Prepared For
CITY OF FOSTER CITY
October 20, 2025
PROPOSAL FOR
Professional Brokerage Services
RFP# CC18-085
Prepared By
Kosmont Companies
1601 N. Sepulveda Blvd. #382
Manhattan Beach, CA 90266
(424) 297-1070
PROPOSAL FOR
REAL ESTATE ECONOMIC
MARKET ANALYSIS
Photo Credit: Foster City Community youtube.com/watch?v=4NGDfThD8OI October 20, 2025
Ms. Sofia Mangalam
Community Development Director
City of Foster City
City Hall, 610 Foster City Blvd.
Foster City, CA 94404
Delivered via email to [email protected].
Re.: City of Foster Request for Proposals for a Real Estate Economic Market Analysis Dear Ms. Mangalam and City Staff:
Kosmont & Associates, Inc. doing business as Kosmont Companies (“Consultant” or “Kosmont”) is pleased to present this proposal to the City of Foster City (“Client” or “City”) for a professional real estate market and economic analysis to assess market and demographic trends, supply and demand conditions to provide strong baseline data that will inform actionable strategies for sustainable economic growth in the City.
Foster City is located midway between San Francisco and San Jose on the western shoreline of the San Francisco Bay with direct access to the San Mateo-Hayward Bridge. City is a "Planned Community" that was conceived over 30 years ago to be home to 35,000 residents. The City encompasses 20 square miles, of which almost half is in San Francisco Bay, Belmont Slough, and a 218-acre system of man- made lagoons that wind throughout the City.
The City receives almost $60 million in General Fund tax revenues (heavily weighted towards property taxes). The most significant tax generators are Costco (sales tax) and Gilead Sciences (property taxes).
City also has strong financial reserves, but the 5-yr Financial Plan has identified substantial budget deficits over the next few years that could erode 50% of the reserves. The City has a strong jobs / housing balance with approximately 18,000 jobs and 11,000 housing units. The Regional Housing Needs Assessment (“RHNA”) has identified the need for 1,900 more housing units by 2031.
Kosmont, a certified Minority Business Enterprise (“MBE”) and Small Business Enterprise (“SBE”), is a full-service local government, economics and real estate advisory firm with a 39-year track record of working with cities and public agencies on over 1,000 economic development strategies, real estate market analyses, and public-private projects, including the management of real estate and public finance transactions exceeding $10 billion.
Kosmont Companies
Mailing Address: 1601 N. Sepulveda Blvd., #382 (424) 297-1070 Physical Address: 1230 Rosecrans Ave., #630 Manhattan Beach, CA 90266 www.kosmont.com Manhattan Beach, CA 90266 i
What sets Kosmont apart is our understanding of how economics relates to project shaping, as well as our understanding of both the public and private sectors. Kosmont has provided hundreds of cities and other public agencies with economic development services since 1986.
Kosmont was founded by Chairman and CEO Larry J. Kosmont, CRE® and is led by President and ICSC Legacy Volunteer and Community Advancement Board Chair Emeritus, Mr. Ken K. Hira. If selected for this assignment, Mr. Hira would act as the Principal Advisor. The project manager will be Mr. Thomas Jirovsky, Senior Advisor who brings over 35 years experience in real estate economic, market, and financial analysis for public and private clients across the western U.S. In recent years, the Kosmont team has provided focused economic strategies for suburban waterfront communities, including Pacifica, Sausalito, San Rafael, and Santa Barbara.
With a staff of over 15 professionals (including former City Managers, Directors of Economic Development, Community Development, and Financial Services) and almost four decades of experience serving hundreds of communities across the State, Kosmont is ideally suited to help the City address the wide range of economic challenges, with expertise in public/private land use, market and financial feasibility, economic development, fiscal impact, real estate brokerage/Surplus Land Act (SLA), and public finance.
Our team is enthusiastic, ready, and available to provide the requested services when called upon and looks forward to the opportunity to assist the City. We are available to discuss our proposal further at your convenience.
Sincerely,
Larry J. Kosmont, CRE® Ken K. Hira
Chairman and CEO President
ii
Kosmont Companies
(424) 297-1070
www.kosmont.com
SUBMITTED BY: KOSMONT AND ASSOCIATES, INC., DBA KOSMONT COMPANIES Physical/Main Office: 2301 Rosecrans Avenue, Suite 4140, El Segundo, CA 90245 Mailing: 1601 N. Sepulveda Blvd. #382, Manhattan Beach, CA 90266 Office: (424) 297-1070 / Fax: (424) 286-4632
Principal Advisor / Point of Contact: Ken K. Hira, President / (949) 226-0288 / [email protected] Contract Negotiation: Kelly Aguilar, Director of Admin. & Ops. / (424) 297-1071 / [email protected]
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Follow Kosmont: @KosmontTweets
SECTION 1. FIRM QUALIFICATIONS PAGE 1 - 9
SECTION 2. MEET THE TEAM PAGE 10 - 16
SECTION 3. RELEVANT PROJECTS & REFERENCES PAGE 17 - 24 SECTION 4. APPROACH TO SCOPE OF SERVICES PAGE 25 - 31 SECTION 5. PROJECT BUDGET PAGE 32 - 34
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
iii
TABLE OF CONTENTS
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Photo Credit: www.fostercity.org/publicworks/page/lagoon- system SECTION 1.
FIRM QUALIFICATIONS
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
1 KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
KOSMONT AND ASSOCIATES, INC. DBA KOSMONT COMPANIES
Since 1986 - 39 years in Business - www.kosmont.com POINT OF CONTACT: Ken K. Hira, President – (949) 226-0288 / [email protected] Physical/Headquarters: 2301 Rosecrans Avenue, Suite 4140, El Segundo, CA 90245 Mailing: 1601 N. Sepulveda Blvd. #382, Manhattan Beach, CA 90266 Kosmont provides services to Clients in-person, virtually from satellite locations, and from the El Segundo headquarters across the Western U.S.
Kosmont, a certified Minority Business Enterprise (“MBE”) and certified Small Business Enterprise (“SBE”), is a real estate and economic development services firm offering a full range of real estate and financial advisory, economic development strategies/plans, retail/business strategies, project finance, transaction structuring, negotiations, market analysis, feasibility studies, special district analysis, community outreach/project implementation services for both the public and private sectors. Kosmont was founded in 1986 by Larry J. Kosmont, CRE®, Chairman and CEO, is nationally recognized and has been financially stable throughout the firm's history. With decades of advisory services, Kosmont has assisted hundreds of public agencies in their quest for services and successful public private projects.
