PA-2023-012 Bespoke – Residential Schedule of Performance Staff Proposed – August 2024
Action/Obligation Responsible
Parties
Timeline for Performance Target
Completion
Buffer with Written
Justification and City
Approval
1. Master Building Permit
Submission (including
foundation, residential
superstructure, and commercial
superstructure permits)
Commercial
Developer and
Residential
Developer
Within 12 months of
Entitlement date
Oct. 2025 Up to 3 months
2. Issuance of Building Permit
(commercial and parking garage)
and building permit ready-for-
issuance letter (residential). City
commits to expeditious review of
permit submittals. Applicant
commits to timely and complete
resubmittals.
City Within 12 months from the
Master Building Permit
Submission
Oct. 2026 Up to 6 months
3. Commercial Developer to
commence construction of the
Underground Parking Garage
Commercial
Developer
Within 6 months from
Issuance of Building Permit
(commercial and parking
garage)
Apr. 2027
4. Underground Parking Garage
completion and residential pad
turnover
Commercial
Developer
Within 12 months of
Underground Garage
Apr. 2028 Up to 3 months
Action/Obligation Responsible
Parties
Timeline for Performance Target
Completion
Buffer with Written
Justification and City
Approval
construction
commencement
5. Residential submits for tax
credits (Typically Feb. or July)
Residential
Developer
3 months prior to
completion of Underground
Parking Garage
Jan. 2028 Up to 1 year from last
funding round
6. Residential Developer shall
secure necessary financing for
the Residential Development.
Residential
Developer
Within 12 months of
Podium Completion
Apr. 2029 Up to 1 year
7. City shall record the
Residential Ground Lease,
Regulatory Agreement and Deed
of Trust.
City Concurrently with the close
of construction financing
for Residential.
8. Residential Developer shall
obtain permits and commence
construction of the Residential
Improvements.
Residential
Developer
Within 30 days from the
close of Escrow of the
Residential Development
Financing.
Apr. 2029
9. Residential Developer shall
provide Tenant Selection and
Marketing Plan for City review.
Residential
Developer
Within 6 months from the
close of Escrow for the
Residential Development
Financing.
Oct. 2029
Action/Obligation Responsible
Parties
Timeline for Performance Target
Completion
Buffer with Written
Justification and City
Approval
10. Commercial Developer
obtains C of O on first Tenant
Improvement Building Permit
Commercial
Developer
Upon Building Permit
issuance of Residential
Improvements
Apr. 2029
(Aligns with
Commercial
Final
Building
Inspection)
11. Residential Developer
obtains Final Building Inspection
for superstructure
Residential
Developer
Within 24 months following
the commencement of
construction.
Apr. 2031 Up to 9 months