RRA - Item 7 - Modification of development Agreement between the RRA adn Diamond Square - Internal Files box 069ROSEMEAD REDEVELOPMENT AGENCY
• A 8838 VALLEY BLVD., ROSEMEAD, CA 917700 (818) 288-6671 • Telecopier 8183079218
Q
TO: HONORABLE CHAIRMAN
AND MEMBERS
ROSEMEAD REDEVELOPMENT AGENCY
FROM: FRANK G. TRIPEPI, EXECUTIVE DIRECTOR
DATE: FEBRUARY 2, 1994
RE: MODIFICATION OF DEVELOPMENT AGREEMENT BETWEEN THE CITY'S
REDEVELOPMENT AGENCY AND THE DIAMOND SQUARE SHOPPING CENTER.
The representatives of Diamond Square are requesting a modification
to the floor plan for Building B, the old Builder's Square.
As required in Section 2.2 of the development agreement, any changes
must be agreed upon between the Center and the Agency.
More specifically, the center is
approximately 1,000 square feet i
approximately 500 square feet.
As stated in the attached letter,
similar change in December 1991,
center to keep its vacancy rates to a
RECOMMENDATION:
proposing to divide one space of
1 half to create two spaces of
the Agency previously approved a
and the results have allowed the
minimum.
It is recommended that the Rosemead Redevelopment Agency approve the
modification as shown on Exhibit "A" attached.
PL:jcp
Attach.
AGENCY AGL`~N r0A
FEB a- 81994
ITEM No. 7.
DIAMOND SQUARE SHOPPING CENTER
500 NORTH GARFIELD AVENUE, SUITE 206
MONTEREY PARK, CALIFORNIA 91754
January 17, 1994
Mr. Frank Tripepi, Director JAN241994
F F'
Rosemead Redevelopment Agency d rev,
8838 E. Valley Boulevard - ,
Rosemead, California 91770
Re: Request to modify floor plan, 8150 East Garvey Avenue
Dear Mr. Tripepi:
This letter is to serve as a request for a modification in the
floor plan in unit number 115 of the old Builder's Square
building at 8150 East Garvey Avenue as per the attached exhibit.
The Agency previously approved a similar change in December 1991,
and the results have been very good. We now have a vacancy in a
larger interior unit; and prospective tenants are requesting a
smaller, 500 square foot, size.
The partition would be handled in the same manner as previously
with premium materials and a new store front that will match the
existing elevation. This unit is significantly wider than it is
deep, and it will continue to have ample frontage after the
change.
From a leasing standpoint, the smaller footprint will provide a
more viable format for future tenants and it will improve the
flexibility and financial performance of the center.
We thank you for your attention and welcome any questions or
comments that you may have.
7tfully,
Steven Zuckerman
Project Manager
A
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