REPORT TO COUNCIL
SUBJECT
Title
Consider Terms of Exclusive Negotiating Agreement (ENA) with The Related Companies of California, LLC for Development of Affordable Housing on City Property Located at 441-499 W. Iowa Avenue (APNs 165-130-74, 165-130-46, 165-130-68, 165-130-45, 165-130-73, and 165-130-69)
Report
BACKGROUND
In April 2016 (RTC No. 16-0030) the City Council directed staff to issue a Request for Proposals (RFP) to solicit qualified developers to redevelop a City property of roughly 1.4 acres located on the corners of Iowa, Charles, and Mathilda Avenues in downtown Sunnyvale. This property had been slowly acquired and assembled between 1987 and 2015. In December 2015 Council provided policy direction and declared its intent to use this property for an affordable housing project.
The project site is located in Block 15 of the Downtown Specific Plan (DSP). The intent of the RFP was to seek a qualified housing developer to redevelop the project site consistent with the vision and development standards of the DSP. The subject site covers most of the southern half of Block 15, with frontage on Charles Street, Iowa and Mathilda Avenues. The DSP allows residential development on this block at a density of roughly 54 units per acre, and up to 10,000 square feet of neighborhood commercial uses, primarily on the southern and northern corners of the block along the Mathilda Avenue frontage. Currently there are six modest, older dwelling units on the project site, of which four are vacant and two are occupied. The land was appraised at approximately $7.8 million in December 2014, based on its value if developed consistent with the DSP.
The RFP provided a very detailed framework of the City's vision and goals for this site, consistent with Council direction, and key evaluation and scoring factors. Applicants were given 5 weeks to submit their proposals, and the City received ten proposals in response to the RFP. Council had also directed staff to conduct th...
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