Quick Facts about Protea Project
- May 2016- Protea enters into escrow to purchase the lot from Marina LLC.
- May 2016- Protea contacts RTB/Bay Park Boardwalk Committee seeking input on community’s desire for the build-out of the lot. An agreement in principle is reached regarding public comments, survey, and ongoing polls provided by RTB/Bay Park Boardwalk committee.
- May 24th, SANDAG records a Lis Pendens against Marina LLC.
- June 2016- Protea enters into preliminary discussion with SANDAG regarding required 158 parking spaces (subterranean) and other issues affecting potential ownership of the lot- an agreement in principle is secured.
- 9.9 Agenda BoD On 9/9/16 the Board of Directors of SANDAG voted to SEIZE (legal process of eminent domain) the lot from the current owner, Marina LLC for a Park & Ride (large parking lot). All public testimony advises Board to halt the seizure, with the exception of one in favor of the seizure… read more. Offer by SANDAG of approximately $8.9 million to Marina LLC.
- 9/10/16- Protea decides to move forward with the escrow to purchase the lot from Marina LLC. Protea is challenging the seizure of the lot.
- Lot is 1 of 3 highly contested sites that city planning wanted to rezone in 2014.
- Residents consider the lot a “Gateway” to Bay Park.
- Community survey identifies need for a grocery store on the site.
- SANDAG requires 158 parking spaces to be made available for trolley patrons which will be provided by the development- Protea will build the required parking spaces (subterranean) to accommodate trolley riders.
- Sept 30, 2016- Protera Properties closes escrow and takes title to vacant lot!