What sets Kosmont apart is our understanding of how economics relates to future project shaping, as well as our understanding of both the public and private sectors. Rather than just write reports, Kosmont believes in a comprehensive approach to advisory services that Analyzes, Strategizes, and Implements. Kosmont will integrate our established ability, strengths, seasoned experience, and hands-on approach to deliver the requested consulting services. A brief highlight of our services is as follows.
Economic Development Consulting Services
• Economic Development Strategies (EDSP/CEDS)
• Kosmont Retail Now!® Platform
• Special Districts (EIFD, CRIA, CRD, CFD)
• Downtown Revitalization
• Asset Management Plans
• Developer Selection RFQ/RFP & DDA/ENA
• Sustainable Economic Development
• ROPS & RDA Dissolution Advisory Services
Land Use/Zoning and Community Planning Services
• DEVELOPMENT OPPORTUNITY RESERVE (D.O.R.)®
• Sales Tax Assessment Revenue (STAR*)®
• Other Zoning & Implementation Strategies for Economic Development Kosmont’s Mission Statement is the pursuit of four pillars of strength: Innovation, Integration, Integrity and Intelligence. We are on the cutting edge of products and services; we achieve financial success for our public and private sector clients, we are committed to community prosperity and quality of life, and our professional standards are of the highest caliber.
Planning and Development Services
• Project Evaluation
• Project Financials & Pro-Forma Assessment
• Property Acquisition/Leasing
• Land Use/Entitlements
• Due Diligence Reports
Real Estate Economics & Financial Advisory Services
• Fiscal & Economic Impacts
• Project Economics, Highest & Best Use (HBU) & Market
Studies
• Public & Private Financing Structures
• Affordable Housing (Pro Forma, Housing Element,
Negotiations, Feasibility) 2
KOSMONT COMPANIES OVERVIEW
SECTION 1.
FIRM QUALIFICATIONS
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
Kosmont is a full-service firm which also provides various integrated services through two independent and affiliated firms: Kosmont Realty (“KR”) and Kosmont Financial Services (“KFS”). KR is a full service and licensed real estate brokerage firm and KFS is a public finance firm providing financial advisory services, and is registered with the SEC.
In the aggregate, Kosmont Companies, KR, and KFS have extensive experience working with local and State government on real estate transactions between public agencies and private parties and structured project financing involving public and private funding sources. Collectively, Kosmont provides public agencies broad access to real estate consultants and brokers, public sector deal structure experts, and public-private financial advisors. We know of no other integrated set of companies that can provide a full complement of Economic Development Services, Real Estate Brokerage, and Municipal Advisory. Our diverse roles and experience in the real estate and financial industries have made us highly adaptable and skilled for this type of assignment. The chart below represents Kosmont’s wide-array of integrated services.
3 CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
4 • California Association for Local Economic Development (CALED) Awards of Excellence Program
– 2024 City of Pacifica Vision 2025 & Beyond
– 2017 Redondo Beach Marine Ave Hotels Project
– 2014 South Gate Azalea Retail Project
• California City Management Foundation (CCMF)
Kosmont Companies is the proud recipient of the
– 2022 CCMF Corporate Sponsor of the Year Award
• Southern California Association of Governments (SCAG) – Sustainability Award: 5/2019 – City of Placentia
• L.A. Business Journal (LABJ) Latino Business of the Year Awards Kosmont Companies is the proud recipient of the
– 2015 Small Private Latino Business of the Year Award
• Larry J. Kosmont, CRE® is the honored recipient of the:
– 2025 CALED Golden Bear
– 2016 California Business Properties Association (CBPA) Champion of the Industry Award
For his service in real estate and economic development – 1980 City of Seal Beach John H. Nail Memorial Award
Awarded annually by the City Managers Department of
the League of California Cities
• Ken K. Hira is the honored recipient of the:
– 2024 ICSC Lifetime ICSC Trustees’ Distinguished Service Award based on over 20 years of volunteer leadership
Kosmont Companies is proud to be in the
Los Angeles Business Journal 2022 and 2025 Book of Lists as one of the Top 100 Minority-Owned Businesses.
PROUD RECIPIENTS OF THE FOLLOWING AWARDS
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
• Opportunity Zones
• Development Opportunity Reserve (D.O.R.)®
• Sales Tax Assessment Revenue (STAR*)®
New Vocabulary of Innovation
THE EVOLUTION OF RETAIL
2013 Big Box Shrinkage
2014 Place is New Anchor Tenant
2015 Blended Use: Place, not Space
2016 Millennials Want Experience
2017 E-tail is about Omni-channeling
2018 Distribution Revolution Creates Redustrial
2019 Storytelling via Social Media
2020 Think Outside The Box
2021 Innovation
2022 Convenience
2023 Technologies
2024 Right Sizing
ECONOMIC DEVELOPMENT IMPLEMENTATION - TOOLS THAT CREATE $CURRENCY$ FOR CITIES • Enhanced Infrastructure Financing Districts (EIFD)
• Community Revitalization & Investment Authority (CRIA) • Affordable Housing Authority (AHA)
BLENDED USE
Land uses are evolving and integrating … hybrid
working, amenitized rental living, hotel concierge,
experiential / service retail, and flexible industrial
Residential / Hospitality
Experiential / Curbside Retail
Health / Wellness / Open Space
Food / Grocery / Restaurants
Office / Telecommuting Alternatives
Fulfillment / E-Commerce
Re-dustrial
Retail
Reimagining
BOPIS & Pickup
Land Use Revolution
Retail Reimagine into Blended Use
Residential Renaissance based on housing shortage &
RHNA mandates
Office Reconfiguration for hybrid work patterns
Hotel Resetting driven by leisure travel &
potential conversions
Industrial Redistribution for flexible fulfillment and
last mile delivery
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
5 CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
6 This is a high-level explanation of the Kosmont Retail Now!® platform which is a tool kit for both public and private sectors to attract retail. It is a comprehensive and proactive retail attraction initiative which identifies existing conditions, sets a path, targets retailers and produces economic development results in today’s omnichannel environment.
From our many years as public sector real estate advisors and hands on private sector experience, Kosmont understands the need for successful sales tax revenue enhancement and incentive programs. The Kosmont Companies Team offers the in-depth research, real world expertise, and long-term relationships needed to bring viable retail to projects and communities. Today’s trends in the evolution of retail include experience, value, food, place, omnichanneling, and blended use.
See our Kosmont Retail Now!® approach below.
