The city has proposed development agreements with the owners of the two properties that have been put on the market. Also, the Malibu Bay Co.-owned Trancas Market went into escrow recently, although it is not know if escrow closed.
By Jonathan Friedman / Assistant Editor
Two properties involved in separate potential development agreements with the city of Malibu could have new owners soon. The Wave property, located behind the old City Hall on Civic Center Way, is up for sale. And the Schultz site, located on Civic Center Way near Cross Creek Road, could have a buyer ready by next week.
The Malibu Residential Housing Group, which is composed of Pepperdine University as a general partner and First American Title Co. and attorney Paul Shoop as limited partners, owns the 9.2-acre Wave property. Last year, the company offered to donate two acres of the property to the city in exchange for a variance to increase the amount of square footage it is allowed to construct on the site, which is currently zoned for office buildings. According to a real estate flyer, the property is being offered with the development agreement included. Councilmember Sharon Barovsky said she expects the offer to remain even if the site has a new owner.
“I have no reason to think Pepperdine will not honor its commitment,” Barovsky said.
Dennis Torres, the university’s real estate director, was out of the office on Tuesday when The Malibu Times called for comment.
The Wave property has become a city target for acquisition since the city’s hired consultant, Questa Engineering Corp., reported last year that it was the best Civic Center area property for a wastewater treatment facility. The facility would be connected with a storm water treatment system at the Chili Cook-Off site. The two acres offered by Malibu Residential would be more than enough land to fit the facility, according to the Questa report.
The Schultz family, which owns the six-acre property housing the Papa Jacks State Park in the Civic Center area, has hired the Charles Dunn Co. to sell its property. Brian Jensen, a broker with Charles Dunn, said he has received several offers for the site and that a contract could be prepared for a sale as early as next week.
City Planning Manager C.J. Amstrup said the Schultz family currently has two incomplete applications with the city for a 20,850-square-foot office park consisting of six, one-story structures and a 16,000-square-foot building (originally proposed to be Longs Drug Store, but Amstrup said he believes that no longer is the plan). The single-building project had been proposed as part of a development agreement enabling the applicant to obtain an increase in square footage. As a public benefit in the agreement, a small corner park and a new skate park would be built on the property. The current skate park would be demolished.
Amstrup said the applications are currently on hold until the possible sale of the property is completed.
Trancas Market possibly
in escrow
A source familiar with the negotiation told The Malibu Times that the Trancas Market property owned by the Malibu Bay Co. was in escrow recently, although the source did not know if escrow had closed. The source also declined to give the name of the potential buyer.
The property is located at the intersection of Pacific Coast Highway and Trancas Canyon Road and includes HOWS Trancas Market, Zuma Beach General Store and a Starbucks.
Malibu Bay officials declined to comment on the escrow.