TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing, and adopt resolution making certain findings; and authorize City Manager to execute an Owner Participation Agreement with Shoreline Gateway, LLC, for the development of the Shoreline Gateway project. (District 2)
DISCUSSION
On November 5, 2007, the Redevelopment Agency (Agency) approved an Owner Participation Agreement (OPA) with Shoreline Gateway, LLC (Participant) for the development of the Shoreline Gateway Project (Project). This public hearing is to consider the sale of 777 East Ocean Boulevard (Property) and subsurface easements to the Participant. Since the property was acquired with tax increment monies, California Redevelopment Law requires that the sale be approved by the City Council by resolution after a public hearing.
Terms and Conditions of the Sale
The terms and conditions of the sale and subsequent development are included in an OPA between the Agency and the Participant. Under the terms of the OPA, the Participant will pay the Agency $1,800,000 for the Property. The valuation is the fair market value as determined by an independent appraisal. Additionally, the Agency will sell subsurface easements for 645 East Ocean Boulevard and 19 Lime Avenue for $410,000.
Project Plans
The Project site is comprised of a single parcel and vacated public right-of-way (approximately one acre) generally located north of Ocean Boulevard and Medio Street, between Lime and Alamitos Avenues (Exhibit A - Site Map).
The Project proposes a mixed-use development involving a 35-story residential tower at the northwest corner of Ocean Boulevard and Alamitos Avenue. The Project results in 221 residential units including live/work spaces, town homes, one- to three-bedroom units, penthouse units and associated amenities. The proposed building would incorporate 12,624 square feet of retail/gallery space in addition to town homes and live/work units on the ground floor and po...
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