Kosmont Retail Now!® Platform
Our Approach
Analyze
Demographics and Economics
Employment Inflow and Outflow
Retail Trade Area Definition
Market Supply and Demand Assessment
Sales Tax Generation
Strategize
Retail Sales Surplus / Leakage
Supportable Retail Space by Category
Retailer Voids / Predictive Intelligence
Retailer / Developer Targeting
Opportunity Site Assessment
Implement
Public Private Partnerships and Financing Tools
Citywide and Opportunity Site Marketing Material
Leverage ICSC Leadership and Relationships
Hands-On Retail Recruitment and Deal Making
Project-Specific Transaction Structuring
Ongoing Economic Development and
Retail Recruitment Advisory Services
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
REIMAGINING LAND USE IS
PRIMARY OPPORTUNITY FOR CITIES
Kosmont has provided advisory services for many Reimagination Projects, Downtown Districts, and Financing Districts across California.
Sausalito
Commercial
District
Analysis
Buellton / Solvang
Economic Development Strategy
& Advisory
Santa Barbara
State Street Downtown
/ Retail Study
St Helena
Downtown District
Strategies
Capitola
Mall Reimagination Advisory
Baldwin Hills (Capri Capital)
Blended Use Real Estate
Advisory
Laguna Hills
Mall Reimagination Advisory
Union City
Retail Advisory
Santa Monica
DTSM Third Street Promenade
Community Workshops
Buena Park
District Advisory
La Verne
EIFD Advisory
Placentia
Economic
Development
/ EIFD
Advisory
Mountain House
Commercial Land Use Advisory
Pittsburg
EIFD & Econ.
Dev. Advisory
Napa
EIFD Advisory
Brentwood
EIFD Advisory
7 “TECHONOMIC DEVELOPMENT”
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
8 Kosmont has been a virtual and engaged company for years and embraces a variety of digital tools for analysis and leadership resources to inform retail and economic development advisory services. Technologies are powerful tools for economic development.
Demographic /
Market Data
ESRI Business Analyst Online,
CoStar, CRMLS, STR
Location /
Visitor
Analytics
Placer.ai
GIS Data
Analysis /
Sharing
ArcGIS, QGIS, Online WebApps
Stakeholder
Meetings Web Conferences & Screen Sharing
Community
Outreach
Webinars / Virtual Meetings
Project
Management
Microsoft Teams, SharePoint
Digital Polling /
Surveys Google Forms, SurveyMonkey
ORGANIZATIONS AND LEADERSHIP
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
9 Kosmont is a leader in assisting cities with the utilization of economic development implementation tools that allow cities to put their strategies into action and capture value.
IMPLEMENTATION TOOLS
Strategic Zoning and
Land Use Tools
Use new zoning value for community
benefits with Development Opportunity
Reserve D.O.R.®
Revenue
Replacement Tools
Replace anticipated sales tax revenue by
creating general fund equivalency with
Sales Tax Assessment Revenue (STAR*)®
Special Districts
Enhanced Infrastructure Financing
Districts (EIFD), Climate Resilience
Districts (CRD), & other district tools to
motivate private investment,
fund infrastructure, and attract grant
funds
Tax Exempt Financing
Opportunity to generate savings and
create general fund resources for
community reinvestment
Surplus Land Act as
Asset Management Strategy
Public agencies should look at SLA as a
“Value Capture” opportunity to
productively use public properties
Other Public Money
(OPM)
Pursue grant funds from state / federal /
other sources to fund planning and
projects that advance your Econ. Dev.
objectives
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 1.
FIRM QUALIFICATIONS
SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
10 KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
11 MEET THE TEAM - ORGANIZATIONAL CHART
SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Our team is enthusiastic, ready, and available to provide the requested services when called upon.
Ken K. Hira, Kosmont President
PRINCIPAL ADVISOR
Thomas Jirovsky, Kosmont Sr. Advisor
PROJECT MANAGER
Fernando Sanchez, Kosmont V.P.
DATA MANAGER
Lily Schenk, Project Analyst
PROJECT SUPPORT & RESEARCH
ADDITIONAL INFORMATION
• Team members are assigned as appropriate based on their skills, qualifications and availability in order to adequately provide services to the City for the length of the assignment and stay within budget. • If needed, other team members not included herein may be assigned to work on projects in a support or research role.
• The subsequent pages contain resumes for the above key team members.
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
12 TEAM ROLES
Kosmont brings a well-rounded and seasoned professional cohort with the required expertise and exemplary skillsets to provide the requested services. Most senior staff have been with Kosmont for a decade or longer, providing continuity on assignments and a well of relevant knowledge and experience. We have the extensive experience, a proven track record, and the qualifications to provide the knowledge, guidance, and execution of those services necessary to assist the City with the requested services.
If selected, Kosmont’s Project Manager will be Mr. Thomas Jirovsky. Mr. Jirovsky, Kosmont Senior Advisor brings over 35 years of experience with 10+ of those years at Kosmont Companies. He provides services related to economic development and downtown strategies, development feasibility and financial incentives, fiscal and economic impact, real estate pro formas, and asset management to public agencies and developers. Mr. Jirovsky will oversee the Project from start to completion. He will be responsible for day-to-day management of the engagement with the City and coordination of the Kosmont team to ensure the Project is completed on time and within budget.
Mr. Jirovsky will be supported by the following key team members:
• Mr. Ken K. Hira, Kosmont President has expertise in real estate and economic development. He brings over 30 years of varied experience in virtually every aspect of acquisition, entitlement, development, financing, asset management, disposition, downtown revitalization, and strategic plans. His strengths include a keen understanding of land use trends, business retention/attraction, negotiating public-private transactions and implementing blended-use projects. He will provide project oversight, quality control, strategic advisory support, and make public presentations as necessary as the Principal Advisor. • Mr. Fernando Sanchez, Kosmont Vice President brings over 11 years of experience with 10+ of those years at Kosmont Companies. Mr. Sanchez assists public and private sector clients with market and economic analyses, strategic planning, and real estate development advisory. For this assignment, he will play the role of Data Manager.
• Ms. Lily Schenk, Kosmont Project Analyst provides support to senior personal through GIS mapping, financial analysis, project due diligence, analysis, and regulatory review. For this assignment, she will provide project research and support.
SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
RELEVANT EXPERIENCE: Mr. Hira has managed hundreds of public & private sector consulting assignments. A few of his more recent projects are summarized below:
• City of Capitola (Mall Reimagination, Zoning Strategies) • City of Daly City (Economic Development Advisory, Market Analysis, Public Private Project shaping) • City of Folsom (Future Folsom Economic Development / Retail Trend Presentation, EDSP) • City of Monterey (Lease Negotiation Assistance)
• City of Mountain House (Commercial Analysis for Community Services District lead to incorporation of City) • City of Napa (EIFD Implementation)
• City of Norwalk (Economic Development Opportunity Plan, Public Private Residential / Commercial Project) • City of Pacifica (Economic Opportunities Study and Implementation, Hotel Analysis) • City of San Rafael (Economic Development Strategic Plan, Mall Fiscal Impact Analysis, EIFD analysis) • City of Santa Barbara (Downtown / Retail Market Revitalization) • City of Santa Cruz (EIFD / CRD Analysis)
• City of Sausalito (Economic Opportunities Study)
• City of St. Helena (Asset Management Study, Retail Workshop, Public Private Project shaping, SLA, Developer RFQ/P)
• City of Turlock (Economic Development Strategic Plan update) • City of Union City (Comprehensive Retail Study)
• City of Watsonville (Economic Development Strategic Plan update) • Private Confidential Client (Public Private Project shaping, EIFD Analysis for development site in San Jose) Project Role:
Principal Advisor
Years with Firm: 17+
Years of Experience: 30+
Education:
Bachelor of Economics
and Business, UCLA
Ken K. Hira President 13 Mr. Ken K. Hira serves as President for Kosmont Companies. An expert in real estate and economic development, Mr. Hira brings over 30 years of varied experience in virtually every aspect of acquisition, entitlement, development, financing, asset management, disposition, downtown revitalization, and strategic plans. His strengths include a keen understanding of retail trends, business retention/attraction, negotiating public-private transactions and implementing blended-use projects that revitalize communities and assist in economic development/tax generation programs.
A former Executive Vice President and mixed-use developer, Mr. Hira managed a portfolio of over $100 million of retail sites, while operating the commercial division of the company. Prior to this, as Managing Director of Acquisitions for a development company and Vice President of Development at a development firm, he evaluated and underwrote hundreds of acres of land, successfully captured and negotiated anchor tenant commitments creating $60 million of value in ground-up development and redevelopment and was responsible for 800,000 square feet of retail entitlement, design and development. As Vice President of a shopping center company based in San Diego (6 years), Mr. Hira entitled one million square feet of retail development projects, as well as led the acquisition of 24 neighborhood and community shopping centers, totaling 3.3 million square feet and valued at $375 million, and organized a $287 million recapitalization.
LICENSES/AFFILIATIONS: Mr. Hira is an active ICSC volunteer leader. He was nominated and served as the Co-Chair of the ICSC Community Advancement Board, nationally advocating public-private partnerships, while previously serving as the ICSC Western Division P3 Retail Co-Chair, Southern California State Director, Program Committee Chair and Alliance Co-Chair. He is currently an ICSC Foundation Mentor, designated as a Legacy Volunteer, Chair Emeritus of Community Advancement and the proud recipient of the 2024 Lifetime ICSC Trustees’ Distinguished Service Award.
SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Project Role:
Project Manager
Years with Firm: 15+
Years of Experience: 35+
Education:
- B.S. in Architecture,
University of Southern
California with honors
- MBA in Finance,
University of Southern
California
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
RELEVANT EXPERIENCE:
A few of his more recent projects are summarized below:
• City of Pacifica - Project Manager for Economic Opportunities Study • City of St. Helena - Project Manager for Asset Strategy/ Downtown Hotel RFQ/P • City of San Rafael – Project Manager for Economic Development Strategic Plan • City of Watsonville - Project Manager for Economic Development Strategy • City of Capitola - Project Manager for Hotel Feasibility Study • City of Eastvale - Project Manager for Downtown Master Plan Feasibility,Chandler Plan Area HBU study • City of Placentia - Project Manager for Chapman Corridor Development Opportunities • City of Indian Wells - Project Manager for Hotel Feasibility and incentive Analysis • City of Folsom - Project Manager for Economic Development Strategic Plan • City of El Segundo - Project Manager for Community Benefit Study for Smoky Hollow Specific Plan projects • City of Santa Barbara – Project Manager on Market Analysis for State Street Revitalization • City of Union City – Project Manger for Comprehensive Retail Study Thomas Jirovsky Senior Advisor 14 Mr. Thomas Jirovsky is a Senior Advisor with Kosmont Companies providing real estate development feasibility, fiscal and economic impact, and economic development and asset management strategies to public agencies, landowners and developers. Prior to joining Kosmont, he was a former Senior Managing Director of CBRE Consulting’s Los Angeles office, overseeing the national land use economics practice.
Through his 35+ year career he specialized in urban and suburban mixed-use development, market studies, pro forma analysis, land secured financing strategies, asset management, and public/private partnerships (“P3”) for small urban infill projects to large residential/commercial projects.
With a degree in both architecture and MBA finance, and experience in the development industry, he brings special expertise in understanding the challenges and opportunities facing residential and commercial development. He has managed hundreds of development feasibility studies for clients in small towns to large urban areas. Some recent assignments included HBU market studies in support of development strategies for San Rafael, Pacifica, Capitola, Thousand Oaks, Agoura Hills, Santa Barbara, St. Helena, Folsom, and Watsonville.
He has assisted a wide range of public agencies throughout California in evaluating hotel, retail, industrial and residential development projects, infrastructure financing economic development strategies and in negotiation of development agreements.
LICENSES/AFFILIATIONS:
Mr. Jirovsky is a LEED Accredited Professional and a member of the Innovating Commerce Serving Communities (ICSC) (formerly International Council of Shopping Centers) and Urban Land Institute (ULI).
SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Mr. Fernando Sanchez is a Vice President with Kosmont Companies assisting public and private sector clients with market and economic analyses, strategic planning, and real estate development advisory. His recent work includes market supply and demand analysis, prioritization of strategic opportunity sites for retail and future development, analysis of potential development uses, and geospatial analysis of boundaries and funding and financing feasibility studies of new infrastructure financing districts, including Enhanced Infrastructure Financing Districts (EIFDs).
Prior to joining Kosmont Companies, Mr. Sanchez also worked as an Analyst for Entertainment and Culture Advisors, a Los Angeles-based economic consulting firm specializing in the entertainment and attractions industry. Other previous experience includes working as an Analyst and Project Manager for JDT International Inc., a residential real estate developer in Philadelphia, and working as a Transportation Planner with the City of Philadelphia Mayor’s Office of Transportation and Utilities.
LICENSES/AFFILIATIONS:
Mr. Sanchez is a member of the American Planning Association and the Urban Land Institute. He also serves as the Treasurer of the Princeton Club of Southern California.
LANGUAGES:
Mr. Sanchez is fluent in English and Spanish.
