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Station 1300

From: domainremoved <Reed>
Date: Tue, 24 Jan 2017 18:58:50 -0800

Dear Honorable Mayor Keith and Council Members,

As you deliberate tonight on the Station 1300 project application please
consider Sand Hill Property Company’s support for its approval.

As you may know, after receiving the approval of the City of Menlo Park for
the hotel use Sand Hill opened the Residence Inn by Marriott at 555
Glenwood Avenue in mid-2015 and continues to own and operate it today. We
are very pleased with the performance of the hotel so far; in fact it is
already one of the top-performing Residence Inns in the region. Of course
this outstanding performance also accrues to the city. At the time the
Council approved the hotel, the City had estimated the hotel would bring in
approximately $615,000 per year in transient occupancy tax revenue once
stabilized (i.e. after several years of ramp-up). *In 2016, its first full
year of operation, this hotel generated over $1,000,000 in TOT for the City
of Menlo Park.* Obviously the hotel has become a substantial source of
revenue for the City, not to mention a valued resource for the local
resident and business populations that have stayed with us throughout the
last year.

These are among the reasons we have been interested in making sure the
Station 1300 project is thoughtfully conceived to minimize impacts to the
hotel’s business. We were encouraged when Steve Pierce, representative of
Greenheart, met recently with hotel management to discuss details of their
proposal, including project design, construction, and operations issues.
While we will continue to be interested in mitigating noise, parking access
and other impacts during construction, we think Greenheart is a capable and
conscientious developer and are confident we will be able to work with them
to minimize disruptions to the hotel’s operation throughout the development
of the Station 1300 project.

With this hotel, as one of the first projects approved under the current
Downtown/El Camino Real Specific Plan, Sand Hill invested heavily in the
City’s vision of vibrancy for its downtown district. We believe we are
playing an important role in achieving that vision, and we are certain
Station 1300 will do so as well. We hope you approve Greenheart’s project
tonight and look forward to continuing to collaborate on behalf of a
vibrant downtown.

Reed Moulds

Managing Director

Sand Hill Property Company

2882 Sand Hill Road, Suite 241

Menlo Park, CA 94025

650-772-4330 (Direct)

415-425-2808 (Mobile)
Received on Tue Jan 24 2017 - 19:03:02 PST

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