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Planning Commission weighs Prop M office-cap options, favors moving ready projects forward while studying policy changes
Summary
Planning Department staff briefed commissioners on the office development annual limit (Prop M) and large-cap pipeline; commissioners favored allowing projects ready to proceed on a first-come/first-served basis but asked staff to return with stricter performance/revocation analysis and potential allocation criteria in early 2015.
Planning Department staff presented updated accounting and projections for the Prop M office-annual-limit program, noting separate small- and large-cap pools and a projected large-cap decline in availability by 2016 if current pipeline events occur as forecast.
Corey Tee explained that, after adding the October allotment, the department's current tracking shows approximately 2.1 million square feet in the large cap and an estimated…
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