TITLE
Recommendation to declare the City-owned property located at
100 Long Beach Boulevard, City Hall East (CHE), as surplus; and authorize City Manager, or designee, to execute any and all documents, including the Purchase and Sale Agreement (PSA) with 100 LBB REAL ESTATE LLC, a California limited liability company (Buyer), for the sale of CHE in the amount of $2,100,000. (District 2)
DISCUSSION
The City of Long Beach (City) acquired the office building at 100 Long Beach Boulevard, also known as City Hall East (CHE), from Southern California Edison in June 2000 as part of a negotiated franchise agreement extension. The site consists of a ten-story office building having approximately 149,160 square feet of office space and includes a 149-space parking structure (site map attached). The building was originally constructed in 1959. In 2002, the first three floors of the building were renovated and occupied by the Long Beach Police Department as a temporary replacement facility while the City’s existing Public Safety Building was being renovated. Since completion of the Public Safety Building improvements in June 2005, CHE has been vacant.
On January 13, 2012, a Request for Proposals (RFP) was issued for the purchase and development of a project consisting of a minimum of 72 market rate residential units with ground floor retail that is designed to reinforce and complement the adjacent uses in the East Village Arts District of downtown Long Beach. In addition, the RFP stipulated that the purchase and sale of the building was on an “As Is” basis. The City received five proposals by the required March 30, 2012 due date.
Based upon the proposals submitted, Watt Investment Partners, LLC, was initially selected as having made the best and highest offer. Subsequent to their selection, Watt formally withdrew their offer, resulting in Cliff Ratkovich and Associates, Inc., an affiliate of the Buyer, having made the best and highest offer to purchase the buil...
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