Title
Resolution approving a lease agreement with Aurelio Roman, doing business as, Nails Elegant, for the commercial space located at 246 Grand Avenue.
body
WHEREAS, in May 2024, the City of South San Francisco purchased three Downtown properties located at 226-230 Grand Avenue, 232-238 Grand Avenue, and 240-246 Grand Avenue, known as the Giffra properties, which included multiple commercial tenants along the Grand Avenue corridor; and
WHEREAS, following the City's acquisition, the commercial space located at 246 Grand Avenue became vacant after the prior tenant ceased business operations, and the space has remained vacant ever since; and
WHEREAS, although the City did not formally market the space, staff received multiple unsolicited inquiries regarding available storefronts along Grand Avenue, resulting in three (3) 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. Nails Elegant ("Tenant"), as the qualified applicant interested in leasing the commercial space located at 246 Grand Avenue as part of an expansion of an existing locally owned business; and
WHEREAS, the Tenant proposes to lease the 527 square foot commercial space at 246 Grand Avenue for use as a nail salon for a term of six (6) years at a monthly base rent of $1,264.80 or $2.40 per square foot, consistent with current market-rate retail leases along Grand Avenue; and
WHEREAS, the Tenant has requested a tenant improvement ("TI") credit of approximately $75,400 for 246 Grand Avenue, representing a proportional allocation of a broader $124,000 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, the TI credit will be applied as a monthly rent credit during the construction period until fully ex...
Click here for full text