Olson Co., Developer Of "For-Sale, In-Town Housing," Holds Community Meeting, Explains Its Purchase/Sale Agreement (In Escrow/Due Diligence Phase) For LBCC Property @ 3320-3340 Los Coyotes Diagonal & 3325 Palo Verde
|(June 28, 2018, 8:45 a.m.) -- Representatives of the Olson Company ("California's leading developer of for-sale, in-town housing") held a June 27 community meeting and told area residents that the company is in an escrow period/"due diligence" phase under a purchase/sale agreement for LBCC-owned property at 3320-3340 Los Coyotes Diagonal [south of the "Ralphs" market] & 3325 Palo Verde Ave...and scheduled to meet to heard potential issues voiced by potentially impacted nearby residents.
As previously reported by LBREPORT.com, on March 27, 2018 LBCC's Board of Trustees voted in a closed session to approve a purchase and sale agreement with "Olson Urban Housing, LLC" for real property (that LBCC previously declared "surplus") at 3320-3340 Los Coyotes Diagonal plus 3325 Palo Verde Ave. (APNs 7191-014-902, 903, 904, 905, 906, 010 and 022) for $16,625,000.
Roughly 35 residents attended the Olson Company-organized meeting at the adjacent LB Alliance Church from among those within 300 feet of the project site to whom the Company sent notices (plus others who learned of the meeting via LBREPORT.com after we learned about it via NextDoor.com). LBREPORT.com attended the meeting and provides extended VIDEO coverage of salient portions below.
Olson Company VP of Development Doris Nguyen told the meeting:
[Scroll down for further.]
For LBREPORT.com VIDEO, launch below:
Ms. Nguyen said the Company's purpose in scheduling the meeting was to hear from residents...and attendees consistently voiced concerns about density, traffic, parking and lack of adequate infrastructure. (One speaker noted that Fire Station 18 adjacent to the site no longer has a fire engine.)
No residents flatly opposed housing. Some indicated they'd prefer medical or commercial uses with fewer traffic impacts (to which Ms. Nguyen politely responded that Olson doesn't build commercial centers.)
Among those attending and speaking were Corliss Lee (former 5th dist. Council candidate/April 2018), Ann Cantrell (part of the leadership of Citizens About Responsible Planning) and Raman Vasishth (frequent NextDoor.com communicator.).
LBREPORT.com pressed for details about the company's envisioned residential density level, noting that since it has a purchase/sale agreement in place with a sale price $16.625 million, the Company presumably envisions some density level to have its development financially "pencil out." A company rep responded [paraphrase] that there are multiple potential configurations for housing types and the Company doesn't have a particular configuration in mind at this point.
Prior to the meeting, LBREPORT.com made a quick inquiry to the City of LB's Department of Development Services, and spokesperson Jacqueline Media told us by email (late afternoon June 27):
Per your inquiry of the property located at 3320-3340 Los Coyotes Diagonal, there is no current activity on our end. A pre-application was submitted to the City (Development Services/Planning Bureau) back in 2015 [LBREPORT.com presumes by a previous, different party]; upon review of the submittal staff provided the applicant with feedback/comments. No resubmittal from the applicant or new application for this property has been received since then. Also, to confirm, this property is not zoned as a Planned Unit Development (PUD)
As previously reported by LBREPORT.com, LBCC's Board of Trustees' May 22 public agenda contains a report summarizing its March 27 closed session item as follows:
[LBCC Board of Trustees publicly agendized summary of the March 27 LBCC Board action]
The motion was made by LBCC Trustee Doug Otto, seconded by Trustee Vivian Malauulu. Final Resolution: Motion Carried: Aye: Virginia Baxter, Jeff Kellogg, Vivian Malauulu, Doug Otto, Sunny Zia
Developing. Further to follow.
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