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Norwalk approves amendment to Firestone property exchange; $500,000 escrow to fund demolition
Summary
The Norwalk City Council unanimously approved an amendment to an exchange agreement that redirects a $500,000 developer escrow to demolition work at Firestone Boulevard and San Antonio, staff said.
The Norwalk City Council on a unanimous vote approved Resolution No. 25-13, the first amendment to an exchange agreement involving city property at 12124 Firestone Boulevard. City staff said the amended agreement redirects funds already on deposit in escrow and assigns the city responsibility for demolition of a bank building at the southeast corner of Firestone Boulevard and San Antonio Avenue.
Alex Hamilton, who presented the item for staff, summarized the sequence of transactions: the council previously declared the city property at 12124 Firestone Boulevard surplus and approved an exchange agreement on Oct. 17, 2023 (Resolution No. 2361) to swap that property to facilitate redevelopment. Firestone Lofts LP (doing business as PrimeStore) deposited $500,000 into escrow under the original terms. As part of the amendment, that $500,000 will be redirected to pay for demolition of the bank building at Firestone and San Antonio, and escrow funds will be used in tandem with tenant-improvement work on a bank building on the opposite corner. Hamilton said the city's assuming the demolition obligation comes "at no cost to the city."
Staff said the developer's funding partner (identified in project documents as TUVF) has completed about $400,000 in shell-only tenant improvements on the bank building at the opposite corner and that the redirected escrow will help complete demolition and related work to support revitalization of the Front Street corridor.
Staff advised the council that the amendment is exempt from the California Environmental Quality Act under the common-sense exemption, CEQA Guidelines section 15300.2. Councilmembers asked clarifying questions about the source and use of escrow funds; Hamilton confirmed the $500,000 escrow deposit was made by PrimeStore/Firestone Lofts LP and would be used to fund the demolition as described.
One member of the public, Ryan Tendo, spoke in support of the general project and urged the city to codify the use of native plants in future frontage and median landscaping, noting that recent Firestone widening work used native species he would like to see standardized. "None of those are on the approved planting list," Tendo said, urging a city standard to replicate the planting approach on future projects.
The council recorded a unanimous roll-call vote in favor of Resolution No. 25-13 (Ramirez: Aye; Rios: Aye; Valencia: Aye; Vice Mayor Jennifer Perez: Aye; Mayor Tony Ayala: Aye).
