For Sale or Joint Venture / 5.22 Acre Multi-Family Development Site Marina, CA Monterey County • Located on the Historic Monterey Peninsula Offering Memorandum RIC RUSSELL NICHOLAS RUSSELL Executive Managing Director Director +1 415 677 0448 +1 415 677 0431 [email protected] [email protected] Lic #00848691 Lic #01937794 Residential Development Site Marina, California TABLE OF CONTENTS Disclaimer ............................................................................................................................................................................................................... 3 Property Summary ...............................................................................................................................................................................................4 Proposal Residential Development ................................................................................................................................................................. 5 Site Plan................................................................................................................................................................................................................... 6 Parcel Map .............................................................................................................................................................................................................. 7 Monterey County Apartment ............................................................................................................................................................................ 8 Marina Developmental Projects ..................................................................................................................................................................... 10 Walmart ..................................................................................................................................................................................................................13 Beach and Trail .....................................................................................................................................................................................................15 Cal State Monterey Bay .....................................................................................................................................................................................16 Traffic Count .........................................................................................................................................................................................................17 About Marina .......................................................................................................................................................................................................22 The Monterey Peninsula ...................................................................................................................................................................................25 Golf Courses .........................................................................................................................................................................................................26 The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 2 Residential Development Site Marina, California CONFIDENTIALITY & DISCLAIMER The information contained in this marketing brochure (“Materials”) is proprietary and confidential. It is intended to be reviewed only by the person or entity receiving it from Cushman & Wakefield Real Estate (“Agent”). The Materials are intended to be used for the sole purpose of preliminary evaluation of the subject property (“Property”) for potential purchase. The Materials have been prepared to provide unverified summary financial, physical, and market information to prospective buyers to enable them to establish a preliminary level of interest in potential purchase of the Property. The Materials are not to be considered fact. The information contained in the Materials is not a substitute for thorough investigation of the financial, physical, and market conditions relating to the Property. The information contained in the Materials has been obtained by Agent from sources believed to be reliable, however, no representation or warranty is made regarding the accuracy or completeness of the Materials. Agent makes no representation or warranty regarding the Property, including but not limited to income, expenses, or financial performance (past, present, or future); size, square footage, condition, or quality of the land and improvements; presence or absence of contaminating substances (PCB’s, asbestos, mold, etc.); Compliance with laws and regulations (local, state, and federal); or, financial condition or business prospects of any tenant (tenant’s intentions regarding continued occupancy, payment of rent, etc). Any prospective buyer must independently investigate and verify all of the information set forth in the Materials. Any prospective buyer is solely responsible for any and all costs and expenses incurred in reviewing the Materials and/or investigating and evaluating the Property. By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set forth herein. The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 3 Residential Development Site Marina, California PROPERTY SUMMARY Address 150 Beach Road, Marina, California Parcel APN 033-111-027-000 Size ±5.22 Acres Zoning Planned Commercial District Coastal Permit Zone R-4 Multiple Family Residential Proposed Zoning 15-35 Units per Acre with 35% Density Bonus Marina Coast Water District Marina Regional Water Pollution Control Agency Utilities Pacific Gas & Electric Green Waste Recovery The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 4 Residential Development Site Marina, California PROPOSED RESIDENTIAL DEVELOPMENT Introduction Cushman & Wakefield is pleased to offer to qualified parties the opportunity to acquire the Marina Multi-Family development site. The site is centrally located at 150 Beach Road in the City of Marina, Monterey County, California. The site is 5.22 acres and is currently zoned Planned Commercial District. It is proposed that the site be re-zoned to Multiple Family Residential District. The site is part of an existing commercial development that is home to a Walmart Division One Store with Pharmacy and Grocery. Walmart is an exceptional amenity to the residential project. The convenience of proximate, on-site, one stop shopping is a very desirable advantage of this Monterey County Coastal enclave. There is a 7-11 store with Gas on a separate parcel within the center. There are also 3 un-built commercial pad sites. The subject site will require a General Plan Amendment as well as Amendment to the Reciprocal Easement Agreement currently encumbering the center. Ownership is in discussions with Walmart to amend the REA allowing residental development. The City has expressed an interest in rezoning to residential. Development Strategy Current ownership entitled and developed the Walmart and has engaged in discussions with the City of Marina regarding re-zoning this parcel for high density residential development. Zoning The City of Marina Municipal Code, Title 17 governs zoning. The site is a Planned Commercial District in a Coastal Permit Zone. It is anticipated that a General Land Use Map amendment will be obtained that changes the use to Multiple Family Residential together with a Zoning Map Amendment changing the Zoning District to Multiple Family Residential (R-4). R-4 Multiple Family Residential District zoning calls for 15 to 25 units per acre by right. Density of 26-35 units per acre is allowed with the issuance of a Use Permit. It is anticipated that 35 units per acre will be allowed. Inclusionary housing of 20% of market rate units allows a 35% density bonus increasing the density to 47 units per acre. Proposed Development ±5.22 acres at 35 units per acre equals 183 units of which 37 units will be affordable. 35% density bonus allows an additional 64 units for a total of 247 apartment units. Pricing The 100% fee simply interest in the 5.22 acre parcel is being offered un-priced. The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 5 Residential Development Site Marina, California SITE PLAN 150 BEACH ROAD, MARINA, CA 7-11 W/ GAS ±1.06 ACRES BEACH ROAD Retail PAD Retained by Seller NAP NAP ±1.56 WALMART OWNED ACRES 7.77 ACRES DEL MONTE BOULEVARD APN 0331-110-26 ±5.22ACRES Proposed Multi-Family 2,675 SF 7,465 SF WALMART ±91,266 SF WALMART OWNED ±2.26 ACRES RESERVATION ROAD RESERVATION SEASIDE CIRCLE The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 6 Residential Development Site Marina, California PARCEL MAP Retail Parcel - ±1.56 Acres Residential Parcel - ±5.22 Acres The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. 7 Residential Development