CITY OF SAN CARLOS
REAL ESTATE CONSULTING
During the past seven years, RSG has worked with the City of San Carlos on a variety of economic development, affordable housing, and real estate efforts. Projects have included property acquisitions, market analyses, Opinion of Value Reports, financial pro forma modeling, and redevelopment implementation plans. RSG has prepared development programming analyses, conducted developer outreach, performed financial analyses, and completed reuse valuations to assist in identifying appropriate disposition terms for Agency-owned properties proposed for redevelopment.
Over the last several years, RSG has played a key role in the progress of one of the City’s most important projects, Wheeler Plaza. The TOD project is located in the center of the City’s downtown and will redevelop a City-owned surface parking lot and six other retail and residential buildings. It includes 108 condominiums, a 451-space parking garage, 19,855 square feet of retail and restaurant space, and a 31-unit very-low income senior tax credit equity project. When RSG was retained in 2006, the project was nearly dead. Through RSG’s leadership and project management, the necessary parcels were purchased, a developer was selected through an extensive RFP process, and the Agency’s investment was reduced (while increasing project benefits). RSG assisted the City with identifying and executing an economic strategy, including the current and ongoing development cost and feasibility analysis, acquisition using layered financing, solicitation and analysis of developer proposals, and expected disposition of property for a proposed hotel development. RSG’s involvement also entailed ground lease valuation and buyout negotiations with an adjacent property owner.