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Tamien Station a Case Study for infill re-use April 12, 2017

Tamien"Sta+on"Loca+on"

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Site"History"o  The"site"was"previously"developed"as"a"cannery"which"existed"

through"the"mid"1980’s"o  General"Industrial"tenants""occupied"the"site"from"1984"un+l"1989"o  VTA"purchased"the"site"in"1989"for"Sta+on"improvements"and"Right"

of"Way"for"Transit"o  In"1995J1997"Childcare"usage"was"added"

o  In"2014"there"was"a"Sale"of"3.5"acres"to"create"new"community"park"

o  VTA"has"achieved"en+tlements"to"pursue"Joint"Development"and"replacement"parking"

""""""""""Tami""""""Tamien"Site"Plan"4"

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Development"Challenges"o  Mi+ga+on"of"archeological"resource"impact"

o  Replacement"parking"

o  Maximizing"revenues"and"affordable"housing"

o  Improve"sta+on"way"finding"and"security"

o  Minimizing"community"impacts"during"phased"construc+on"

o  Developing"financeable"deal"documents"

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Tamien"Sta+on"Request"for"Proposals"

o  Issued"September"27,"2016"

o  Compe++ve"offering"to"iden+fy"a"developer"to"enter"into"exclusive"nego+a+ons"(ENA)"o  Purpose"is"to"create"a"Joint"Development"

Agreement"

o  VTA"would"enter"into"a"longJterm"ground"lease"to"build"a"project"as"en+tled"by"City"

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Tamien"RFP"Goals"

o  Quality"proposal"from"an"experienced"team"o  Financial"capacity"to"design,"finance,"build,"operate"

o  Realize"Joint"Development"Policy"Goals"

o  Minimum"20%"of"units"as"affordable"housing"

o  Create"community"workforce"opportuni+es"

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Staff"Recommended"Republic"Tamien"LLC"(proposal)"as"Development"Partner"

o  352"market"rate"units,"88"affordable"(20%)"

o  65Jyear"ground"lease"+"2"x"10Jyear"op+ons"o  Replacement"garage"es+mated"at"$23"million"

o  50Jyear"revenue:"$49.7"million"o  NPV:"$8.5"million"

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Republic""Tamien"

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Tami"""Republic"Tamien"Site"Plan"

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Republic"Tamien"Replacement"Parking"

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Next"Steps:"Poten+al"VTA"Objec+ves"for"Nego+a+ons"

o  Republic"Tamien:"o  Affordable"housing"in"first"phase,"addi+onal"

affordable"housing;"revised"phasing"to"shorten"+meline"

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Cerone Yard a Case Study for infill re-use April 12, 2017

Cernone"Yard"Loca+on"

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Site"History"o  The"site"was"used"for"agricultural"purposes"from"

1940J74"o  Between"1979J82"the"site"was"used"for"RV"and"

vehicle"parking"o  VTA"began"its"current"yard"usage"of"the"site"in"

1982"to"present"

""""""""""Tami""""""Cerone"Aerial"View"16"

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Development"Challenges"o  Riparian"setback"o  Burrowing"owl"mi+ga+on"habitat"

o  High"pressure"u+lity"pipeline"o  Con+nued"VTA"Yard"usage"o  Market"place"challenges"

"

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Cerone"Yard"Request"For"Qualifica+ons"

o  Issued"June"14,"2016"o  Compe++ve"offering"to"iden+fy"a"qualified"

development"team"

o  VTA"would"enter"into"a"longJterm"ground"lease"to"build"a"project"as"en+tled"by"City"

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Cerone"Yard"RFQ"Goals"

o  Iden+fy"a"quality"development"team"to"design,"finance,"build"and"operate"a"commercial"development"with"up"to"1.8M"sf"

o  Realize"Joint"Development"Policy"Goals"

o  Generate"long"term"revenue"for"opera+ons"while"crea+ng"community"workforce"opportuni+es"

20"TaCerone"Opportunity"Site"Plan"

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Next"Steps:"Poten+al"VTA"Objec+ves"for"Cerone"Yard"

o  Await"market"condi+ons"that"align"with"the"City"of"San"Jose’s"land"use"vision"for"the"site"