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OCII conditionally consents to California Historical Society lease amendment at Paramount tower
Summary
The Commission conditionally authorized the executive director to concur with a lease amendment between Related-affiliate Third & Mission Associates and the California Historical Society that reduces CHS’s Paramount premises and provides city-controlled nonprofit space at the adjacent Jesse Hotel, with a buyout payment flowing partly to OCII for CDBG use.
The Office of Community Investment and Infrastructure on Aug. 5 conditionally authorized Executive Director concurrence with an amendment to the long-term lease affecting the California Historical Society (CHS) at the Paramount tower, 680 Mission Street.
Christine Maher, a senior real-estate development specialist, described terms staff negotiated after commissioners raised concerns in May about the loss of dedicated nonprofit space. The developer, a Related affiliate, would pay a lease buyout of $2,250,000 as part of the transaction. OCII staff said the agency’s share is approximately $947,000; that money would be treated…
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