RSG

Intelligent Community Development

Case Studies Real Estate & Development

WHEELER PLAZA TOD PROJECT – SAN CARLOS REDEVELOPMENT AGENCY

For the prior three years RSG has assisted the City of San Carlos in analyzing and implementing the redevelopment of a City owned surface parking lot and six other retail and residential buildings.  The TOD Project is approximately 400,000 square feet and is located in the center of the City’s downtown and will include 108 condominiums, a 451 space public parking garage, 9,855 square feet of retail space, 10,000 square feet of restaurant space, and a 31 unit very-low income senior tax credit equity project. When RSG began assisting with the project in 2006, it was nearly dead. Through RSG’s leadership and project management the necessary parcels were purchased, a developer selected, and the Agency’s investment was reduced (while increasing project benefits).  In total, RSG prepared the initial pro forma, has updated that pro forma with each change in the project, prepared an economic impact model, public benefits analysis, and negotiated the ultimate deal points with the developer. A disposition and development agreement is currently being drafted and RSG expects construction to begin within the next twelve to eighteen months.