HomeMy WebLinkAboutSS5 - Balboa Yacht Basin - PowerPointBalboa Yacht Basin
- an overview
City Council Study Session
June 13, 2023
SEIMONE JURAS, COMMUNITY DEVELOPMENT
DEPARTMENT DIRECTOR
LAUREN WOODING WHITLINGER, REAL
PROPERTY ADMINISTRATOR
June 13, 2023
Item No. SS5
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829 Harbor Island Drive
Uiocomina Projects
lR>llx-1 I Replacement]
Redevelopment Project Area
Commercial Tenants:
Galley Cafe, restaurant
Maritimo Marketing Americas, yacht broker
General Office —West Point Investments, Pacific Metals
Group
Residential:
3 apartment units (2-bedroom/1-bath)
1 unit currently vacant
Storage Garages:
32 storage garages
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Community Development Department 7
Existing Condition -Garages
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Community Development Department
Condition
Paving
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Community Development Department 10
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Community Development Department
Facility Maintenance istorl
Existing Building Construction —late 1940s
Annual maintenance expenses —average of
$39500/year since 2014
Typical Expenses: landscape, pest control, security cameras,
refuse services, hydrojetting sewer lines, fire inspections and
services, general building maintenance, locksmith
Exterior painting scheduled for FY24 (Facilities
Maintenance funds)
Roofing repairs, portions replaced - 2012
2019 Highest & Best Use Study
(Keyser Marston Associates)
Existing Rents below market
Age and condition of units
Expansion limited by parking required
Conceptual redevelopment of the buildings:
Increase density of storage
Increase square footage and density of office
Increase square footage and density of residential
No change to restaurant use
Redevelopment project Costs
Building is at the end of its useful life
Require significant investment
Estimated Costs - $8 -10 million
Current Revenues
TABLE 1
FY2 7"Devenues
Basin Marine
Marina Slips
TOTAL
TABLE 2 I
Galley Cafe
Maritimo
BYB Offices
Apartments
Garages
TOTAL
$2561416
$3,019,401
$3,275,817
$60,879
$261930
$38,946
$711186
$151,061
$349,002
Possible Optic -- -
Maintain Existing Improvements — City Expense
OR
Redevelop Buildings — City Expense
Develop conceptual site plans and construction cost
estimates;
OR
Issue a Request for Proposals (RFP) and Notice
of Availability —Private Market Expense
Solicit offers from private developers
Form a partnership with public and private
Council Thought- 10
Redevelop the buildings as a capital improvement project?
Look to partner with the private market and form a public —
private partnership?
Issue a RFP and Notice of Availability (SLA) to redevelop
the property
Primarily for office and storage use
Preserve Galley Cafe
Enter into a ground lease and property management agreement
Questions and Discussion
CITY COUNCIL - STUDY SESSION
JUNE 131 2023
Seimone Jurjis, Community Development Department
Director
Lauren Wooding Whitlinger, Real Property Administrator
949-644-3Z36
Iwooding@newportbeachca.gov
Tidelands Boundaries
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Project Description
Existing Zoning — PF (Public Facilities)
Land Area Available —approximately 17,500 sf
Existing Building Floor Area—14,362 sf
Zoning Height Limit — 26 feet flat/31 feet sloped
Existing Building Height —varies, approximately 8
to 20 feet
Entitlemeni orocescS
City to process entitlements through lease terms
City to issue Coastal Development Permit under
Local Coastal Program
Surplus Lar,
Must comply with SLA and offer lease opportunity
to Affordable Housing Developers
Combine Notice of Availability with Request for
Proposals