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City to buy beach parking structure
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The Ventura City Council has unanimously agreed to spend $6.25 million to purchase an aging, partially damaged parking structure overlooking the ocean.
The council voted Monday night to buy the parking garage at California Street and Harbor Boulevard and terminate a complicated sale-and-lease agreement first put in place when the structure was constructed in 1983.
The sale would give the city full control over the structure and could open the door to redevelopment at the valuable beach-facing property, city officials said.
The sale price is consistent with an independent appraised value, city officials told the council. Escrow will now open immediately and is expected to close by December.
Lexington Realty Trust, which owns the parking structure and leases it to the city, wants to sell it as part of a plan to liquidate properties nationwide that are not office or industrial sites or do not have long-term tenants.
The city’s lease agreement with Lexington runs through November 2013, and the city is scheduled to pay $5.72 million in rent through the term, city reports show. The city is also required to make some $1.2 million in improvements to the structure during that time. Part of a concrete wall facing the beach has eroded.
To pay for the purchase, the City Council agreed to refinance 1995 lease revenue bonds. The 30-year financing plan will cover the price of the structure and closing costs, and raise $1.2 million for park improvements, likely at Plaza Park downtown, said Alejandro Herrera, a city senior planner.
Posted by THX1138 on October 31, 2007 at 11:53 a.m. (Suggest removal)
I can't wait to see what they'll charge for parking...
Posted by spokenit on November 1, 2007 at 7:07 a.m. (Suggest removal)
Exactly THX138 what I first thought as soon as I read the headlines! No more free beach the city thinks it ownes it. More $$$$ for them and their pockets. No matter what happens around here I never see it getting better. The only thing that changes is that our free beach/ parking/ enjoyment costs us now.
Posted by shaver_one on November 1, 2007 at 2:32 p.m. (Suggest removal)
"The sale...could open the door to redevelopment at the valuable beach-facing property."
Don't expect to pay anything for parking. It won't be a parking structure anymore.
Just wait for the developers to get their hands on that piece of land. How about a high-rise condo project...each unit costing $1 Million (or more)? How about a 'boutique-mall' catering to out-of-towners?
A parking structure? Not on your life. Not enough tax revenue for the Council's pockets.
Time will tell.
Posted by dan.frederickson on November 2, 2007 at 11:36 a.m. (Suggest removal)
This is great news!!! The parking facility stands in the way of future improvements at the beach and as the 101 exit changes to Oak St, the property takes on more importance for the downtown, our visitors and our citizens.
The lease that the City was left with was a mess and it takes courage to deal with the contractual issues once and for all.
The "naysayers" can comment on future development through the City's planning process.
Posted by pmotherat on November 3, 2007 at 10:12 p.m. (Suggest removal)
It would be good news if the City would be honest and admit that they don't plan to refurbish anything and will be turning right around and selling it to developers. Remember the old theater downtown that they were going to fix up as a live stage theater.... I rest my case.
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