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PURCHASE AGREEMENT OF REMNANT PROPERTIES
<br />BY AND BETWEEN CITY OF REDWOOD CITY
<br />AND 1900 BROADWAY OWNER, LLC
<br />THIS PURCHASE AGREEMENT OF REMNANT PROPERTIES (“Agreement”) by and
<br />between 1900 BROADWAY OWNER, LLC, a Delaware limited liability company (“Buyer”),
<br />and the CITY OF REDWOOD CITY, a charter city and municipal corporation (“City”) (each a
<br />“Party” and collectively the “Parties”), is made and entered into as of __________, 2026
<br />(“Effective Date”).
<br />RECITALS
<br />A.All terms are defined throughout this Agreement as indicated in bold language.
<br />The City owns certain underutilized real property located in the City of Redwood City, County of
<br />San Mateo, State of California totaling approximately 21,104 square feet, as legally described in
<br />Exhibit A-1 attached hereto, and commonly known as Parcels Four, Five, Six and Seven of the
<br />“1900 Broadway Development Project” (as defined in Recital B below). The City-owned real
<br />property includes a small parklet located in the northern and north-eastern part of the City Property
<br />(“Spring/Marshall Parklet”) and a segment of Spring Street between Main and Walnut Streets
<br />(“Spring Street Segment”), as depicted on Exhibit A-2 attached hereto. All of the real property
<br />described in this Recital A shall be collectively referred herein as “City Property.”
<br />B.On October 28, 2024, the City Council approved Ordinance No. 2543, in which the
<br />City Council approved and adopted a Development Agreement dated December 26, 2024 and
<br />recorded in the Official Records of the County of San Mateo on January 23, 2025 as Instrument
<br />No. 2025-003096 (the “Development Agreement”) by and between the City and Lane 1900
<br />Broadway Owner LLC, a California limited liability company (“Lane”), wherein Lane agreed,
<br />among other things, to develop a 7-story, 92-feet tall, approximately 256,205 square foot mixed-
<br />use commercial office building with approximately 10, 060 square feet of ground floor retail space,
<br />approximately 1,000 square feet for a community room and 715 square feet of storage space, and
<br />approximately 12,085 square feet public plaza area on the City Property and certain real property
<br />owned by Lane and located immediately adjacent to the City Property, as legally described in
<br />Exhibit B attached hereto and commonly known as Parcels One, Two and Three of the 1900
<br />Broadway Development Project (“1900 Broadway”). The development project, as more
<br />particularly described in the Development Agreement, is hereinafter referred to as the “1900
<br />Broadway Development Project.”
<br />C.On February 20, 2026, Buyer acquired fee ownership of 1900 Broadway from Lane,
<br />and assumed, pursuant to that certain Assignment and Assumption Agreement, recorded with the
<br />County of San Mateo Recorder’s Office (the “Official Records”) on February 23, 2026, as
<br />Instrument No. 2026-008923, all rights, duties and obligations of the “Developer” under the
<br />Development Agreement with respect to the 1900 Broadway Development Project.
<br />D.Pursuant to authority granted under California Government Code Section 37350,
<br />the City may purchase, control and dispose of the City Property for the common benefit.
<br />ATTY/RESO.0051/CC RESO CONDITIONALLY VACATING SPRING STREET SEGMENT (PURCHASE AND SALE AGR) - EXHIBIT 2
<br />REV: 07-21-26 MI
<br />Page 1 of 25
<br />EXHIBIT 2
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