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
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
City may immediately begins marketing space for new tenant
• F
Staff Recommendation
Introduce an ordinance authorizing the City Manager to execute a Second Amendment to the Lease with Park Street Wine Cellars to modify lease termination date and accelerated repayment of rent deferral.