Attachment A
Fact Sheets on Remaining City-Owned Sites Identified in the Housing Element
4th/5th/ARIZONA FACT SHEET
1301 – 1333 4th Street and 1302 - 1334 5th Street
Site: 112,000 square feet (2.5 acres)
Ownership: City owns the properties at 1302 - 1334 5th Street, purchased for $36 million in 2007 and 2009 with Redevelopment Agency funds. City purchased 1301 – 1333 4th Street for $42.5 million in 2010 with Redevelopment Agency funds and is still paying off this purchase through 2042 (see Debt Service notes below).
Tenancy:
Tenant Address Annual Rents Lease Term
Bank of America 1301 Fourth Street $1.5 million February 28, 2026 Chase Bank 1333 Fourth Street $1.1 million April 30, 2028 EvGo Electric Charging Station Parking Lot 27 $31,000 July 31, 2027 Annual Rental Revenues: $2,500,000 appx
Debt Service: Years 2013 – 2029: $3.3 million per year
Years 2030 – 2034: $3.4 million per year
Years 2035 – 2039: $3.5 million per year
Years 2040 – 2042: $3.6 million per year
*City continues to collect tax increment in these amounts to cover debt service.
Zoning And FAR:
Address/Existing Uses Zoning FAR Land Area
(sf)
Proposed Density Unit Capacity
1301-1333 4th St
(BofA, Chase Bank)
BC – Bayside Commercial 4.0 (100% Affordable Housing)
3.5 (Mixed Income Housing)
52,489 150 units/acre 181
1324 5th St
(Parking Lot 27)
NV – Neighborhood Village 4.5 (100% Affordable Housing)
4.0 (Mixed Income Housing)
52,470 150/units/acre 181
Housing Element Commitment of Affordable Units at this
Site:
362 affordable housing units
Considerations and/or Constraints: 1) Existing bank tenant (Chase) has requested a lease extension for a minimum of 2 years (approved by
Council in July 2024) and has expressed desire to a
tenant in the future development. Banks typically
need 2-yr “lead time” to relocate.
2) Consider a viable, revenue-generating use.
3) Community desire to retain some flexible outdoor
space on site for future community activations.
Existing Parking Spaces 93
BERGAMOT STATION ARTS CENTER FACT SHEET
2525 Michigan Avenue
Site: 224,000 square feet (5.6 acres)
Ownership: City purchased the site for $17.3 million in 1989 with Big Blue Bus Rail Reserve funds.
Zoning: Bergamot Area Plan– Conservation Arts Center (CAC) FAR: 3.0 (100% Affordable Housing)
2.5 (Mixed Income Housing)
Housing Element Commitment of
Affordable Units at this Site:
707 affordable housing units (150 units/acre)
Tenants: Approximately 30 small businesses: art galleries, non-profit theatre company, comedy club and restaurant within five buildings (approximately 62,000 SF of building space).
Lease Term: One-year leases, renewed annually (Jan 1
st). Staff will be seeking Council
approval to issue up to 3 year leases for tenants.
Annual Gross Rental Revenues: $1,600,000 appx
Annual Repayment to Rail Reserve
Fund (Big Blue Bus):
$660,000 appx
Annual Operating + CapEx Expenses: OPEX approximately $950,000 annually CAPEX $300,000- $500,000/yr (subject to available funds and capital improvements required)
Considerations and/or Constraints: 1) Creating a viable plan for relocation and relocating existing tenants 2) Artist housing as part of the affordable units
3) Evaluate revenue impacts to BBB
MAIN STREET PARKING LOTS FACT SHEET
Public Parking Lots 9, 10, 11
Site: 167,388 square feet (3.84 acres)
Ownership: City-owned surface parking lots
Zoning: R3-A, R4-A
Maximum Allowable Density: R3: 35 units/acre (no FAR)
R4: 48 units/acre (no FAR)
Housing Element Commitment of
Affordable Units at this Site:
577 affordable housing units (150 units/acre)
*minimum of 5 stories needed to achieve this # of units Existing Parking Spaces 339
Tenants: • Victorian leases the parking lot behind the business Annual Revenues: • Average annual parking revenue of approximately $800,000 • Adjacent Victorian/Heritage Square businesses generates approximately $450,000 in annual lease revenue
Considerations and/or Constraints: • Located in Coastal Zone • Public parking lots support Main Street businesses and coastal access – how much of parking will be replaced
• May require renegotiation of existing lease with City tenant(s) on adjoining properties (e.g. The Victorian), which expires in 2028 (or 2033 if final 5th option is approved by both parties)
• Main Street Farmer’s Market is located on one of the surface lots • Sites are long and relatively narrow
• Needs an environmental feasibility analysis of the sites