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CDC - Item 4A - Glendon Way Redevelopment ProjectE M F S O 9 s. ~o AV j9h9 Q~Q • ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION STAFF REPORT TO: HONORABLE CHAIRMAN AND COMMISSION MEMBERS FROM: OLIVER CHI, EXECUTIVE DIRECTOR Q~-C-4-: DATE: DECEMBER 11, 2007 SUBJECT: GLENDON WAY REDEVELOPMENT PROJECT SUMMARY On July 17, 2007, the Community Development Commission considered three (3) development firms for the proposed Glendon Way redevelopment project (Primestor, Manarino Realty, and Jacobsen Family Holdings). At that meeting, the Commission selected Primestor as the developer for the project and authorized staff to prepare an Exclusive Negotiating Agreement (ENA) with the firm. Approximately 4 months later, at the Commission's November 20, 2007 meeting, staff presented the draft ENA with Primestor to the Commission for consideration. At that meeting, the Commission expressed several concerns related to the overall timeframe of the ENA requested by Primestor and the time it took to complete the ENA. Based upon these concerns, the Commission denied the ENA request by Primestor. At this point, the Commission may consider the following options: 1. Select another developer from the initial proposals either Jacobsen Family Holdings or Manarino Realty; 2. Direct staff to solicit additional responses from developers. Background information for Jacobsen Family Holdings and Manarino Realty are attached to this report. Staff Recommendation Staff recommends that the Commission provide direction regarding the Glendon Way redevelopment project. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process. APPROVED FOR CITY COUNCIL AGENDA: 6 • 0 Community Development Commission December 11, 2007 Pace 2 of 2 LEGAL REVIEW This staff report and has been reviewed and approved by the City Attorney. Subrn" by: I n aeki Assistant City Manager Attachment A - Jacobsen Family Holdings Background Attachment B - Manarino Realty Background 4733 Westchester Drive Woodland Hills, CA 91364 (310) 505.1954, cell (818) 340-6961, phone (818) 340-1965, tax http://We-"-iacobsenholdingS.com/ A limited Partnership affiliated with Jacobsen Family Holdings, Douglas C. Jacobsen, CEO. Mr. Jacobsen was previously a principal of the well-known Western U.S. development company, Realty Bancorp Equities. At RBE, Mr. Jacobsen was the Partner in charge of every facet of development. Projects Completed or Under Development include projects by Jacobsen Family Holdings, Realty Bancorp Equities, and JFH affiliated partnerships: Projects 1 thru 16 are owned & managed by Jacobsen Family Holdings 1) Duarte South Shopping Center; Lary Boy, IHOP and 12,025 Sq. Ft of Shops, Under Construction for Completion April, 2005. 2) San Gabriel Gateway; Longs anchored Shopping Center; 15,000 Sq. Ft. Longs Drugs and 13,000 Sq. Ft. of Shops (Fully Entitled; in Design)-2005 project. 3) El Monte/SWC Peck & Lower Azusa- 13,000 Sq. Ft. CVS Drug Store; 2005 4) Corona; Sav-on Drug Store (Albertson's); 16,689 square feet; Bank of America, ATM Drive Through 5) Stockton; Safeway/Safeway Gas/Shops; 65,000 square foot shopping center 6) Stockton; Big Lots/Blockbuster, J3,600 square foot shopping center 7) Pasadena; Pacific Clinics; 22,600 square foot medical bldg - Single Tenant 8) Apple Valley; 16 Acres of Land to be developed as a Home Depot Center 9) Grand Terrace, 2 Acres of Land to be developed a Sav-on Drug Store and 3,000 Sq. Ft. shops; Fully Entitled, Construction start January 2005. 