On behalf of the City of Del Mar, Keyser Marston Associates, along with Maurice Robinson & Associates, prepared an economic impact and fiscal analysis for a 16.6-acre site located on the coastal bluff overlooking the Pacific Ocean in the northwestern portion of the City. The KMA analysis evaluated two potential development scenarios:
A proposed “visitor-serving” Specific Plan consisting of a multi-building resort complex featuring 251 hotel rooms, 76 branded for-sale resort villas, an 11-room visitor’s inn, meeting space for events and conferences, restaurant and retail space, and 15 affordable rental units. The Specific Plan also calls for public recreational amenities and public access to the coastal bluff via a paved multi-use trail.
An 18-unit, large lot, single-family home subdivision developed under the site’s existing residential zoning. The proposed homes average 5,500 square feet (SF) in size on lots averaging 32,800 SF of land.
KMA evaluated the competitive market position of both scenarios; the financial feasibility of each scenario to determine the value enhancement created by the proposed “visitor-serving” Specific Plan; the economic impacts and benefits of both scenarios; the affordable housing needs generated by each scenario; and the fiscal impact of each scenario on the City’s General Fund. The KMA economic analyses will serve decision-makers, citizens, and other stakeholders in evaluating the viability and cost/benefit of the project.
Revisions to the Specific Plan are currently under review by City staff. The Specific Plan is expected to be considered by the City Council in Summer 2019.