To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
TITLE
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2104-029, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO ESPERANZA DEESE, AN INDIVIDUAL
APPROVE A LEASE WITH ESPERANZA DEESE FOR THE PREMISES AT 113 W. TORRANCE BLVD. FOR A MONTHLY AMOUNT OF $1,003.50 FOR THE TERM APRIL 6, 2021 - APRIL 5, 2026
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EXECUTIVE SUMMARY
In March 2012, the City purchased the Pier Plaza leasehold and began the process of direct leasing to various tenants. Pier Plaza is comprised of several buildings totaling approximately 75,000 square feet of office and retail uses. The proposed lease with Esperanza Deese is for the space at 113 W. Torrance Boulevard. The lease area totals approximately 446 square feet.
The proposed lease is for 60 months with the City retaining the option to terminate the lease with a twelve (12) month prior written notice. Monthly rental revenue to the City's Harbor Uplands Fund will be $1,003.50 or approximately $2.25 per square foot with a 3% increase on the first anniversary date and each subsequent year thereafter.
BACKGROUND
In March 2012, the City purchased the Pier Plaza leasehold and began the process of entering into direct leases with various tenants. The Pier Plaza leasehold is comprised of buildings 103 to 131 West Torrance Boulevard (on the top level of the Pier Parking Structure) and totals approximately 75,000 square feet of space. The property is prepared almost entirely for office uses; with the lone exception being a restaurant use of less than 4,000 square feet. The proposed lease with Esperanza Deese (the "Tenant") is for the space at 113 W. Torrance Boulevard (the "Premises"). The lease area totals approximately 446 square feet.
Esperanza Deese is a retired CPA and Redondo Beach resident. Ms. Deese will use the Premises as an artist studio and gallery as she continues her growth...
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