TITLE
Recommendation to approve a Disposition and Development Agreement (DDA) with Cedar Court LLC and authorize City Manager to execute any and all documents necessary to implement the DDA. (District 1)
DISCUSSION
In 1999 the former State Office Building, located at 245 West Broadway, was sold to David Kubit, who substantially remodeled the structure as a private office building. However, there is inadequate parking for tenants, and as a result, the property has generally not been leased. To remedy this situation , Mr. Kubit, doing business as Cedar Court LLC, is proposing to purchase the City-owned surface parking lot located on the south side of 3 Street
between Cedar Avenue and Pacific Avenue (Attachment A). The parcel has 38 868 square feet of land improved with 108 parking spaces. Mr. Kubit's proposed conceptual plan for the site (Attachment B) calls for a five-level
parking garage (two levels below ground and three above) with 462 parking spaces. This includes the parking required to fully occupy the adjacent office building along with 85 new condominiums and 2 785 square feet of new first-floor retail space. The condominiums are generally terraced above the parking in three towers ranging height, including the parking levels , from 12 stories to five stories. Height is greatest along Pacific Avenue and lowest on the west side across the street from the historic First Congregational Church. Two-story live-work units front 3 Street to block the first two levels of parking and create an active street front. The DDA includes the following major provisions:
The Developer will pay the City $1 680 000 for the site. This is based on $47.
per square foot for buildable land and $23. 88 per square foot for that portion of
the site that is rendered unbuildable by virtue of a Los Angeles County easement for an underground storm drainage line. This slightly exceeds the appraised value for the site, which is based on $45.00 and $22. 50 per square foot respective...
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