|
<br />,
<br />
<br />CITY OF RIVERSIDE
<br />
<br />REDEVELOPMENT AGENCY MEMORANDUM
<br />
<br />Honorable Mayor & Agency Members
<br />
<br />Date:
<br />Item No.:
<br />
<br />March 20, 200 I
<br />4
<br />
<br />Subject: Status of Downtown Development and Planning Activities
<br />
<br />Background
<br />
<br />On February 20, 2001, the Agency Board approved the second amendment to the Memorandum of Understanding
<br />with Fancher/Kaser Partners concerning the development of a Downtown lifestyle/entertainment district, At that
<br />time, Agency staff recommended that it was best to extend the term of the MOU through May 31, 2001 versus
<br />entering into an Exclusive Right to Negotiation due to the changing dynamics in the entertainment and retail
<br />sectors, The extension allows the developer to continue efforts in soliciting interest of retail tenants, while at the
<br />same time explore other alternatives, including the possible incorporation of an urban housing component. The
<br />latter issue raised concern among Agency members, resulting in a request for a report, to be presented on March
<br />20, on the vision of Downtown and the status of Downtown planning activities,
<br />
<br />Overview
<br />
<br />In order to present the current status of development and planning activities, it is important to review the steps
<br />that have been taken thus far,
<br />
<br />Relative to the Lifestyle Entertainment Concept, and in addition to the actions noted above, the following
<br />events have occurred:
<br />
<br />~ In October 1996, when the Mission Village Plan was proposed and subsequently approved, it was envisioned
<br />that the Fox Theater would become the focal point of revitalization efforts, Specifically, it was proposed that a
<br />multiplex theater would encircle the Fox Theater.
<br />
<br />~ In February 1997, an Exclusive Right to Negotiate agreement was entered into with Rufus Barkley of
<br />Mediaplex of Riverside and Bruce Sanborn of Sanborn Theaters to develop the multiplex project, of which
<br />nothing came to fruition,
<br />
<br />~ In May 1999, several developers toured the site and all agreed that the project would not be feasible, The
<br />issues raised included the prohibitively high rehabilitation costs of the Fox, coupled with the logistics of a box
<br />office and lack of parking,
<br />
<br />~ In June 1999, Keyser Marston Associates was retained for purposes of preparing the "Downtown Riverside
<br />Retail Entertainment Strategy and Action Plan" to conduct an analysis of the Fox Theater and a strategy for
<br />creating a 24-hour downtown,
<br />
<br />~ In January 2000, the Agency approved the "Downtown Riverside Retail Entertainment Strategy and Action
<br />Plan," The document recommended, and the Agency approved, the securing of options on several key
<br />properties including the Stalder Building and adjacent parking lot, the Pietro/Sinkhorn property, the Imperial
<br />Hardware Building, the Rouse Building and adjacent parking lot, The document stated the importance ,of
<br />Agency control of the properties for purposes of developing approximat~ly 200,000 square feet of retaIl and
<br />entertainment space, Because the Stalder Building and adjacent propertIes were Identified as the ~atalyst for
<br />the proposed development, Agency staff moved quickly to secure the optIOn on ~he Stalder BUIldmg, and
<br />escrow will close later this month on the Pietro/Sinkhorn property, In the meantime, the Impenal Hardware
<br />Building is being examined as a site for California Towers II, and UCR has selected the Rous~ BUlldmg for
<br />the development of a dance/performing arts/museum venue, both representing a shIft m dIrectIOn from Keyser
<br />
<br />Marston's recommendations,
<br />
<br />4-1
<br />
|