2009/03/25 Council Agenda Packet

Exhibit 3 to Ordinance No. 7 Shoreline Master Program and the PDA. It includes construction of up to 900,000 square feet of mixed commercial use; 200,000 square feet of hotel space; and up to 1,400 residential units (multi- and single-family). The ultimate mix of uses constructed will be determined by the property owner based on market demand and the land use capacity of the Riverfront Property, subject to the minimum development elements and other requirements of the PDA. Development on the Riverfront Property will not exceed the Total column in Table 2.2-1 in Addendum No. 1 to the Final Environmental Impact Statement (below). Preliminary targets for the project phases are also included in Table 2.2.1. Table 2.2-1 preferred ' =Ramp Triangle(So Landfill Miii Alterative Toal SimpsonPad , „'pofamiPmPro perty Retail 800,000 20,000sf 760,000sf 20,000sf sf Office 100,000 80,000sf 20,000sf sf Hotel 250 250 Rooms Rooms Residential-total 1,400 650 units 200 Units 200 Units 350 Units Units Condominium 600 Up to 15%of the pad area 200 150 250 (Multiple Family Townhouse 475 325 minus the#of Condo. 50 100 /MF units Single-Family 325 325 2.3 Proposed Action. The proposed action is City approval of a Planned Development Overlay(PDO) zone and this Agreement. 3. Development Plan. 3.1 Development Elements. In the PDA,the City and OM contemplate a development plan for the Riverfront Property and adjacent areas. The plan contemplates, among other things, a development that balances economic diversification, recreational opportunities, environmental protection, and shoreline restoration. The plan includes the following elements, some of which will be accomplished by OM in the Project and others accomplished by the City through separate development activity: • Economic diversification--creating a place to live,work, and shop, including: development of a lifestyle center with at least a total of 400,000 rentable square feet of retail space including at least 150,000 rentable square feet of small shop space on the Landfill Pad; at least 100 residential and/or hospitality units on the Landfill Pad; development of a residential component comprised of approximately 1,400 residential units (unless revised per Section 19 of the PDA Third Amendment); and associated roads and utilities. • Recreational opportunities—creating pedestrian and bike trails,parks, open space, waterfront promenade, and water access, all in a way that will accommodate community events and celebrations. -3- 6 9