Dave Druker | 10th Street
Over the next few months, the Del Mar City Council will determine how to pursue the latest efforts at revitalization. The current course looks like the development of a Specific Plan for the area between 15th and 9th along Camino del Mar so that the citizens can vote on the issue in November, 2012. To complete this Specific Plan numerous studies will need to be initiated so that the plan “passes muster”.
Before the Council begins this process and spends funds on a plethora of studies, an economic study of the consequences of the Specific Plan should be completed. This study should answer the following questions:
• Would a current property owner have the same or better economic gain if they were to redevelop the property under the new rules?
• Would a purchaser of a property along Camino del Mar be able to develop a property under the new rules and have a reasonable return on investment?
• What type of retail would need to be located in Del Mar to provide enough rental income for a redeveloped property?
• What would be the increase in sales tax, property tax and transit occupancy tax for the city under the new rules? The current assumption is that if we change the rules, the answer to all these questions will be that Del Mar and the property owners will be better off. It would be nice to have this assumption validated.
• Finally the council should explain what problem we are trying to solve. If the problem is to make Del Mar more pedestrian friendly, do we need a Specific Plan or will a minor revision to Streetscape suffice?