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Advisory board recommends proactive vacant storefront activation strategy with lease-option element
Summary
After a staff presentation on four options to address long-term vacancy on Virginia Street, the advisory board recommended direct market participation (option 1) with a lease-option/master-lease approach to reduce landlord risk and support small tenants; staff currently has $150,000 budgeted for retail attraction.
The Redevelopment Agency Advisory Board recommended May 4 that staff pursue a direct market participation strategy to activate vacant storefronts in the downtown Virginia Street corridor and include a lease-option/master-lease element to reduce landlord risk and support small local businesses.
Rachel Baggins, the city's placemaking manager, reviewed four models — direct market participation, broker facilitation…
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