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CRA presents successor lease with The Well at 114 East Parker Street; lease includes limited event use and purchase option
Summary
Alex Langback of the city attorney's office presented a proposed successor lease between the CRA and WellDone Development for 114 East Parker Street that begins April 1, 2025, and ends Dec. 31, 2027, with base rent set at $4.20 per square foot in year one and a spelled-out offer-to-purchase provision.
Alex Langback of the city attorney's office summarized a proposed successor lease between the Community Redevelopment Agency (CRA) and WellDone Development for premises at 114 East Parker Street.
Langback said the CRA's original three-year lease (12/17/2021'12/31/2024) had expired and the tenant had remained on a month-to-month basis under the same terms. The new lease would commence April 1, 2025, and expire Dec. 31, 2027, with no automatic renewal. Base rent continues the prior structure: a first-year rate of $4.20 per square foot and a 2.5% annual increase thereafter. The tenant will be responsible for prorated property insurance premiums, property management…
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