To: Honorable Mayor and Members of City Council
From: Vin Smith, Community Development Director
Prepared By: Vin Smith, Community Development Director
TITLE:
Title
City-owned Surface Parking Lot Property at Southeast Corner of Pearl and Coombs Streets
LABEL
RECOMMENDED ACTION:
Recommendation
Authorize the City Manager to finalize and execute a Purchase and Sale Agreement between the City, as seller, and Napa Parkway Plaza LLC, as buyer, for the surface parking lot and vacant bus terminal located at the southeast corner of Pearl and Coombs Streets (APN's 003-166-008 &-011).
Body
DISCUSSION:
Local real estate development company Zapolski Real Estate (ZRE), owns several properties in downtown including the First Street Napa commercial center which includes the existing Kohl's department store. ZRE (which is the ownership group of Napa Parkway Plaza LLC) proposes to create a mixed-use project consisting of: 120 residential rental units, of which 15% (18 units) would be dedicated for income levels up to 120% of Area Median Income; 25,000 square feet of ground-floor commercial space; and a 200 room upper-scale hotel. To accomplish this project, ZRE proposes to purchase the City-owned surface parking lot/vacant bus station at the southeast corner of Pearl and Coombs Streets. By including the City-owned land within the project footprint, currently called First Street Napa Phase II ("Project"), ZRE can locate buildings to create a pedestrian plaza/walkway that continues what has been established in the existing center, connecting both projects with the 9/11 Memorial Park and providing visibility into the center from Main Street. It is also ZRE's intention to have the new buildings sited in a way to meaningfully engage and better define the existing pedestrian environment along Napa Creek and the old Brown Street right-of-way. ZRE proposes to do this by connecting newly created public spaces within the development to these existing underutilized public s...
Click here for full text