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Resolution approving a lease agreement with Aurelio Roman, doing business as, Angel Barber Shop, for the commercial space at 244 Grand Avenue.
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WHEREAS, in May 2024, the City of South San Francisco purchased three parcels of land: 226-230 Grand Avenue, 232-238 Grand Avenue, and 240-246 Grand Avenue, known as the Giffra properties, which added six (6) new commercial tenants to the City's commercial portfolio; and
WHEREAS, following the City's purchase, the commercial space located at 244 Grand Avenue became vacant after a neighboring tenant vacated the space previously used for storage, and has remained vacant since; and
WHEREAS, although the City did not formally market the space, staff received multiple unsolicited inquiries regarding available storefronts along Grand Avenue and provided access to prospective tenants, resulting in three viable proposals for the vacant commercial spaces at 244 and 246 Grand Avenue; and
WHEREAS, following evaluation of the proposals, staff identified Aurelio Roman, d.b.a. Angel Barber Shop ("Tenant"), as a qualified applicant interested in leasing the commercial space located at 244 Grand Avenue as part of an expansion of an existing locally owned business; and
WHEREAS, the Tenant proposes to lease the 340-square foot commercial space at 244 Grand Avenue for use as a barber shop for a term of six (6) years at a monthly base rent of $816.00, or $2.40 per square foot, consistent with current market-rate retail lease conditions along Grand Avenue; and
WHEREAS, the Tenant has requested a tenant improvement ("TI") credit of approximately $48,600.00 for 244 Grand Avenue, representing a proportional allocation of a broader $124,000.00 TI credit associated with improvements across both 244 and 246 Grand Avenue, which will be provided as a rent credit following a three (3)-month rent abatement period upon submission of a building permit application; and
WHEREAS, staff utilized CoStar, a commercial real estate database...
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