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Developer demolition draw sought for 90 Second/Greenfield site; former CVS vacancy status discussed
Summary
City staff reported a developer has requested a $990,000 draw to pay for demolition at the 90 Second Street/Greenfield Avenue site and updated the CDA on the status of the former CVS property at 9220 West Greenfield Avenue, which is vacant and under brokerage.
City staff told the Community Development Authority that a developer for the 90 Second Street site has requested a draw of $990,000 to cover demolition costs; staff said the draw is a loan that will be repaid when construction financing closes, expected at the construction closing in November.
“We’ve had the developer request to draw the $990,000 for the demolition. That is a loan, which will get repaid back when we close on the in November on the construction financing,” staff said. Staff said they were processing the payment when the item was discussed.
Staff also reported on the nearby corner of 90 Second and Greenfield Avenue — the former CVS at 9220 West Greenfield Avenue — noting the property closed in March and retains a lease with CVS for remaining years. A broker has the property listed and staff said the assessed value is about $2,100,000 with a possible listing price of $2,600,000. Staff noted the site has roughly 100 parking stalls and a history of automotive and grocery uses and said the current lease complicates smaller users’ prospects because a buyer may need to negotiate a payout or assume the lease.
On project design changes at 90 Second, staff said materials were revised at the authority’s request: a fiber-cement material for a ground-floor area was changed to 4-inch brick stone and recessed areas will use Nichiha wood paneling as an accent to improve massing and ground-floor quality.
Staff said negotiations have items that require closed-session discussion and that staff will provide additional status updates to the CDA in closed session.
Ending: Staff indicated processing of the demolition loan draw is underway and that further negotiation and site-status updates will continue in closed session and in future CDA briefings.
