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Consideration of a Term Sheet for 44 NE 1st Avenue and Adjacent Vacant Property owned by the CRA for Patio Area.
(Fiscal Impact: N/A)
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(Staff Contact: Kimberly Vazquez)
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Summary Explanation/Background:
CRA staff has been promoting the availability of all properties in CRA possession to interested parties that will create the optimal merchandise mix in the arts and entertainment district known as Old Town. This area needs to include more businesses that will activate the area throughout the day and into evening hours. Having more pedestrian activity will increase the sense of safety in the area and restaurants tend to do this, as well as drive new customers into the area from the city and beyond.
The Lean Grill, LLC, would like to bring a taco/sushi fusion themed restaurant as they see the potential in this up and coming area. The partners would like to sublease the 3,081 square feet of vacant space at 44 NE 1st Avenue and the vacant adjacent property owned by the CRA for an outdoor patio space. A Term Sheet has been negotiated and is being submitted for your review.
Origin of request for this action: Staff
Fiscal impact and source of funding: N/A
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