To: MAYOR AND CITY COUNCIL
From: GREG KAPOVICH, WATEFRONT & ECONOMIC DEVELOPMENT DIRECTOR
TITLE
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2205-029, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO MONICA QUINTERO, AN INDIVIDUAL
APPROVE THE LEASE WITH MONICA QUINTERO, AN INDIVIDUAL, FOR A MONTHLY MINIMUM RENT OF $2,306.25 AND A TERM OF MAY 17, 2022 THROUGH MAY 16, 2027
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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 office lease with Monica Quintero, an individual, is for the space at 107 W. Torrance Boulevard., Suite 202. The lease area totals approximately 1,025 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 $2,306.25, or approximately $2.25 per square foot, with a 3% increase on the anniversary date each year thereafter.
BACKGROUND
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 comprised almost entirely of office uses; with the lone exception being a restaurant use of less than 4,000 square feet. The proposed lease with Monica Quintero, an individual ("Tenant") is for the office space at 107. W. Torrance Boulevard, Suite 202 ("Premises"). The lease area totals approximately 1,025 square feet.
Monica Quintero is the founder of the women's clothing company Pink Poison, which also operates under the name of Demi Loon. The company's office and manufacturing have been based in Los Angeles for approximately 10 years. The company's designs are know...
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