Keegan & Coppin Company, Inc. is pleased to offer for sale Comstock Commons (620 3rd Street, Downtown Santa Rosa) a high density mixed-use residential development opportunity. Comstock Commons is one of the fi rst mid-rise, mixed-use residential projects to be designed per the City of Santa Rosa s initiative to create a higher density downtown urban core. The development site is located in the heart of the Santa Rosa downtown area and directly across the street from the reunifi ed Old Courthouse Square. The proposed 14-story project features 116 residential units, 8,000 sf of ground fl oor retail and 135 parking spaces on two fl oors of below grade parking for a total of approximately 252,000 sf. Upon completion of construction, the building s striking tiered architecture would be complemented by its unique mid-block location and surrounding pedestrian plazas. The proposed development has been characterized as the tallest building on the West Coast between San Francisco and Portland. The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the property and the information herein.
PROPERTY SUMMARY SALE PRICE $6,200,000 Address Zoning 620 Third Street Santa Rosa, CA CD10 - Downtown Commercial APN Height Limit 009-071-026 10-x Site Area Year Built 0.59± Acres / 25,700± SF 1976 Existing Building Stories Single-tenant, 24,283 ± SF Two Story PROPOSED DEVELOPMENT Project previously received preliminary approvals from the City of Santa Rosa for redevelopment to a 252,000± sq. ft., 14-story, mixed-use development featuring 116 residential units over 8,000 sq. ft. of ground fl oor retail and 135 parking spaces on two fl oors of below grade parking. These approvals included: A General Plan and Zoning Code Amendment allowing for the construction of a 14-story building with a maximum height of 150 feet Tentative Map approval Adoption of a Mitigated Negative Declaration Minor Conditional Use Permit approval Approval allowing for the conversion of Comstock Mall to allow for both pedestrian and vehicular access Department of Parking approval to modify traffi c circulation through the adjacent city owned parking garage enabling a shared use of Comstock Mall for both the project and the garage Conditions of Approval from: Planning Department, Public Works and Fire Department
TENANT PROFILE The property is leased to the SR Entertainment group and operated as the 3rd Street Cinemas 6. The lease expires on December 31, 2022. The terms of the lease terms can be provided upon execution of a Non-Disclosure Agreement. SR Entertainment Group is a family run company that operates, designs, builds and renovates theatres. In addition to the 3rd Street Cinemas 6, its operations include: the Roxy Stadium 14 and Airport Stadium 12 in Santa Rosa; the Sierra Vista Cinemas 16 in Clovis; the Lodi Stadium 12 in Lodi; the Plaza Cinemas 14 in Oxnard; and the Roxy Stadium 11 in Camarillo. SR Entertainment Group is owned and operated by the Tocchini Family who s long involvement in fi lm entertainment stretches back to 1926 when Dan Tocchini Sr. constructed the Strand Theatre, one of the fi rst movie theatres in Santa Rosa.
Solar Roof Panels ELEGANT BUILDING DESIGN The mid block location provides a unique opportunity for a stepped back building design surrounded by pedestrian friendly plazas. Offi ce Building First Republic Bank Retail/Cafe Pool City Parking Garage North Coast Bank BUILDING CONFIGURATION The proposed project would consist of condominiums on the 2nd through 12th fl oors with ceiling heights of 9 feet and double height loft style townhouses on the 13th fl oor. Brew Pub Bank of America COMSTOCK MIXED-USE There would be a diversity of home sizes ranging from 700 sf to 2,000 sf with an average condominium size of 1,350 sf over approximately 8,000 sf of ground fl oor retail.
FLOOR PLAN MIX *plans are preliminary & may change
FEASIBILITY STUDY A comprehensive market feasibility analysis was previously conducted for the development which concluded that there was a pent-up demand for an upscale urban living experience in downtown Santa Rosa. The fi ndings of this study showed that most of the buyers in this group were in the 50-year plus category and were looking to move from their single family residence into a housing type that was more conducive to their current and future lifestyle needs. Specifi cally, a housing experience that will at once provide them with dining, entertainment and shopping convenience of an urban living experience and, at the same time, free them from the maintenance and upkeep responsibility of individual home ownership, allowing them to lock and leave anytime they so desire. There was also a similar buyer demographic of younger, single and childless married professionals who work in Sonoma County and were looking for an urban living experience that cities like San Francisco provide. In addition, there was a solid potential for buyers, possibly a second home, from outside Sonoma County who were attracted to the well-known lifestyle that Sonoma County has to offer - the wine country, the Pacifi c Coast, food, art, hiking and biking. HOUSING SHORTAGE The recent Northern California fi res that destroyed almost 4,658 homes in Santa Rosa (approximately fi ve percent of the city s housing stock) have worsened a problem that Santa Rosa and the surrounding communities have struggled with for the past two years: a severe housing shortage. Demand has far outstripped new construction in the region. In many areas, inventory prior to the fi res was already down by more than 10 percent year-over-year in August and in some places more than 20 percent according to an analysis by real estate website Zillow. That was before the fi res reduced inventory in an already slim market. The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the property and the information herein.
