On Dec. 12 the Council voted to authorize city staff to gather qualifications from interested developers, and then request proposals from a final list of developers. The council also authorized spending $225,000 from the Shoreline Community Fund on economic and marketing consultants to help prepare documents and evaluate contenders.
Selection will be based on developer experience, ability to secure financing and preparation of preliminary development concept, according to the city's economic development manager, Ellis Berns.
Consultants also will devise a separate plan for developing the cultural/education portion of the property. The city also plans to hire real estate consultants to determine fair-market value of the land and prepare legal documents. The city is proposing a long-term ground lease for a hotel operator interested in developing the hotel site, Berns tells GlobeSt. "Demand in the Valley is pretty significant, and we have an excellent site right in the heart of the technology corridor," he says, noting that the parcel is in close proximity to technology leaders like Sun Microsystems, Intuit Inc. and SGI Microsoft.
According to Berns, the city envisions a first-class, 250- to 350-room hotel and 25,000 to 35,000-sf convention facility on the site. Currently, when meetings are held in the area, Berns says the biggest problem is high demand for rooms, which often sends attendees as far away as San Francisco and even the East Bay seeking accommodations. "Even if the economy slows, the demand here is still going to be phenomenal," he contends.
The remaining four acres of the parcel not rezoned for the development is reserved for cultural and/or education uses yet to be determined, says Burns. More information about this project can be obtained by calling Berns at 650.903.6306.
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