Common use of Private Development Clause in Contracts

Private Development. The Private Development consists of the following three Project Elements: (1) an office and retail component comprising approximately 315,500 gross square feet of floor area in a building to be constructed by the Developer on Block 88 (the “Block 88 Office Building”); (2) a hotel component having a goal of 250 guest rooms within approximately 141,000 gross square feet of floor area in a building to be constructed by the Developer on Block 105 (the “Hotel”), with the final room count subject to completion of design development documents, completion of a market and feasibility analysis to be prepared by the Developer and reviewed by the City and final determination of the parking program; and (3) an office and retail component (and/or other commercial or residential use as may be approved) within approximately 110,000 gross square feet of floor area in a building to be constructed by the Developer on Block 105 (the “Block 105 Future Expansion”).