It may be out with the old and in with the new for one iconic Malibu restaurant.
The LA Board of Supervisors is moving to replace Malibu’s Gladstones with a new establishment after the aging restaurant’s lease expires in October 2017.
The famous coastal seafood joint, Gladstones has operated under several different owners since 1972 but the property has always been owned by the state. Whenever the lease goes up for renewal, the state puts up a request for others to bid on it.
The motion, submitted by County Supervisor Sheila Kuehl on Aug. 9, seeks to expand the lease agreement of the property to 40 years and require a redevelopment plan for the facility.
Current state legislation only allows lease agreements up to 20 years. Kuehl’s motion expands the length of the lease in an effort to allow property owners time to recoup the cost of the renovation.
Kuehl’s motion does not limit the current owners of Gladstones from rebidding on the same property.
“This wasn’t some, ‘Let’s do this to Gladstones — this lease was coming to an end,” Carol Baker, Spokesperson for LA County Beach and Harbors, said. “We need to think about what’s the best way to move forward on this iconic property. That’s all the motion did.”
Kuehl’s motion asks for a redevelopment of the building “because the existing facility is seriously deteriorated and outdated.” Baker said if the new owner is already making substantial renovations, a new design plan may be necessary.
“It’s a harsh environment. It’s right on the ocean,” said Baker. “That property experiences a lot of wear and tear. An operator will need to address that — while you’re at it, what is your concept?”
Some ideas are already brewing, including from former mayor of Los Angeles and current majority holder of Gladstones Richard Riordan.
“I just woke up in the middle of the night last night and had an idea, maybe put a museum there and one third of the museum is a great restaurant,” Riordan said.
Riordan said he’s not officially tied with the new development plans in any capacity, but likes the concept.
“I think it’s a good idea if they can put the pieces together,” Riordan said.
The county doesn’t have any attachments to what the property will become; their only hope is it will attract the same level of success as Gladstones did in its heyday.
“We’re assuming it’s going to be a restaurant, but you never know what’s going to happen in the bid process,” Baker said. “We’re asking it’s being repositioned for success.”
In May of this year, Gladstones had its rent reduced to $875,000 annually — down from $1.7 million, according to the LA Daily News. The motion requesting the reduction of rent said, “The advantages of approving the proposed amendment include minimizing county loss of revenue from immediate closure of the restaurant,” as well as making maintenance and security costs more affordable for the operator.
The Daily News reported the restaurant was running a monthly deficit of $100,000.