1920 OCEAN WAY EXCHANGE OF PROPERTY
SUMMARY OF ESTIMATED MAXIMUM UNIT YIELD
(Independent of unit type or size)
PROPOSED SWAP SITES
1920 Ocean Way 1828 Ocean Avenue 603 Arizona Avenue 2600 Broadway
Neptunes Walk, LLC Champion Realty, Ltd
OWNER City 603 Arizona, LP
Edward Thomas Companies (w/option to purchase property)
SIZE (sq. ft) 23,000 45,175 7,499 33,192
R-4 RVC C-3 R-2
900 sf/unit FAR: 2.0 FAR: 1.5 1,500 sf/unit
By Right: 26 70 - 80 (A) 24-26 (B) By Right: 22
NUMBER OF UNITS BUILT
w/ Density Bonus: 39 w/ Density Bonus: 33
Vacant nursing facility and
CURRENT USE/ Parking lot for the Casa del Mar Vacant office and church building.
Vacant Lot vacant assisted living facility. No
RELOCATION Hotel. No relocation is required. No relocation is required.
relocation is required.
1. Replacement parking for 127
spaces per Parking Agreement.
2. Joint venture with owner, City, and
CONTINGENCIES None None None
3. 1828 property to be a mixed
use/mixed income development.
4. Entitlements for increased density
and height for 1920 and 1828
A) Estimate based on review of previous site plans for commerical and residential development
B) Estimate based on review of completed affordable projects with the same zoning; proposal for 39 units (all singles) currently pending approval