TITLE
Recommendation to authorize City Manager to execute an Exclusive Negotiating Agreement between the City of Long Beach and Marina Retail Associates, LLC, for the term of one-year for a proposed restaurant at 6500 Marina Drive and execute any amendments necessary to exercise extension options provided for therein. (District 3)
DISCUSSION
The City of Long Beach is the owner of the Basin Three parking lot at Alamitos Bay Marina (Site), located at 6500 Marina Drive (see Exhibit A). Though the Site provides
parking for marina visitors and boat owners, it is primarily underutilized given its relative location to the waterfront. Staff proposes that the City explore developing the Site into a
waterfront restaurant that will enhance the visitors' experience at the Marina. In an effort to develop a waterfront restaurant on the Site, staff recommends the City enter into an Exclusive Negotiating Agreement (ENA) with Manna Retail Associates,
LLC, (Developer) to facilitate negotiations of development agreement(s) and/or a ground lease that will mutually benefit the City and its residents. The Developer has over 40 years of combined experience in retail development and
leasing, redevelopment and acquisition of urban real estate, office and mixed-use properties. The principals have been involved with the development and redevelopment of over $1 billion of commercial real estate projects nationwide. Some of their tenant transactions include upper scale restaurants such as the Cheesecake Factory, Magianno's Little Italy, PF Changs, and McCormick and Schmick. The ENA does not provide any promise or commitment by the City, or any agency of the City, with respect to the approval of development. It is merely an agreement to enter
into a period of exclusive negotiations according to the terms of the ENA, reserving final discretion and approval by the City Council of any subsequent ground lease or development agreement.
TIMING CONSIDERATIONS
[Timing Considerations]
FISCAL IMPACT
[Fiscal Impact]
SUGGESTED ACTION
Approve recommendation.
BODY
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Respectfully Submitted,
[Respectfully Submitted,]