DRAFT FINAL REPORT - COMMUNITY BRIEFING September 15, 2015 1 S A N - - PowerPoint PPT Presentation

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

DRAFT FINAL REPORT - COMMUNITY BRIEFING

September 15, 2015

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S A N T A C L A R A C O U N T Y F A I R G R O U N D S

• Introductions – County Team

Glen Williams; Bruce Knopf; David Barry

• Overview Presentation

Guiding Principles Outreach Efforts Fairground Operations Commercial Land Uses Uses Offered by Stakeholders

• Questions and Answers

Open Discussion

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TONIGHT’S AGENDA

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

• Transparency
• Inclusion
• Heritage
• Community
• Economic Growth
• Maximization
• Open Space And Recreation
• Long Horizon

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COUNTY GUIDING PRINCIPLES

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

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OUTREACH METHODS

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

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ALTERNATIVE SIZED FAIRGROUND OPERATIONS

0-Acres 30-Acres 60-Acres 90-Acres

Caveats

County Fair & Community Events must relocate Shared parking w/Tully Includes Tully Parking Includes Tully Parking

Analog

Aksarben Current Fairgrounds (slightly smaller) San Mateo Events Center Alameda County Fairgrounds (slightly larger)

Conclusions

• Maximizes

available real estate for non- Fairgrounds uses

• Must exploit

current buildings

• Can be self-

sufficient

• “Pocket

Fairgrounds”

• Small for fully

functional Fairgrounds

• Misses larger
• pportunities.
• Can be self-

sufficient

• Appropriate for full

Fairgrounds

• peration
• Allows for future

Expo Hall development.

• Can be self-sufficient

Available Real Estate

150 acres 120 acres 90 acres 60 acres

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

POSSIBLE LEASE REVENUE FROM COMMERCIAL LAND USES

6 Annual Lease Revenue Estimates by Land Use Category Land Value Land Use Category per Acre

(at 6% yield) (at 7% yield)

Currently Demonstrating Market and Entitlement Support Commercial Recreation $150,000 $9,000 $10,500 Hotel $875,000 $52,500 $61,250 Retail $1,000,000 $60,000 $70,000 Currently Lacking Market and/or Entitlement Support Industrial $500,000 $30,000 $35,000 Office $2,700,000 $162,000 $189,000 Residential (Multifamily) $3,500,000 $210,000 $245,000

Sources: CoStar Group; Economic & Planning Systems, Inc.

Annual Lease Revenue (per Acre)

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

USES OFFERED BY STAKEHOLDERS

Potential Stakeholder Acres Requested Estimated Annual Rent Estimated Annual Rent per Acre California Trolley and Railroad Corporation 2 to 3 $0 $0 Santa Clara Paintball/ Laser Tag 10 to 20 > $120,000 > $6,000 to $12,000 Cambrian Go-Carts 30 eventually $360,000 $12,000 San Jose Giants 66 unknown, but > $0 unknown Bay Area Curling 1 unknown, but > $0 unknown Berryessa Flea Market ("Core Operation") at least 50 acres $300,000 $6,000 Farmers Market Oak Hill Memorial Park [1] n/a n/a

Source: Stakeholder Interviews Conducted by EPS and Johnson Consulting. [1] The Cemetery has approximately 10 years remaining of expansion capacity. Cemetery would like about 15 to 20 acres on the Fairgrounds site. The Cemetery would need to buy the land; even a very long-term lease is not a possibility.

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S A N T A C L A R A C O U N T Y F A I R G R O U N D S

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Santa Clara County Fairgrounds and Nearby Uses

S A N T A C L A R A C O U N T Y F A I R G R O U N D S

SECTION 3: PRECEDENTS 40 ACRES

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S A N T A C L A R A C O U N T Y F A I R G R O U N D S

Aksarben Commercial Development

Fairgrounds completely redeveloped into commercial mixed- use development. Four day western festival featuring the Douglas County Fair, AKSARBEN Stock Show Rodeo moved to Downtown Omaha, and hubs around Century Link Arena – proximity to Downtown arena makes this possible

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S A N T A C L A R A C O U N T Y F A I R G R O U N D S

48 ACRES San Mateo Events Center

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S A N T A C L A R A C O U N T Y F A I R G R O U N D S

100 ACRES Net Equivalent*

* 267 acres but includes mile long track & golf course

Alameda County Fairgrounds

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