10) Grand Terrace; 18 acre Redevelopment project; Proposed Lowe's and Stater Bros. 11) Glendora, Hollywood Video; 4,836 square feet - Single Tenant (now Sold) 12) Agoura Hills; Teradyne (2 Story Office Bldg) - 103,000 square feet - Single Tenant 13) Corona, Wendy's International Inc., 3,184 square feet - Single Tenant Drive Through 14) Modesto; Petco Pet Supplies; 17,700 square feet - Single Tenant 15) Norco; ARCO AM/PM Mini Mart - plus future development shops. 16) Redlands, Walgreens/Ranch Market, 80,000 Sq. Ft. shopping center Projects 17 through 17 are owned by RBE Af iliated companies ATTACHMENT A Page 1 of 3 17) Glendora, Sav-on Drug Store; 26,884 square foot shopping center -18) Agoura; Line 6 Systems, 7 acre R&D park 19) Alhambra; Office Depot/Blockbuster; 31,006 square feet (Office Depot now Sold) 20) Pasadena, Sav-on.Drug Store, 14,884 square feet - Single Tenant 21) Redlands; Walgreens/Ranch Market/Howie's Pizza; 66,000 square foot shopping center 22) Riverside, Sav-on Drug Store; 16,640 square feet - Single Tenant 23) Santa Fe Springs; Sav-on/McDonalds; 29,000 square foot shopping center 24) Tujunga; Sav-on/McDonalds/IHOP, 44,000 square foot shopping center 25) Van Nuys; Los Angeles Unified School District; 7.5 Acre Bus Depot, 26) Van Nuys; Hydra Warehousing; 11.5 Acre Industrial Park - Single Tenant 27) West Covina; Sav-on/Stater Bros/Starbucks; 106,000 square foot shopping center PROJECTS DEVELOPED AND SOLD 28) Pasadena, Staples Office Supply Superstore; 24,027 square feet (now Sold) 29) Thousand Oaks; Conexant Systems; 16 acre R&D park (now Sold) Project Details and Pictures Available on our web site - http://www.jacobsenholdings.com/ REFERENCES: • Mike Reed, Albertson's/Sav-on Drugs Real Estate Department: 714-300-6303 • Brandon Farrell, Safeway's Real Estate Department: 925-467-2617 • Norman Morales, Vineyard Bank - Chief Executive Officer: 909-987-0177 • Marchell Hilliard, Bank of America Vice President - Relationship Manager: 213-228- 5086 • Janine Peck, Loan Officer/Underwriter, Wells Fargo Private Mortgage Banking: 818- 889-3018 Page 2 of 3 0 • DOUGLAS C. JACOBSEN in 1998, Douglas Jacobsen and Dr. Dennis Jacobsen formed the real estate development company, Jacobsen Family Holdings. Prior to JFH, Mr. Jacobsen was a principal of the well-known Western U.S. development company, Realty Bancorp Equities. At RBE, Mr. Jacobsen was the Partner in charge of every facet of development,.from site acquisition to anchor leasing, from entitlements to construction. Before forming Realty -Bancorp Equities, LLC in 1994, Douglas Jacobsen was President of the West Los Angeles division of Lee & Associates, a national real estate brokerage firm. BRADLEY A. TALT Principal of B.A.T. Ventures, formed in 2002 to develop and hold Commercial Retail Properties. Before forming B.A.T. Ventures, Brad was a Commercial Real Estate Broker First Vice President CB Richard Ellis, Los Angeles - Retail Division, from 1983 to 2002. During his tenure with CB Richard Ellis, Brad Tait worked exclusively within the San Gabriel Valley market; building up sales, leasing and development transactions in excess of twenty million square feet and 500 Million dollars. JEFFREY C. TIMBERS • Prior to joining JFH Retail Development partners, Jeff T tubers spent the last 20+ years as a Real Estate Executive in Southern California with several high profile retail companies, with ' extensive development experience,. including 1995-2003, Albertson`s/Sav-on Drug; 1991-1995, Pic'YSave Stores: 1987-1991, Thrifty Drug Stores