Option Agreement for Lease & Development of OPH

On September 7, 2004, the Board of Port Commissioners authorized entering into an Exclusive Negotiating Agreement (ENA) with Seaport Village Operating Co., LLC (GMS Realty, LLC) for negotiation of an Option Agreement to lease and redevelop the Downtown Historic Harborfront Site.

On February 1, 2005, the Board adopted an ordinance granting an Option Agreement to Seaport Village Operating Co., LLC (GMS Realty, LLC) to lease and redevelop the Downtown Historic Harborfront Site with the components described as part of the Old Police Headquarters and Park Project. The Option Agreement preserves the ability of the Port to issue a Request for Proposals in the future for the implementation of the Sasaki/Quigley plan, or other master plan concept, with GMS Realty’s agreement for the lease to include an early buy-out provision. The Agreement also includes the option for the Port to purchase the existing Seaport Village lease if it decides to move forward with a redevelopment plan.