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Committee approves sending forward lease for basement at 25 Van Ness to New Conservatory Theater Center amid recurring flooding
Summary
The committee approved forwarding a lease of about 12,792 rentable square feet at 25 Van Ness to the New Conservatory Theater Center at a reduced monthly rent of $7,036, acknowledging recurring flood damage and a recommended term adjustment to 4 years, 10 months; budget analyst warned the city's net cost from abatements could exceed claimed damages.
The Budget and Finance Committee agreed to send to the full Board a resolution leasing approximately 12,792 rentable square feet of basement space at 25 Van Ness to the New Conservatory Theater Center (NCTC) at a proposed monthly rent of $7,036, reflecting a 50% reduction from the prior rent of $14,072 because of ongoing flood damage and the space’s special-purpose use for theater.
John Opdyke of the Real Estate Department explained that the basement has experienced repeated flooding, that repairs have…
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