RELEVANT EXPERIENCE:
Samples of relevant projects are summarized below:
• City of Aliso Viejo (Economic Development Plan, Retail Recruitment) • City of Artesia (Economic Development Strategic Plan; Hotel Market Demand Analysis) • City of Buellton (Downtown Revitalization; Specific Plan with Development Opportunity Reserve (D.O.R.)®) • City of Clovis (Retail / Land Use Market Study, Mall Reimagination) • City of Daly City (Economic Development Strategy and Real Estate Advisory) • City of Delano (Demographic and Market Demand Analysis for General Plan Update, [sub to QK]) • City of Folsom (Economic Development Strategic Plan)
• City of Lake Forest (Retail Shopping Center Analysis) • City of Lomita (Retailer Void Analysis)
• City of Malibu (Retail Market and Visitation Analysis) • City of Norwalk (Economic Development Opportunities Plan / Visitation and Market Analyses) • City of St. Helena (Asset Strategy / Downtown Hotel RFQ/P) • City of Santa Barbara (Retail Market and Economic Development Strategy; State Street Downtown Revitalization) • City of Turlock (Economic Development Strategic Plan) • City of Union City (Comprehensive Retail Study)
• City of Watsonville (Economic Development Strategic Plan) Project Role:
Data Manager
Years with Firm: 10+
Years of Experience: 11+
Education:
- Master of City Planning,
Univ. of Pennsylvania,
(focus: public and private
real estate development)
- Bachelor of Arts,
Princeton University
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
Fernando Sanchez Vice President 15 SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Ms. Lily Schenk is a Project Analyst with Kosmont Companies, providing support to senior personal through GIS mapping, financial analysis, project due diligence, analysis, and regulatory review.
Ms. Schenk’s background is in land development, geospatial, and cartography. Prior to joining Kosmont, she studied urban planning and construction management, and economic development at Arizona State University. Her thesis was on the impact of Opportunity Zones. Ms. Schenk’s experience includes stakeholder outreach, feasibility studies, market analyses, and land development.
LICENSES/AFFILIATIONS:
Ms. Schenk is a member of ICSC and the Urban Land Institute. She also holds an Arizona Real Estate License.
RELEVANT EXPERIENCE:
• City of Montebello (Demographic and Market Analysis for Special Plan) • City of Orange (Market Analysis)
• City of Palmdale (Economic Development strategy)
• City of Palmdale (Retail Analysis)
• City of Yreka (Financing District Strategy)
• City of Thousand Palms (Financing District Strategy)
• City of Thousand Palms (Financing District Strategy)
• City of Montebello (Financing District Strategy)
Project Role:
Research and Support
Years with Firm: <1
Years of Experience: 1
Education:
BSP Urban Planning,
Arizona State University
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
Lily Schenk Project Analyst
16 SECTION 2.
MEET THE TEAM
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 3.
RELEVANT PROJECTS
& REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
17 KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
18 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
RELEVANT PROJECTS & REFERENCES
Kosmont has 39 years of public and private sector experience and in-depth expertise in economic development, real estate market studies, public private project development, fiscal / economic impact, real estate brokerage, and municipal finance services to support our client needs. We have guided development of more than 1,000 public- private projects and continues to serve numerous clients with implementation on an on-going long-term basis.
Kosmont provides advisory services to help numerous city and county clients across California, navigate, and implement comprehensive economic development. We have recently worked with or are actively engaged in economic analysis projects for various municipal clients throughout San Francisco Bay Area and Northern California cities including waterfront communities statewide such as of Capitola, Daly City, Folsom, Laguna Beach, Malibu, Pacifica, Redondo Beach, San Rafael, Santa Barbara, Santa Cruz, Sausalito, and Union City. Kosmont is well-acquainted with the local and regional economic landscape.
Our understanding of the local, regional, and national trends positions us to mobilize quickly and deliver substantial value on this assignment. We will leverage our team’s local expertise to meet project goals effectively. The projects below and those on the following pages, along with corresponding references, provide a brief snapshot of Kosmont’s extensive experience, capabilities, and broad range of services we offer.
The City of San Rafael is a bayfront community north of San Francisco that is the economic hub of Marin County.
Following loss of Redevelopment, the City has had to use new sales/use tax measures to generate sufficient funds for General fund operations.
To assist in achieving long term financial stability, the City retained Kosmont Companies to do the first Economic Development Strategic Plan (EDSP) that reviewed City General Plan and Downtown Precise Plan and did in depth real estate analysis of residential, commercial and industrial uses in several different submarket areas (Downtown, Northgate Mall, and the Canal Area). Kosmont also evaluated citywide economic conditions to determine strategies that enhance economic development to revitalize areas and increase General Fund tax revenues. The scope of work included significant stakeholder interviews and broad business and community outreach, including web-based surveys. The EDSP was presented and accepted by City Council on May 15, 2023. Kosmont continues to serve the City on special district implementation.
Kosmont Client: CITY OF SAN RAFAEL, 1400 FIFTH AVENUE, SAN RAFAEL, CA 94901 - (415) 485-3066 Contact Person: Micah Hinkle, Director Economic Development & Innovation (415) 485-4860 / [email protected]
Project Dates: 07/2022 – current advisor
Kosmont Team: Ken K. Hira, Thomas Jirovsky, Robert Valenti Sample Work: Kosmont - City of San Rafael EDSP 2023 [ See following Letter of Recommendation ] CITY OF SAN RAFAEL: Economic Development Strategic Plan
LETTER OF RECOMMENDATION
19 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Kosmont Client: CITY OF PACIFICA, 540 CRESPI DRIVE, PACIFICA CA 94044 - (650) 738-7300 Contact/Reference: Yulia Carter, Asst. City Manager / C: (650) 740-2604, O: (650) 738-7402 / [email protected] [ See following Letter of Recommendation ]
Project Dates: 06/2022 – current advisor
Kosmont Team: Ken K. Hira, Thomas Jirovsky, Robert Valenti Sample work: Kosmont – Pacifica Economic Oppty Study Summary Presentation for Study Session: Jan 2023
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
CITY OF PACIFICA: Economic Opportunities Study
20 Kosmont is currently assisting the City of Pacifica with Surplus Land Act (SLA) and Economic Development implementation services following completion of an Economic Opportunities Study (EOS) for the City, a coastal community south of San Francisco. The EOS identifies commercial opportunities supported by market forces and enhanced by steps the City and community can take. Kosmont assisted the City by providing a market analysis and recommendations for each district. The goal is to create a compelling experience and foster a sense of community.
The EOS takes a close look at the five main business districts in the City. Given shifting consumer preferences and land uses, and uncertain economic times and fiscal challenges, it is important that Pacifica identify opportunities to spur select new development that can increase General Fund revenues.
