HomeMy WebLinkAboutRDA 03 REQ PURCH PROP 450 EL CAMINO REAL 08-07-06AGENDA REPORT
MEETING DATE: AUGUST 3,2006
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: CHRISTINE A. SHINGLETON, ASSISTANT CITY MANAGER
SUBJECT: REQUEST TO PURCHASE CITY-OWNED PROPERTY AT 450 El
CAMINO REAL
SUMMARY:
The City has received a request to purchase city owned property at 450 EI Camino Real
RECOMMENDATION:
Pleasure of the City Council
FISCAL IMPACT:
No impact at this time
BACKGROUND:
The City received a request on July 10, 2006 from Dave Radan to purchase City owned
property located at 450 EI Camino Real for a purchase price of $150,000. Mr. Radan's
intent is to develop the property into a three-story building under two potential options.
Both options would have a 1,200 sq. ft. bottom floor retail space with the top floors
having one of either the following options: 1) Two-1 ,000-1 ,500 sq. ft. living residential
living spaces, or; 2) 1,000-2,500 sq. ft. of office space.
The site requested for purchase by Mr. Radan has been included in the City Council
adopted City Capital Improvement budget for construction of landscaping and
amenities. As the Council is aware, preliminary design has been completed for some
time and the City has contracted for and is finishing up on the final design of these
improvements so that construction can proceed in early fall of fiscal year 2006-07.
These are improvements that are expected to recognize that the site has potential as a
long range lot assemblage opportunity in the future.
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The subject site is 46.50 ft. wide by 150 ft long, for a total lot size of 6,975 square feet or
.16 acres. Even if there were not an interim public purpose proposed for the site at this
time based on policy direction previously from the Tustin City Council, the proposed
financial offer by Mr. Radan does not reflect the current market value of similar
commercial acreage in the vicinity, nor the additional value enhancement that would be
associated with any residential use of the property, even if such a use was even
permitted by the City's current zoning code (residential uses are currently not authorized
on the site).
Council direction to staff in responding to the request would be appreciated.
Christine A. Shingleton
Assistant City Manager
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Attention: To Whom It May Concern At the City of Tustin
Doug Oavert- Tustin Mayor
('hristine A. Shingleton- Assistant City Manager
ADMINISTRATION
JUL 1 0 2006
RECEIVED
July 10,2006
Regarding: The purchase of city-owned vacant property located at:
450 EI Camino Real, Tustin, CA 92780
Purchase Price: For the total sum of One Hundred, Fifty Thousand. $150,000.00
Oetails: I am interested in purchasing the property located at the above-mentioned address tor the purpose of
development.
My intent is to develop the propeliy into a multi-use architecturally appealing three-story building, in keeping
with the character of other downtown projects located primarily on the ti'ont part ofthe lot, closer to El Camino.
I have several optlons tor development. Both options have a common 1,200 sq. ft. bottom Hoor Retail Space.
The top levels will have one of the two following options:
a. Two- 1,000-1,500 living spaces- basically, second floor town homes with balconIes,
Upstairs bedroom and tirst level enelosed parking.
Or
b. 1.000-2,500 sq. ft. of Office Space.
The existing contiguration of the property, lends itself to these types of development and will provide ample
rear parking for the multi-use residential development and might require shared parking tor the multi-use
commercial development.
My proposal, If accepted, could be built and 1inalized within a twelve-month period ti'om time of acceptance.
I will look torward to a favorable acceptance ofthis otfer.
Dave Radan
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RADAN CONSTRUCTION, INC.
420 EL CAMINO REAL SUITE #4-TUSTIN, CA 92680 -TEL: (714)505-257NAX:(714) 505-4668