr — ( __ vNmt I * � � A flF /! HILTON HOMEWOOO SURES �+._ • •4-STORY: 139 RMS • — -- _ __ - 7'` r-_ r did 6 S 4 "' HILTON OAROEN INN f P 5-STORY; 159 RMS I } .. r °4 » y 4 _' ---- V rrerwm ` N'� � � `J' dnr MMMMd MM61A FrR - i it IYEPMi fILX� i L = NEWPORT AVE M9,.XMu n ! � � '------------ r ram.. r `1 1 - _ - pn E9re�l ' r� ,4 ------ oft _ ------------------ LOT C. (EXCWDM WAM WULPARCLL) SIIF MFA' = 3226 ACRES = 3 98.561 S.F. LAAl11XIG MFA cm ¢. 9nuFA wu H.GI. 24.M 5 F. 1 (m) = r4m sr. Lot C Wn w - .. " LOT A: LOT B: OVERALL SITE DATA: um *a RAMF BR,69O /96,]14 = Q94 FAR. SIIC ARFA = 33.66 AO1E5 = 3133360 S.F. �y I� = 3221 iCRff = 3 98,310 S.F gIL AffA F0.IAL = f6.4 ACfES =3365,&10 SF. IAIFL 900r OPONP OHUl6'C ASraves m BUIDIXG iJIFA MGI. 12 L FLx - 101 woos OPFN SPICE PR➢MOFn = SF- i Yj 'f^ MEKL N,H.S.. 29,M5nU..R 23905 SS. ) = 101,183 Sr. RUAL & SFS. NA 6,000 S.F. CROSS WON FOOTPAINF = 70" S.F. (161) A = _ RESTWPoMT SIF XA = 1. SF. H.61,. 162 1 - 1M �� GRO55 FLOOR MFA R4FI0 05, (0.80 pll OeEb) N.T.B. 140[0 _lrm= wc— Ptll£S R@BIRm R]ON IFFA RATi(I: 101,163 / 137300 = 0.76 FAA NOINO SPICES R£EWEO = 437 SPACES � ROOR MFA RAIM14N0 J 95,955 = 0.17 FAR ,y' NOIR RG01 oY,N�Fp_FLg ]�[�, 131 XW CI C PksW SPIfF6 PMMIIF,1 ftl �P#54 51VAEP PIRUNG — FAGIOR LRL1LAlI0N: Nx l B�RrP WATER WELL PARCEL: x.R.s = 142 r 685 = ,:, SPACES ' PAMIIS_®IIRE0. Hpi11E5 SQQ AtT/l B.ON 59F1. 1 SPWEJffiJ 3iFi.)j - 3P 9WC6 H.CJ. - ,66.0.95 - 161 SPICES NHS. 139 3 • ,X2 SPl'ffi X63NOUNF 14006 SaR. �1 SPACf/IPO S.nl 100 S M S gR ,tea. = f0.06 ACRE = i 3I,Ifi0 S:F CESXMW/g L = 130 r IJIO = 130 SPACE M.iX Ynl PUMrI PUInIO 9� TOTAL PAIIXINC SPAC€5 PROV1fE-0� - Y39 SPICES VICINVTY MAP CCNC FOND RAOLSOM d�ra� �� HILTON HOMEWOOD SUITES I GARDEN INN OVERALL SITE PLAN 'E6 SUITES — IlilMn TUS11N, CALIFORNIA SCALL ,' 50'-0' oA'rE: s2]n1 ,�. � DEVELOPMENT Hilton Homewood Suites Lobby/Public Space Guestrooms - A�, AM, � DEVELOPMENT Hilton Garden Inn Lobby/Public Space Guestrooms DEVELOPMENT ✓elopment Cost Category �`� HMO[] �'� Garden Inn Retail 16,000 SF Total Project Costs Land Acquisition 3,600,000 2,598,000 2,560,000 $8,758,000 Other Land Costs 290,918 260,603 155,183 $706,705 Financing/Legal 1,488,020 1,582,997 328,599 $3,399,617 Design Consultants 1,013,462 1,057,934 275,113 $2,346,509 Municipal Fees 1,316,794 1,409,126 209,767 $2,935,686 Construction 13,684,507 15,710,573 2,647,945 $32,043,025 FF&E 3,233,568 3,785,413 0 $7,018,981 Pre -Opening 269,000 392,000 246,718 $907,718 Contingency 746,888 803,899 192,700 $1,743,487 Developer Fee 1,025,726 1,104,022 264,641 $2,394,389 Total Project Costs $26,668,885 $28,704,567 $6,880,665 $62,254,117 Project Financial Summary & Impacts Purchase Price ❑ Parcel A: $3,600,000 or $27 sq.ft. based on survey (Phase 1 Purchase) ❑ Parcel B: $2,550,000 or $26.50 sq.ft. based on survey ( Phase 1 Purchase) ❑ Parcel C: $2,560,000 or balance remaining after Phase 1 which would equal $8,710,000 for all Phases (Phase 2 Purchase) Value of Easement across Water Well Parcel ❑ $48,000 Purchase Price & Value of Easement ❑ Not Less than "Fair Market Value " based on an Independent Appraisal conducted by City Deposit of $250,000 ❑ $150,000 applied to Phase I ❑ $100,000 to Phase 2. z- a IIA DEVELOPMENT Project Financial Summary & Impacts Projected RDA and City Transient Occupancy (TOT) Revenues at build -out LJ $ 4701,000 annually to RDA South Central Project LJ $700,000 annually under current TOT rate of 6% or $25.5 million over 25 years could go up to $1,200,000 annually or up to $43.76 million over 25 years if TOT rate is raised subject to a Proposition 218 hearing 1A DEVELOPMENT Summary of Other DDA Provisions • Close of Escrow: ❑ Phase 1: earlier of 60 days after rough grading or building permits or 18 calendar months after Effective Date of DDA ❑ Phase 2: earlier of 60 days after rough grading or building permits or 12 months after Phase 1 closing • Developer retains a financing contingency expiring 6 months from "Effective Date" of DDA • Developer required to submit evidence of funds available/financing • Developer has the normal 90 day due diligence period • Property is being sold on a "AS -IS, WHERE IS, WITH ALL FAULTS" basis • Developer required to obtain all land use entitlements �'- DEVELOPMENT Summary of Other DDA Obligations • Developer will fund all project development costs including all direct, and indirect costs for acquisition, construction and entitlements there is no City or RDA subsidy involved. • 25 Year Land Use Covenant on Class A Hotel and Retail Uses • DDA includes other typical DDA provisions, including: Schedule of Performance, transfer restrictions, City's rights of reversion or repurchase if there is a Developer Default, maintenance covenants, requirements for insurance and indemnification and default provisions and available remedies. A'A DEVELOPMENT Recommendations • Adopt Resolution No. 11-48 ❑ Finding that an Initial Study was completed & evaluated Project. Based on the Initial Study and a review of the Pacific Center East Specific Plan EIR 90-01 and Supplement #1 for the Specific Plan, it has been determined that no additional environmental analysis or action is required. Additional Findings that support this conclusion are contained in staff report and in Resolution No. 11-48 • Approve DDA and authorize execution, subject to any non -substantive modifications as may be determined necessary, and authorize staff to carry out any and all actions to implement the DDA and as required for closings. DEVELOPMENT