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DDA rescinds earlier Pierce PSA amendment and approves revised 2nd amendment
Summary
The DDA rescinded its prior approval of a 2nd amendment to the Pierce Partnership purchase-and-sale agreement and unanimously approved a revised 2nd amendment that increases tenant reimbursement credits and requires seller stabilization of buildings.
The DDA voted unanimously to rescind its earlier approval of a 2nd amendment to the purchase-and-sale agreement with Pierce Partnership and then approve a revised 2nd amendment, a pair of motions the board discussed and passed on Nov. 18.
Chair outlined two substantive changes in the revised amendment: an increase in the tenant reimbursement credit to account for additional disruption during underground storage tank removal (the credit rose from a prior figure to as much as $88,916 in one phrasing in the draft) and a new provision requiring the seller to leave buildings on the properties in a safe, stabilized condition after DDA possession so they can be boarded and held pending demolition as part of Greystar's planned development. Speaker 3 moved to rescind the earlier approval and to approve the revised amendment; both motions passed unanimously.
The board discussed timing for closing and the process that follows zoning approval, preliminary engineering and issuance of land disturbance permits before closing on the property (chair cited May—2026 as an earlier target and noted the contract outside closing date remains Sept. 2026). The chair said the purchase-and-sale agreement contains repurchase provisions in the event the developer does not meet construction deadlines.
