HomeMy WebLinkAboutAVALON BAY AND ADOBE COMMUNITIES ENA (ITEM 8)Ps
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MultifamilyRFP - 3 Blocks.
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September 2021 Release L � ,� ACl Y
• Competitive RFP Process MULTIFAMILY MIXED USE DEVELOPMENT OPPORTUNITY
• HCD Housing Sponsors =�
• Targeted Developers'",-
• 19.4 acres
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• 1,208 Units max - Py�-JL
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• 25% Affordable (302 Units) " ....:. - TUSTINRANCH Rp
• Mixed-use Component- - -
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• Flexible Configuration
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Requirements pr �. -� `� E 71.
• Experienced developers
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• At least 1 AC open space (25% AFFORDABILITY REQUIRED, 302 HOMES)
+-19.4 ACRES I TUSTIN, ORANGE COUNTY, CA
• Same level of design and`��- • y. A� {�• .
amenities for all units CBRE '•'_
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bode
AvalonBay communities
COMMUNITIES
AvalonBay Communities Inc
Abode Communities
- Publicly traded REIT ($35.7B market cap)
- Nonprofit based in Southern California
- Nationwide:
- Nearly 50 mixed use developments in California
- 288 apartment communities
- 3,400 units
- 85,750 units
- 12,000 people
- 11 states and D.C.
- Current pipeline:
- Southern California:
- 19 projects
- 63 apartment communities
- 1,900 units
- 18,900 units
- 75K SF retail
- Vertically integrated (in house)
- Experience with AvalonBay on other projects
- Development
- Construction management
- Property management
- Finance oversight
ENA Project Overview ,Amp X 71
° AIRSHIPAV E
• 19.4 acres -j
• Multifamily Mixed Use Community ..
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• 1,208 Total Residential units��y¢
PE • 906 Market rate units` '
302 Affordable units 25%)''
• Studios -3 bedrooms . •,:� _,
• Affordable focus: families
• Publicly accessible op'dh ►� ? ,
space/amenities a _ `-�►' '`
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Retail: ±5,000 SF � • ► Y
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THE DISTRICT
Open Space: Network
Retail
Co -Working
Lobby
Park
Roof Amenity
( Amenity Courtyard
0 Sloped Lawn
Q Central Green - Public Plaza
Q Central Green - Botanical Garden
0 Dog Park
Corner Park
Bocce Court & Picnic Grove
SHARED
EXPERIENCES:
PUBLIC OPEN SPACE
STREETSCAPE AND PASEOS
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AMENITY :-
COURTYARD 71
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LEGACY*
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CORNERAT
TUSTIN AND LEGACY
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TUSTIN AND
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ENA - Process and Terms
• ENA Period
• Term: 9 mont on at City Manager's discretion
• Develope stigation (due diligence)
• Devel s entitlements (pro use/design plans and regulatory approvals) for project
• Dev demonstrate financial capac capability to complete project
• Ci toper negotiate a Disposition & De ent Agreement (DDA) and project design
• Ne ns
• �purclse p r i
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• "Tax B"
of performatite (wheftproje gets u letl
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c�tbntial ., Ea d entitlement for City ncil review and approval4
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State Surplus Land Act Compliance
• Project will utilizes SLA for mixed use projects subject to a competitive RFP:
• Over 1 acr
• Over 30 u ,
• 25% total fordability for lower income o olds
• Housin and Community Development (HCD) ousing sponsors list invited to participate in RFP
• DDA a ired to be sent to v p un it c s ratio
• At itiaL-clo - escr w, a 25% affordability covenant will be recorded against all 19.4 acres
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