Kosmont’s approach to preparing the Economic Opportunities Study included the following tasks:
• Review of City Budget and Planning documents, tour of the City and its business and residential districts • Interviews with City staff, Council members, and community stakeholders • Assessment of regional economic trends
• Assessment of local demographic and market conditions • In person and virtual outreach to gain insights as to needs and challenges and present preliminary findings • Identification of key opportunity sites and recommended land uses The EOS was presented and accepted by the City Council on March 27, 2023. Kosmont continues to serve the City on implementation.
Recently, the City of Pacifica received the California Association for Local Economic Development (CALED) Award of Excellence for Vision 2025 & Beyond. Kosmont was honored to be part of the collaborative project team.
SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
LETTER OF RECOMMENDATION
21 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Kosmont prepared a city-wide Economic Development Strategy (“Strategy”) in January 2017, updated the Strategy in November 2018 and presented the Strategy to City Council in February 2019.
In conjunction with the Strategy, Kosmont was retained by Daly City for developer targeting and outreach related three (3) opportunity site properties listed in the Successor Agency Long Range Property Management Plan (LRPMP) designed for future development, along with two (2) listed for sale (sold by KR). The opportunity sites include a hotel location, an office / auto related use, and a residential project. The hotel opportunity site is prominent and targeted for a full-service hotel adjacent to BART transit station.
As part of implementation, Kosmont prepared market supply and demand analysis for targeted land uses, including a dedicated hotel market analysis, evaluating historical and projected future supply and demand of hotel rooms by chain scale / service category. Kosmont also drafted and distributed a Request for Qualification and Proposals (RFQ/P) to the targeted developer and hotelier community. Kosmont reviewed and ranked developer/hotelier responses and assisted with interviews and initial public-private transaction negotiations. The City entered into three separate Exclusive Negotiation Agreements (ENA) with selected developers and Kosmont continues to assist City with Development Agreement negotiations. As part of ENA and DDA negotiations, Kosmont reviewed several iterations of hotel development pro forma analyses and provided feedback on accuracy and reasonableness on revenue, occupancy, cost, and profit assumptions in light of current market and economic conditions.
Kosmont Client: CITY OF DALY CITY, 333 90TH STREET, DALY CITY, CA 94015 – (650) 991-8000 Contact/Reference: Tatum Mothershead, Director of Economic & Community Development / (650) 991-8159 / [email protected] [ See following Letter of Recommendation ] Project Dates: 10/2016 – 10/2022
Kosmont Team: Ken K. Hira, Thomas Jirovsky, Joseph Dieguez CITY OF DALY CITY: Economic Development Strategy & Real Estate Advisory 22 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
LETTER OF RECOMMENDATION
23 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Kosmont Companies was retained to do a Retail Study and Zoning Update for Union Landing, along with a comprehensive retail analysis using our Kosmont Retail NOW!® platform. Union City requested evaluation of zoning restrictions for four commercial subareas to determine ability to lease.
Union Landing is a 100-acre open air Power Center, anchored by Wal-Mart, Lowe’s Home Improvement, Century Theaters Best Buy, Burlington Coat Factory and several hotels, developed by 16 different property owners in the 1990’s. A Property Business Improvement District was formed to 2004 to address
management challenges.
With no central management organization, the City established four zoning subdistricts to manage the tenant mix with a goal of providing distinct areas for Sub-regional Commercial (i.e., big box retail) along I-880 freeway frontage, Sub-regional Specialty, Community Commercial for neighborhood services at the SWC of Alvarado-Niles Rd. and Dyer St., and Office Commercial for hotel/office use along Alvarado-Niles Rd.
24 SECTION 3. RELEVANT
PROJECTS & REFERENCES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Kosmont Client: CITY OF TURLOCK, 156 S. BROADWAY, SUITE 270, TURLOCK, CA 95380 - (209) 668-5500 Contact/Reference: Anthony Sims, Economic Development Director / (209) 668-6031 / [email protected] Project Dates: 11/2024 – 5/2025
Kosmont Team: Ken K. Hira, Thomas Jirovsky, Fernando Sanchez The City of Turlock recently retained Kosmont to update the 2017 Economic Strategic Plan (“EDSP”) to reflect current market conditions and community economic development goals. The goal of the new EDSP is to analyze and update the City’s economic vision and goals, assess the City’s current competitive market position and demographics, and develop a list of prioritized goals and objectives.
Kosmont completed the EDSP in September 2025. Kosmont worked to not only update demographic and market data, but also provide an assessment of Turlock’s strengths, weaknesses, and opportunity sites for high-quality job growth and business development, establish a renewed vision for economic development in the City, identify and develop a list of prioritized goals and objectives to meet the economic development vision, and provide stakeholder- informed implementation strategies and performance measures that can guide the City for the next three to five years.
CITY OF TURLOCK: Economic Development Strategic Plan
Kosmont Client: CITY OF UNION CITY, 34009 ALVARADO-NILES ROAD, UNION CITY, CA 94587 – (510) 471-3232 Contact/Reference: Gloria Ortega, Economic Development Manager / (510) 675-5396 / [email protected] Project Dates: 01/2021 – 03/2021
Kosmont Team: Ken K. Hira, Thomas Jirovsky, Fernando Sanchez CITY OF UNION CITY: Union Landing
Kosmont made recommendations to modify the zoning and ease conditional use permitting within subareas.
SECTION 4.
APPROACH TO SCOPE
OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
25 KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
26 Approach to Tasks: The prospective assignment and consulting services that Kosmont will provide will be of a relatively limited scope and duration, and advisory in nature. Kosmont will be making recommendations only, which advise the Client and jurisdictions, including its elected officials, appointed officials and staff, which they can accept or reject. None of Kosmont's staff will act in a capacity as an elected official, nor appointed official, nor as staff, nor as serving in a "designated" position.
TASK 1: KICKOFF MEETING / PROJECT ORIENTATION
Kosmont will attend a kickoff meeting with City staff to discuss the Client objectives, analytic approach, and work schedule, as well as communication protocols. Kosmont will tour the area to review existing commercial and industrial land uses.
Kosmont will prepare for the kickoff meeting by reviewing relevant planning documents such as the Annual Comprehensive Financial Report (“ACFR”), General Plan, Zoning map and Housing Element / RHNA. City to provide additional relevant documents, as necessary.
During this visit, Kosmont would ideally like to have one-on-one meetings with Council members to understand priorities, opportunities, and challenges to achieving their vision for the City.
SCOPE OF WORK
SECTION 4. APPROACH
TO SCOPE OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
PROJECT UNDERSTANDING / BACKGROUND
The Kosmont team understands that the City seeks a qualified firm to prepare a Real Estate Economic Market Analysis that will inform future policy decisions and actionable strategies. This study will evaluate existing market conditions, identify opportunities for growth, and provide data-driven insights to guide the City’s long-term vision for a vibrant and sustainable local economy.
