The Los Angeles County Small Craft Harbor Commission approved a recommendation Oct. 12 to renew an option to amend the lease agreement for redevelopment of the Bay Club Apartments and Marina in Marina del Rey.
The lease option for Bay Club at 14015 Tahiti Way will be renewed for up to a maximum of 18 months because of delays unforeseen by either the county or NF Marina, LP, county staff said. The delays related to the processing of entitlements and satisfaction of other option conditions regarding NF Marina, LP’s proposed lease extension and renovation of the 205-unit apartment building, and the complete redevelopment of a marina with 207 slips and 11 end-ties on Parcel 8, said county staff.
The option had expired on June 8, but during the option period the lessee had pursued its entitlements and was able to obtain them, including approvals from the Department of Regional Planning and the California Coastal Commission. But the lessee was not able to complete other required actions prior to the option expiration because it was unable to secure financing, staff noted.
The lessee has requested an extension to December 2012 to either acquire its financing and complete all other required actions (final approval of plans) for exercise of the option, or find a buyer for the leasehold capable of financing the project, according to county staff.
NF Marina LP has agreed to a payment of an additional $100,000 option extension fee upon signing of the renewal of the option to amend the lease agreement. The agreement provides for the renewal of the option and an 18-month extension to Dec. 8, 2012.
The Los Angeles County Board of Supervisors voted Oct. 4 to renew options to amend lease agreements for two parcels.
The supervisors approved a lease extension for the current lessee of Holiday-Panay Way Marina LP for up to 66 months from Sept. 30 to obtain the remaining regulatory approvals and satisfy the other conditions to the exercise of the options.
The board approved the renewal of lease option agreement granting to the proposed lessee of Parcel OT, MDR Oceana, LLC, an extension for up to 66 months from Sept. 30 to obtain the remaining regulatory approvals and satisfy the other conditions to the exercise of the options.
Also on Oct. 4, the board approved the Oxford Retention Basin Multiuse Project proposal for inclusion in the state of California’s Coastal Impact Assistance Plan to enable the county to fully receive and administer an estimated $1.5 million in funds from the U.S. Department of the Interior, which will be used by the county departments of Beaches and Harbors, Public Works and Regional Planning to mitigate the impacts of oil and gas production activities occurring off the Los Angeles County coast.
Additionally, the board approved the project and adopted plans and specifications for the lining of sanitary sewer manholes for Marina del Rey Sanitary Sewer Manhole Lining – Phase III project, in Marina del Rey, at an estimated cost between $600,000 and $675,000; set Nov. 1 for the bid opening; and found that the project is exempt from the California Environmental Quality Act (CEQA).
After having received renovation approvals previously, the renovations at Tahiti Marina Apartments will begin Dec. 1. To accommodate current tenants, property manager Eli Janko said that the interiors of the 149 apartment units will be renovated in five separate phases of approximately six to eight months each, followed by a final exterior hardscape/landscape renovation phase.
The new landside boaters’ facilities are scheduled to begin construction 30 days prior to the first phase of apartment work. It’s anticipated that the entire landside improvements will be completed by December 2015.
Janko said that because of the recent renovations of the Tahiti Marina boat anchorage and the excellent conditions of the slips, redevelopment of the anchorage is not necessary at this time.
He noted that every effort will be made to accommodate as many tenants as possible within other available units while the apartment units undergo renovation.
The property owner anticipates accommodating 16 of the 27 first-phase residents in this manner, and is committed to working closely with all other interested residents to accommodate them accordingly.
For construction information and updates, http://tahitimarina.info.
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