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Harbor Commission directs staff to negotiate new lease with Moby Dick's at Stearns Wharf
Summary
The commission unanimously recommended staff negotiate a 10-year lease (with two 5-year options) for Moby Dick's at 220 Stearns Wharf covering 6,190 sq ft; staff outlined market-based rent, percentage-rent tiers, tenant investment expectations and a month-to-month transition process.
The Santa Barbara Harbor Commission voted unanimously Jan. 22 to recommend that waterfront staff negotiate a new lease with Moby Dick's for 6,190 square feet at 220 Stearns Wharf and return a draft for commission review and recommendation to the City Council.
Waterfront Business Manager Cesar Barrios told the commission the proposed standard term for large food-service tenants is 10 years with two five-year options. Base rent will be set by competitive market rates and will include annual increases tied to the consumer price index. The lease would include percentage rent that decreases as sales rise: 10% of gross receipts up…
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