2315 Central Avenue – Park Street
Wine Cellars, Inc. (PSWC)
October 17, 2023
2315 Central Avenue: Background
• Storefront with 700 square feet of space in Alameda
Historic Theatre complex in Alameda’s downtown
business district
• Lease Commenced October 16, 2019
• Lease Term Expires April 15, 2025
2315 Central Avenue: Lease Status
• Tenant reached out to staff to discuss early termination • Health issues threaten tenant’s ability to continue
business
• 20 months remaining on lease
• https://media.merchantcircle.com/56087202/1579134191.73-6fc0473b66f20e5fccf651ad5d4dd4a1_medium.jpeg Tenant’s Proposal
City immediately begins marketing space for new tenant.
PSWC will:
• Continue normal operations through Dec. 31, 2023
• Sell off inventory and clear out space during January 2024; terminate lease January 30, 2024
• Option for PSWC to twice extend operations by 2 weeks if needed • At lease termination, PSWC pays remaining COVID deferred rent of $4,272.19
• In the event a new tenant wants to take over the space before Feb. 2024, PSWC will work with City and new tenant to facilitate early transition
• F
Staff Recommendation and Next Steps
• Direct staff to execute second lease amendment per tenant request to avoid future disputes over lease payments or hours of operation given tenant's health issues and inability to continue operating business, and allow immediate marketing of building for new tenant.