SR-901-008
RMD:MR:JM:F:RESOURCE/STAFFREPORTS/SearsSiteAcquistion.doc
Council Meeting: September 9, 2003 Santa Monica, California
To: Mayor and City Council
From: City Staff
Subject: Authorization to Negotiate Terms and Conditions for Acquisition of Real
Property Located at 402 Colorado Avenue
Introduction
A portion of the commercial property (402 Colorado Avenue) currently used as a retail
store and surface parking lot for the Sears department store, owned by Sears Roebuck
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and Company, located between 4 and 5 Streets on Colorado Avenue in downtown
Santa Monica, adjacent to the Third Street Promenade, is potentially available for public
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use. The main store and garden center are located west of 4 Street at 302 Colorado
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Avenue, and the automotive and small electronics are located east of 4 Street, at 402
Colorado Avenue. The approximately 40,000 square foot 402 Colorado site is zoned
C3, Downtown Commercial, and is useable for a variety of civic purposes, most notably
public parking, transit, affordable housing, or other uses.
Discussion
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Acquisition of property fronting on Colorado Avenue between 4 Street and 5 Street is
not a part of any current defined City project. However, the Sears site at 402 Colorado
Avenue is useable for a variety of potential public purposes including, but not limited to,
a centralized downtown public parking structure, future transit strategies, affordable
housing, or other uses.
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Budget/Financial Impact
No budget or financial impact is incurred as a result of action on this recommendation.
Any possible future budget or financial impact will be subsequently identified and
reported.
Recommendation
It is recommended that City Council authorize staff to commence discussions with the
owners or representatives of the real property located at 402 Colorado Avenue for its
possible acquisition by the City.
Prepared by: Jeff Mathieu, Director of Resource Management
Mark Richter, Real Estate Manager
Gretchen Kubacky, Senior Real Estate Analyst
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