More answers about the Town Center Site Plan
My recent column with questions and answers about the City Council’s newly adopted Town Center Specific Plan drew several e-mails seeking additional information. I have edited and combined some of the queries and researched the following answers:
Q. When will the Town Center be completed?
A. According to one Specific Plan document, the project “is intended to be implemented over the next 20 years,” albeit “construction activity would not be continuous throughout the 20-year period.”
Unlike the single-developer 2004-05 Old Town proposal that died due to widespread public opposition, several different builders are likely to undertake smaller-scoped projects, and the pace of development will depend on real estate and retail marketplace forces.
Q. Where exactly will new development take place?
A. The Specific Plan covers 31 acres bordered by Imperial Highway to the west, Yorba Linda Boulevard to the south, Lemon Drive to the north and Lakeview Avenue to the east, with two parcels east of Lakeview that make up the plan’s Multi-Family District.
Four other distinct districts include Historic Town Center on Main and Olinda streets; the non-contiguous Town Center Commercial with the current library, former gas station and “gateway” property at Imperial Highway and Yorba Linda Boulevard; Civic/Cultural Arts and Public Facilities with fire station, church and potential new library, park and performing arts venue; and Cottage with homes and offices facing Lakeview Avenue.
Q. How will a redeveloped Town Center impact the local economy and employment?
A. One Specific Plan report notes, “Given the project’s relatively small size in relation to the city population and work force, the economic contribution…would not be considered significant.” Current citywide unemployment is 6.3 percent or 2,000 individuals, and the project could create 714 full- and part-time positions by build-out.
The report also foresees a “small increase in population”--estimated at 512 at build-out--“and economic activity potentially generated by the project could be considered growth- inducing,” but “such an increase is not considered substantial, since this increase does not exceed the amount of growth projected for the city.”
Q. What is possible for the long-vacant intersection at Imperial Highway and Yorba Linda Boulevard?
A. Identified as the project “gateway,” the city’s most visible location, now home to annual pumpkin and Christmas tree lots and biannual campaign sign pollution, could support a mix of retail, restaurant and office uses totaling 37,500 square feet and 26 multi-family residential units, according to a recent report by a city-paid consultant.
The consultant estimated construction costs for 30,500 square feet of retail and restaurants and 7,000 square feet of office space at $7.1 million to capture $1.1 million in annual rents. Residential units, averaging 1,200 square feet for two- and three-bedrooms, could sell for an estimated $420,000 each.
Q. What are the next steps?
A. Upcoming are staff reports on financing options, property acquisitions, infrastructure planning and construction costs and council decisions on unresolved policy matters, such as the Imperial Highway pedestrian bridge, disposition of city-owned properties and the feasibility of a performing arts venue and associated parking structure.
Q. When will the Town Center be completed?
A. According to one Specific Plan document, the project “is intended to be implemented over the next 20 years,” albeit “construction activity would not be continuous throughout the 20-year period.”
Unlike the single-developer 2004-05 Old Town proposal that died due to widespread public opposition, several different builders are likely to undertake smaller-scoped projects, and the pace of development will depend on real estate and retail marketplace forces.
Q. Where exactly will new development take place?
A. The Specific Plan covers 31 acres bordered by Imperial Highway to the west, Yorba Linda Boulevard to the south, Lemon Drive to the north and Lakeview Avenue to the east, with two parcels east of Lakeview that make up the plan’s Multi-Family District.
Four other distinct districts include Historic Town Center on Main and Olinda streets; the non-contiguous Town Center Commercial with the current library, former gas station and “gateway” property at Imperial Highway and Yorba Linda Boulevard; Civic/Cultural Arts and Public Facilities with fire station, church and potential new library, park and performing arts venue; and Cottage with homes and offices facing Lakeview Avenue.
Q. How will a redeveloped Town Center impact the local economy and employment?
A. One Specific Plan report notes, “Given the project’s relatively small size in relation to the city population and work force, the economic contribution…would not be considered significant.” Current citywide unemployment is 6.3 percent or 2,000 individuals, and the project could create 714 full- and part-time positions by build-out.
The report also foresees a “small increase in population”--estimated at 512 at build-out--“and economic activity potentially generated by the project could be considered growth- inducing,” but “such an increase is not considered substantial, since this increase does not exceed the amount of growth projected for the city.”
Q. What is possible for the long-vacant intersection at Imperial Highway and Yorba Linda Boulevard?
A. Identified as the project “gateway,” the city’s most visible location, now home to annual pumpkin and Christmas tree lots and biannual campaign sign pollution, could support a mix of retail, restaurant and office uses totaling 37,500 square feet and 26 multi-family residential units, according to a recent report by a city-paid consultant.
The consultant estimated construction costs for 30,500 square feet of retail and restaurants and 7,000 square feet of office space at $7.1 million to capture $1.1 million in annual rents. Residential units, averaging 1,200 square feet for two- and three-bedrooms, could sell for an estimated $420,000 each.
Q. What are the next steps?
A. Upcoming are staff reports on financing options, property acquisitions, infrastructure planning and construction costs and council decisions on unresolved policy matters, such as the Imperial Highway pedestrian bridge, disposition of city-owned properties and the feasibility of a performing arts venue and associated parking structure.
posted by Jim Drummond at 12:00 PM
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