Title
Introduction of Ordinance Authorizing the City Manager or His Designee to Execute a 66-Month Lease with One Option to Extend the Term for 60 Months with Park Street Wine Cellars, Inc. for the Premises at 2315 Central Avenue, Suite 122 (Historic Alameda Theatre Building). [Requires Four Affirmative Votes] (Commercial Revitalization 227)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
This action will introduce an ordinance authorizing a Lease with Park Street Wine Cellars, Inc. for a Term of 66 months with one option to extend the Term for an additional 60 months with monthly rent during the Term of $2,765.00 - $3,021.39 for the premises at 2315 Central Avenue, Suite 122, including approximately 700 square feet of interior space in the Historic Alameda Theatre Building. The lease includes a 6 month rent abatement for the tenant to perform improvements, and allows time of Alcohol Beverage Control licensing.
BACKGROUND
The portion of the Historic Alameda Theatre Building located at 2315 Central Avenue, Suite 122 has been vacant since March 1, 2019. Upon its vacancy, the City of Alameda's (City) real estate brokers at Cushman & Wakefield listed the property. Several parties showed interest in the location and were provided information and shown the property. Of the proposals submitted, two serious tenant prospects presented the City with a Letter of Interest in June 2019. Both proposals requested six months of rent credit. The City responded to each with a counteroffer. Park Street Wine Cellars, Inc. was the only serious prospect to respond to and accept the City's higher counteroffer.
DISCUSSION
This action requires City Council approval pursuant to City Charter Section 3-10. The affirmative vote of four (4) members of the City Council is required. The proposed Lease area is approximately 700 square feet of interior space in the Historic Alameda Theatre Building, located at 2315 Central Avenue, Suite 122. The premises...
Click here for full text