The City has strong existing assets with a non-residential building stock including 3.9 million SF of office space, 1.8 million SF of industrial/research and development facilities, and 600,000 SF of commercial space, as well as 630 hotel rooms. According to Foster City's 2024 business license records, the City’s businesses employ approximately 19,837 people. While the City’s commercial and industrial lands are nearly built out, key employment districts such as Vintage Park, Chess-Hatch, and Lincoln Centre continue to serve as anchors of economic activity. In particular, Gilead Sciences, Inc., the City’s largest employer with nearly 8,000 employees, continues to invest in its existing campus and expanding its footprint through the redevelopment of smaller facilities into larger, modern research and office spaces. The City does not have a traditional downtown or a historic "main street." Instead, City retail activity is spread across five (5) retail shopping centers. There is substantial leakage to Bridgepointe Shopping Center in the City of San Mateo, home to national tenants like Target, Home Depot, Nordstrom Rack and is located just to the north of City limits. The City has three (3) hotels that serve the region: Crowne Plaza, TownePlace Suites by Marriott on Chess Drive, and Courtyard by Marriott on Shell Blvd.
Kosmont will build upon this foundation to deliver a comprehensive market analysis that assesses current real estate, economic, and demographic conditions; identifies challenges and opportunities across property sectors; and provides the City with clear, actionable strategies to support sustainable economic growth.
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
27 TASK 2. CITYWIDE REAL ESTATE ECONOMIC MARKET ASSESSMENT Kosmont will conduct a comprehensive real estate economic market analysis to define current economic landscape, market trends and cycles including market leakage, demographic profile, supply and demand dynamics across commercial, office, retail, life science, and mixed-use sectors, and business indicators. Kosmont will:
• Develop a baseline inventory of existing properties in these sectors • Evaluate key market indicators such as vacancy rates, lease rates, and tenant mix • Identify constraints within the region that may impact economic development • Identify unmet demand, oversupply, and emerging trends across sectors • Benchmark economic and financial performance of similar Bay Area cities.
Kosmont will analyze market leakage through our mobile data analytics provider Placer.ai to identify opportunities to recapture spending within City with the following subtasks:
• Estimate trade area current annual dollar demand for retail goods and services based on existing resident demographics, visitor and employee spending
• Estimate how much of trade area demand is captured by retail facilities in the trade area (i.e., “leakage” or “surplus”)
• Translate retail demand into supportable square feet of retail space based on industry average sales volumes by retail category
• Compare the supportable square footage with actual retail square footage to determine if more retail stores can be supported.
TASK 3. DEMOGRAPHIC AND PSYCHOGRAPHIC ANALYSIS
Kosmont will utilize ESRI and other data sources (such as Placer.ai) to prepare a comprehensive population and psychographic analysis including: a study of demographic profile and trends, (population, household incomes, race/ethnicity, housing preferences, educational attainment, employment by industry, commute patterns, resident/employee concentrations, and other metrics) to understand consumer needs and behavior. The analysis will evaluate City’s trade area, with a focus on market demand and supply and other constraints for commercial and retail uses, such as but not limited to, grocery stores and restaurants.
TASK 4. STAKEHOLDER AND COMMUNITY ENGAGEMENT
Kosmont will work with City staff and the Chamber of Commerce to conduct structured virtual outreach with key stakeholders, including:
• Property owners, brokers, and developers
• Major employers and business groups
• Community organizations and residents
Kosmont will document stakeholder input and incorporate into the recommendations.
SECTION 4. APPROACH
TO SCOPE OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
28 TASK 5. IDENTIFY FUTURE ECONOMIC NEEDS
Kosmont will provide insights into local regional and national trends for multi-family, retail, office and industrial uses, and will forecast future economic conditions in various market sectors through 2035 based on market analysis, population growth, employment trends, demographics, and other pertinent data specific to Foster City.
TASK 6. ASSESS OPPORTUNITY SITES
The City has little vacant land, but Kosmont will work with City to identify underutilized parcels (private sector and public sector). The City has five (5) main retail shopping centers, comprised of three (3) neighborhood commercial centers (Edgewater Place, Marlin Cove, and Beach Park Plaza) and two (2) regional-serving areas: The Marketplace along East Hillsdale Boulevard and the area along Metro Center Blvd. that includes Costco Wholesale. Kosmont will visit the existing commercial centers to understand tenant mix, traffic patterns, and vacancies to help guide potential strategies to retain/strengthen existing businesses and attract new businesses.
Kosmont will research commercial and residential land values to inform assessment of redevelopment potential.
Kosmont will recommend opportunities for redevelopment or repurposing of properties to meet unmet demand in other asset classes, where appropriate. Kosmont will provide a high-level assessment of the potential City tax revenues that could be expected from redevelopment.
Kosmont will also work with Public Works to assess and recommend areas for infrastructure enhancement and investments to promote long term sustainable economic growth.
TASK 7. CITY COUNCIL ENGAGEMENT AND REVIEW PROCESS
Kosmont will provide virtual updates at City Council meetings to incorporate feedback through the process, as appropriate. Kosmont will prepare a draft Report in PowerPoint format summarizing key data trends, analyses, and recommended strategies. Following receipt of comments from staff, Kosmont will make an in-person presentation to Council for acceptance of the completed report.
SECTION 4. APPROACH
TO SCOPE OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SCHEDULE
Kosmont envisions that a draft Report can be completed within 4-5 months from kickoff meeting. City resources would be discussed per comments in Task 1. See Timeline on the following page.
The Kickoff meeting and one-on-one meetings with City Councilmembers will occur in November 2025. Virtual stakeholder and community engagement will occur November 2025 and January 2026. Draft report will be provided in PowerPoint presentation format to City staff in March 2026. Final report and in-person presentation to City Council will occur the same month.
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
29 SECTION 4. APPROACH
TO SCOPE OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
TIMELINE
TASKS 2025
NOVEMBER DECEMBER
2026
JANUARY FEBRUARY MARCH
1 Kickoff Meeting / Project Orientation
2 Citywide Real Estate Economic Market Assessment
3 Demographic and Psychographic Analysis
4 Stakeholder and Community Engagement
5 Identify Future Economic Needs
6 Assess Opportunity Sites
7 City Council Engagement and Review Process
Kosmont has served clients throughout California for 39 years and attributes its continued success and extensive track record to delivering value and completing projects on time. Kosmont’s approach to providing consulting services is to understand each project and the unique opportunities and challenges they present and then to incorporate our expertise, knowledge, and services as appropriate.