SMART - TRANSIT STATION (NEARBY) The Sonoma-Marin Area Rail Transit (SMART) Santa Rosa downtown train station is just across U.S. Route 101, and located in a 1904 historic depot in the Railroad Square district and just a short walk from the project site. SMART is the San Francisco Bay Area s newest transportation option for travel, offering passenger rail service in Sonoma and Marin counties. SMART s initial 43 miles of rail corridor includes 10 stations, 1 tunnel, 20 bridges, and 14 new trains servicing passengers from the Sonoma County Airport to Downtown San Rafael. The full project will provide 70 miles of passenger rail service, connecting residents and visitors with jobs, education centers, recreation, retail hubs and housing along the Sonoma-Marin corridor helping reduce congestion along Highway 101. The project includes a bicycle and pedestrian friendly pathway. Future extensions include: Larkspur, Windsor, Healdsburg, and Cloverdale as well as additional stations in the current service areas. In total, three stations will service Santa Rosa with additional locations at Santa Rosa North near the Coddington Shopping Center and on Airport Boulevard near Santa Rosa s rapidly growing regional airport and the Airport Business Center with one of the highest concentration of employment in the North Bay.
LOCATION Directly across the street from the recently reunifi ed Courthouse Square, an outdoor plaza and civic gathering place in the heart of Santa Rosa designed to host events and invite residents and visitors to shop, dine, and enjoy the downtown area. In the heart of beautiful Sonoma County wine region, attracting over 7 million visitors annually with its variety of authentic, distinctive and world-renowned wine, cuisine and recreational experiences. Located just 30 miles from the Pacifi c Ocean with the lush environs of Alexander Valley, the Valley of the Moon, and the charming towns of Healdsburg and Sonoma only a short drive away. Santa Rosa is the fourth largest city in the San Francisco Bay Area, the largest city between the Golden Gate Bridge and Portland and the epicenter of Sonoma County. Located minutes from the Charles Schultz Airport featuring commercial fl ights to Los Angeles, Seattle, Portland and Las Vegas, including private plane service.
CITY OF SANTA ROSA ECONOMIC PROFILE Santa Rosa is the largest city between Portland and San Francisco and serves a four county region as the hub for technology and entrepreneurial businesses, retail, banking and employment. It has a dynamic and well-balanced economy, anchored by strengths in tourism, high-tech manufacturing and retail. Residents enjoy a superb quality of life with many beautiful parks and recreational facilities while employers benefi t from a skilled workforce. As the county seat, it is the center of trade, government, commerce and medical facilities for the North Bay area. The area surrounding Santa Rosa is one of the world s leading wine regions stretching from the Pacifi c Coast in the west to the Mayacamas Mountains in the east, and is home to almost 60,000 acres of vineyards and more than 370 wineries. Within these borders are 15 American Viticultural Areas each with its own distinctive characteristics. This diversity makes the area one of California s best wine country destinations. As the county seat of Sonoma County, Santa Rosa has every attraction expected within a major city, with its symphony, performing arts center, theater productions, internationally recognized restaurants and a healthy mix of businesses in the technological, retail, medical, agricultural and service sectors. Yet, while having a population of over 170,000, Santa Rosa still retains the warmth and small-town feel of decades past with an extraordinary quality of life for its residents and visitors. This warm and friendly city, an urban blend of art and culture, food, wine and recreation, is the perfect location for families and all travelers to stay for a relaxing and adventurous vacation. With fi ne schools that include nearby Sonoma State University, a nationally renowned junior college, a wealth of businesses and services, a nearly endless array of recreational opportunities and a superb climate in which to enjoy them, Santa Rosa is a combination of elements that create a vibrant community.
Office ce Old Old COMSTOCK COMMONS H D R US Post Courthouse Square 4th St 4th St Mendocino Ave Ave Santa Rosa Rosa Plaza Plaza 7th St St Garage Garage B Street Street D Street Street D Street Street B Street Street B Street Street Mendocino Ave Ave 5th St 5th St 7th St TRANSIT MALL 4th St 3rd St Press Democrat
Disclaimer This property is being offered on an as-is basis. While the Broker believes the information in this brochure to be accurate, no warranty or representation is made as to its accuracy or completeness. Interested parties should conduct independent investigations and reach conclusions without reliance on materials contained in this brochure. The property will only be shown in coordination with the Listing Agent. Contact Information Lic. #: 01260916 (707) 664-1400 Email: RMayer@KeeganCoppin.com The material contained in this brochure is confi dential and is provided solely for the purpose of considering the purchase of the property described herein. Offers are to be delivered to the agent for the property owner, Russ Mayer of Keegan & Coppin Company, Inc. and should include information about the Buyer and any key principals that will be involved in the transaction, fi nancing strategy (equity and debt), proof of funds for the equity portion of the total planned capital investment and any other information that would indicate their ability to complete the transaction smoothly. Buyers and their Brokers are advised to investigate those matters they deem important to evaluate the Property and to contact the appropriate governing agencies prior to submitting an offer. 1201 N. McDowell Boulevard Petaluma, CA 94954 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the property and the information herein.