Recent development proposals will rapidly transform the “East Side” of San Carlos from aging low-density commercial and industrial uses to nonconforming 6-to-8 story Class A/A+ office buildings targeting life science and technology tenants. Development rights are conveyed via development agreements with community benefits to mitigate the impacts. Using the entitlement package to estimate current construction costs and development valuation, RSG calculates the developer’s anticipated profit, which is used to inform the City on the scale of acceptable community benefits without rendering the proposed project infeasible. Across eight active and completed projects, RSG expects the City to yield up to $83 million in community benefits.