Kosmont utilizes a system of controls and has an organized structure in place to effectively manage and ensure each project’s success. We believe in maintaining regular communication with appropriate client staff / representatives to keep activities in alignment with the client’s schedule. This could involve emails, conference calls, virtual meetings (Zoom or Teams), and in-person meetings (when necessary) with the appropriate parties working on a project. In addition to project meetings, Kosmont will provide an open channel of communication and understanding between client and the Kosmont team. To satisfy project management needs, Kosmont will make its staff and team available to client as necessary to complete the assignment per requirements of client.
Kosmont allocates tasks and responsibilities to team members based on subject-matter expertise and available capacity to optimize efficiency, cost effectiveness, and on schedule delivery of work product to its clients. Tasks within the skill sets and responsibility of a Project Manager (“PM”) are completed by that PM and remaining tasks are sent out to the appropriate parties (i.e., other team members, clients, subconsultants). The PM then actively monitors the progress of tasks distributed to confirm they are completed in a timely and accurate manner.
PROJECT METHODOLOGY
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
30 In order for projects to proceed smoothly and efficiently, Kosmont utilizes a series of comprehensive checklists based on years of project management experience and includes various aspects and milestones from proposal to close-out for detailed tasks on various types of projects to carefully manage schedule and cost, and to deliver work product.
These checklists are utilized monthly to report potential challenges and keep the project on track to ensure the requested deadlines are met.
Additionally, the Kosmont team corresponds internally by utilizing SharePoint and Microsoft Office Teams.
Specifically, Microsoft Office Teams allows the Kosmont project team to make and relay information in real time and keep everyone up to date on the latest project information. Should unanticipated issues arise, Kosmont is able to relay updated information to the team and client quickly and adjust as necessary. This streamlined communication, saves time, and allows the entire project team access to current information keeping everyone on the same page and the project moving forward.
Finally, Kosmont staff members participate in staffing calls two to three times a week and monthly project meetings to discuss the progress of each project, confirm future tasks, and provide updates to the PM. This ensures efficiency in workload, reduces redundancy, and provides a forum for cross checking each team member’s work and affords the PM the ability to confirm the predetermined checklists of each phase of the project are proceeding smoothly while being completed in the highest quality and most efficient manner possible. Mr. Ken K. Hira reviews work product for quality control purposes prior to submission to clients.
PROJECT METHODOLOGY CONTINUED:
SECTION 4. APPROACH
TO SCOPE OF SERVICES
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
SECTION 5.
PROJECT BUDGET
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
31 KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
32 COST BREAKDOWN
NOTE: Duties and budgets may be allocated between tasks and personnel as deemed appropriate by Kosmont in order to adequately provide services to the City, stay within budget, and remain on schedule. If needed, other team members not included herein may be assigned to work on this project in a support or research role.
The proposed cost breakdown for the real estate market and economic analysis is shown below. Costs are based on Kosmont professional services fees (hourly) rate sheet found on the following page.
SECTION 5.
PROJECT BUDGET
CITY OF FOSTER CITY
Real Estate Economic Market Analysis
Kosmont Budget:
Foster City Real Estate Market and
Economic Analysis
KOSMONT COMPANIES
Ken K. Hira,
President
Thomas Jirovsky,
Senior Advisor
Fernando Sanchez,
Vice President
Lily Schenk,
Project Analyst
Subtotal
$425
$395
$295
$195
Tasks
1 Kickoff Meeting / Project Orientation 4 16 6 8 $11,350 2 Citywide Real Estate Economic Market
Assessment 4 12 20 28 $17,800
3 Demographic and Psychographic Analysis 2 6 8 12 $7,920 4 Stakeholder and Community Engagement 6 8 4 2 $7,280
5 Identify Future Economic Needs 4 6 8 12 $8,770
6 Assess Opportunity Sites 2 12 8 8 $9,510
7 City Council Engagement and Review Process 8 16 8 4 $12,860 Reimbursable Expenses $4,500
Total Project Budget 30 76 62 74 $79,990
KOSMONT COMPANIES
1601 N. Sepulveda Blvd., #382 I Manhattan Beach, CA 90266 I 424.297.1070 www.kosmont.com
33 Professional Services
President $425.00 / hour
Sr. Vice President/Sr. Advisor/Sr. Managing Director $395.00 / hour Vice President/Project Advisor $295.00 / hour
Senior Project Analyst $205.00 / hour
Project Analyst/Project Research $195.00 / hour
Assistant Project Analyst/Assistant Project Manager $165.00 / hour Project Promotion/Graphics/GIS Mapping Services $ 95.00 / hour Clerical Support $ 80.00 / hour
Additional Expenses
In addition to professional services (labor fees):
1) An administrative fee for in-house copy, fax, phone, postage costs, digital/technological support and related administrative expenses will be charged, which will be computed at four percent (4.0 %) of monthly Kosmont Companies professional service fees incurred; plus
2) Out-of-pocket expenditures, such as travel and mileage, professional printing, and delivery charges for messenger and overnight packages will be charged at cost. 3) Project/Market data sources for support of evaluation and analysis e.g., ESRI, CoStar/STR, Placer.ai, IMPLAN, ParcelQuest and other based on quoted project cost.
4) If Kosmont retains Third Party Vendor(s) for Client (with Client’s advance approval), fees and cost will be billed to Client at 1.1X (times) fees and costs.
5) Consultant’s attendance or participation at any public meeting, whether such participation is in person, digital, video and/or telephonic (e.g., City Council, Planning Commission, Public Agency Board, other) requested by Client and are beyond those specifically identified in the Scope of Work will be billed at the professional services (hourly) fees as shown on this rate sheet.
Charges for Court/Deposition/Expert Witness-Related Appearances Court-related (non-preparation) activities, such as court appearances, depositions, mediation, arbitration, dispute resolution and other expert witness activities, will be charged at a court rate of 1.5 times scheduled rates, with a 4-hour minimum.
Rates Effective until June 30, 2026. For and during the term of the subject Agreement, the above referenced rates in each category will be increased, effective July 1, 2026, and annually thereafter, to reflect the adjustment in the CPI (U.S. Dept. of Labor, Bureau of Labor Statistics) All Cities Average Consumer Price Index for the prior year. As an example, the US City Average Consumer Price Index (CPI-U) for January 2025 was 317.671, representing a change of 3.0 percent over the index for January 2024.
KOSMONT HOURLY RATE SCHEDULE
SECTION 5.
PROJECT BUDGET
CITY OF FOSTER CITY
Real Estate Economic Market Analysis