Agmt26 1900 Broadway Owner, LLC - Laserfiche WebLink

Browse Search

PURCHASE AGREEMENT OF REMNANT PROPERTIES BY AND BETWEEN CITY OF REDWOOD CITY AND 1900 BROADWAY OWNER, LLC THIS PURCHASE AGREEMENT OF REMNANT PROPERTIES ("Agreement") by and between 1900 BROADWAY OWNER, LLC, a Delaware limited liability company ("Buyer"), and the CITY OF REDWOOD CITY, a charter city and municipal corporation ("City" each a "Party" and collectively the "Parties"), is made and entered into as of 26 ("Effective Date"). RECITALS A. All terms are defined throughout this Agreement as indicated in bold language. The City owns certain underutilized real property located in the City of Redwood City, County of San Mateo, State of California totaling approximately 21,104 square feet, as legally described in Exhibit A-1 attached hereto, and commonly known as Parcels Four, Five, Six and Seven of the "1900 Broadway Development Project" (as defined in Recital B below). The City -owned real property includes a small parklet located in the northern and north-eastern part of the City Property ("Spring/Marshall Parklet") and a segment of Spring Street between Main and Walnut Streets ("Spring Street Segment"), as depicted on Exhibit A-2 attached hereto. All of the real property described in this Recital A shall be collectively referred herein as "City Property." B. On October 28, 2024, the City Council approved Ordinance No. 2543, in which the City Council approved and adopted a Development Agreement dated December 26, 2024 and recorded in the Official Records of the County of San Mateo on January 23, 2025 as Instrument No. 2025-003096 (the "Development Agreement") by and between the City and Lane 1900 Broadway Owner LLC, a California limited liability company ("Lane"), wherein Lane agreed, among other things, to develop a 7 -story, 92 -feet tall, approximately 256,205 square foot mixed- use commercial office building with approximately 10, 060 square feet of ground floor retail space, approximately 1,000 square feet for a community room and 715 square feet of storage space, and approximately 12,085 square feet public plaza area on the City Property and certain real property owned by Lane and located immediately adjacent to the City Property, as legally described in Exhibit B attached hereto and commonly known as Parcels One, Two and Three of the 1900 Broadway Development Project ("1900 Broadway"). The development project, as more particularly described in the Development Agreement, is hereinafter referred to as the "1900 Broadway Development Project." C. On February 20, 2026, Buyer acquired fee ownership of 1900 Broadway from Lane, and assumed, pursuant to that certain Assignment and Assumption Agreement, recorded with the County of San Mateo Recorder's Office (the "Official Records") on February 23, 2026, as Instrument No. 2026-008923, all rights, duties and obligations of the "Developer" under the Development Agreement with respect to the 1900 Broadway Development Project. D_ Pursuant to authority granted under California Government Code Section 37350, the City may purchase, control and dispose of the City Property for the common benefit. ATTY/AGR.2026.203/KILROY 1900 BROADWAY CITY PARCELS PURCHASE AND SALE AGREEMENT REV: 07-14-26 VR