Site A Term Sheet
May 17 City Council Meeting
Overview
• Background and Accomplishments
• Proposed Phasing: Phase 1B & Phase 2
• Key Milestones
• Key Terms
• Opportunities, Community Goals and Benefits
September 2021
December 2018
Collaboration &
Transformation
Sea Plane Lagoon Ferry Terminal
Waterfront Park
Phase 1
West Atlantic Avenue & Main Street
Reconstruction / Realignment
Infrastructure
Corsair Flats: Senior Affordable Housing
The Starling: Family Affordable Housing
Market Rate Units
Phase 1B Site Plan
88 Market
Rate units
20 Market
Rate units
91 Affordable
units
Phase 2 Site Plan
147 Market
Rate units
103
Affordable
Units
25 Market
Rate units
84 Market
Rate units
52 Market
Rate units
West Tower
Infrastructure
Key Milestones
September 2022
City Council Meeting
DDA Amendment & Selection of Qualified
Affordable Housing Developer
December 2022 Phase 2 Land Conveyed
January 2023 Infrastructure Design Work Commences
May 2024 Phase 1B Market Rate Construction Begins
June 2025 West Tower Infrastructure Complete for
West Midway and RESHAP
Key Terms
• $50,000 subsidy per affordable unit
• $1 purchase option to the City on each of Phases 1B and 2 • Infrastructure
o Planning and engineering to commence upon
conveyance; assignable to the City
o Prioritize West Tower infrastructure benefitting West Midway/RESHAP
• $70,000 deposit per market rate unit for the community benefit pad and the second phase of the waterfront park Public Benefits
• 416 Market rate units and 194 affordable units (total of 610) towards the Housing Element requirement
• Infrastructure to support West Midway/RESHAP
• Community facility infrastructure and building pad
• Waterfront park Phase 2, including a kayak launch
• West Atlantic retail destination
Public Comment: Site A Term Sheet
APPENDIX
PHASE 1 EXPECTATION OUTCOME
Phase 1 Infrastructure Delivered
Waterfront Park Delivered
Neighborhood Park Delivered
New Ferry Terminal Delivered
Market Rate Housing Delivered
New Affordable Housing Delivered
Commercial Delivered As Proposed
Phase 1B Unit Count
Blocks Product Developer
Contribution
1A 20 market rate units
$50k per very low-
and/or low-income unit
10A 88 market rate units
10B
1 Retail space (10,000 sf)
91 very low- and/or low-income units*
*A portion may be converted to moderate-income units.
Infrastructure for Phase 1B has already been constructed.
Phase 2 Unit Count
Sub-
phase Blocks Product Developer Contribution
2.1 15 147 market rate units West Tower Infrastructure
2.2 14, 16 &
17A 161 market rate units Backbone Infrastructure for
applicable blocks17B 103 very low- or low-income
units*
2.3 12 & 13 Community serving facility Backbone infrastructure for a community serving facility
19 Waterfront park (phase 2) Waterfront Park constructed