Incentive Zoning, Community Benefits Contribution, Developer Agreement
KMA assisted the City of Santa Monica in the process of updating the Land Use and Circulation Element (LUCE) of the City's General Plan. The 2010 LUCE update is a vision and plan for the next 20 years, and reflects a 6-year community input process.
The purpose of the KMA analysis was to quantify the value enhancement created by proposed height and floor area ratio bonuses. As part of the analysis, KMA prepared conceptual pro forma analyses for mixed-use development projects in the five corridors covered by LUCR. To estimate the value enhancement, the pro forma analyses compared the scope of development allowed by the base zoning to two tiers of development bonuses.
As part of this engagement, KMA participated in community workshops to present the assumptions, findings, and conclusions of the financial analyses. Subsequently, KMA applied the LUCE value enhancement methodology in assisting the City with negotiating the Development Agreement for the Lion's Gate office project.