and 1983-1987, Payless Shoe Stores. Prior to that, Jeff spent 10 years in various Finance positions with May Department Stores. Page 3 of 3 Pertinent Developments and References Westminster, CA Westminster Center SEC Golden West and Westminster, 500,000sf- $50M Development Cost Home Depot, Albertsons, Savon, Edwards Theater 10 Plea. This was a redevelopment of a blighted 50-acre former shopping center site in partnership with the Westminster Redevelopment Agency. Reference: Phil Anthony Consultant 714.454.2003 Mark E. Briggs Director of Public Finance Cherokee Investment Partners, LLC 505 N. Tustin Avenue; Suite 115, Santa Ana, CA 92705 P: 714.550.0390 Long Beach, CA Los Altos MarketCenter SWC Bellflower Blvd., and Stearns, 500,0005f - S50M Development Cost Sears, Bristol Farm Market, Borders Book and Music, Circuit City, CompUSA. This was a redevelopment of a blighted 20-acre former shopping center site in partnership with the Long Beach Redevelopment Agency. Reference: Barbara Kaiser City of Long Beach 333 West Ocean Blvd. Third Floor Long Beach, CA 92802 ATTACHMENT B Page 1 of 3 92 IS phonca.t!I.rIS.7till0 la 'll9.rdS.rtipr bnlm inu'inorrmut iinot tll} om S tt'• Ircinc l'rnlct [fir. tiuilc 1 1 I l hvutr, l A 6 - _ ~^:~s_,~. :.,✓_'..w .ate.:.~h~.l.` ,,.o~.~„.~ • San Jose, CA • San Jose MarketCenter SWC Coleman Avenue and Taylor Street, 500,OO0sf- $I OOM Development Cost Target, Marshalls, Cost Plus, Michaels, PetSmart, Office Depot, Trader Joe's. This was a redevelopment of a blighted former UPRR railyard turned brownfield site in partnership with the San Jose Redevelopment Agency. Reference: Harry Mavrogenes Executive Director City of San Jose-Redevelopment Agency 200 Last Santa Clara Street, Tower 14th Floor San Jose, CA 95113 408.795.1888 harry.m aNr~ogenes@sanj oseca. gov Kellv Kline Downtown Manager City of San Jose Redevelopment Agency 200 East Santa Clara Street Tower 14th Floor San Jose, CA 95113 408.795.1813 kelly.kli-nc@sanioseca.gov Nanci Klein Corporate Outreach Manager City of San Jose Office of Economic Development 200 East Santa Clara Street San Jose, CA 95113-1905 408.535.8184 nanci.k-icin@sanjoseca.gov Mayor Ron Gonzales City of San Jose 200 E. Santa Clara Street Tower 18th Floor San Jose, CA 95113 408. 535.4800 ro n. gonzal es@s anj o s eca. gov Page 2 of 3 Pminenl Da, and Rer Tend. LI Other References: Gary Glick Cox. Castle & Nicholson, LLC 2049 Century Park East Twenty-Eighth Floor, Suite 2800 Los Angeles, CA 90067 310.284.2256 gglick@coxcastle.com Mike Cohn Managing Director Faison & Associates One Concourse Parkway, Suite 180 Atlanta, GA 30328 770.352.0203 Mike.cohn@faison.com Charles Miller Prudential Real Estate Investors 770.993.7348 charcmil@bellsouth.net Keith Eyrich President The Irvine Company 100 Innovation Drive Irvine, CA 92617 949.720.2306 ke},rich@ir%,inccompan)'.com Page 3 of 3 • Richard Ziman Ziman, Anderson UCLA School of Real Estate and Chairman Arden Realty 11601 Wilshire Blvd, 4th Street Los Angeles, CA 90025 310.966.2601 rzim an@ardenrealty. com Victor Coleman Managing Partner HudsonCapital LLC 11601 Wilshire Boulevard, Suite 1600 Los Angeles, CA 90025 310.966.2666 victor@hudsonllc.com John Long Chairman & President The Richard S. Ziman Center for Real Estate and Highridge Partners 400 Continental Boulevard.Suite 160 El Segundo, CA 90245 310.648.7600 j long@highridgepartners.com Jack Mahoney President Summit Commercial 100 N. Sepulveda Blvd., Suite 1210 El Segundo, CA 90245 310.648.7500 MMahoney@scprop.net pwi.mi Dc, and AcFLTrnc¢