City buying and selling real estate

Trade Desk selected to develop site behind movie theater.
Trade Desk selected to develop site behind movie theater.

At a recent City Council meeting the Council preferred the proposal from the Trade Desk company over several others to purchase and develop the property in Downtown located behind Cinema10 theater that is now used as a parking lot.

They directed city staff to begin negotiating with Trade Desk for the purchase the property. The Trade Desk proposal would provide for 50,000 to 65,000 square feet of office space on two floors over two levels of parking. A committee evaluated three proposals for the location and gave the Trade Desk the highest score. The Trade Desk is a great Ventura success story that started in the building behind City Hall.

The City preliminarily estimates that the property is worth approximately $1.7 million ($40 per square foot) but this amount will definitely change once formal appraisals are done to determine the fair market value.

To avoid a repeat of the Brooks Institute situation the City will seek the help of outside real estate professionals.

In directing the city staff to negotiate with Trade Desk the Council had concerns to be considered. That the views from City Hall be maintained, that the building could be used by other users if Trade Desk leaves the building and give consideration to any of the Chumash concerns. They also  want consideration to be given  about what happens when the existing parking lot is removed.

The final purchase and sales agreement will consider the council concerns. City staff will return with all that information before the council votes on the final sale.

Also at the meeting the council approved purchasing the parking lot at Santa Clara and Palm for $1.5 million, or about $64 per square foot. The city currently pays $60,000 to lease the space, which is used for parking and the  Saturday farmers market. The city hopes to use the property for parking in the long term, there are no plans for that to happen soon so  the site will continue to be used for the farmers’ market and public parking. The city leases the property from the owners for $60,000 a year.

At the council meeting speaker Dave Grau (who recently ran for city council) expressed displeasure with the city buying land for $64 and selling land for $40 per square foot. This will change in the final negotiations.

During a special meeting the Ventura Unified School District board approved (5-0) an agreement to buy the 1.2-acre property located at 4213 Crooked Palm Road for $1.8 million.

This  would allow the district to combine several of its divisions into one building.

 

 

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