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CALIFORNIA EMINENT DOMAIN LAW BLOG

Oxnard’s Shopping Center Closer to Redevelopment, 1/25/11

By A.J. Hazarabedian

In July of last year we wrote about the Carriage Square shopping center in Oxnard and the center’s owners’ desire to redevelop the property.  At the time, a few tenants were holding out, requesting to be part of the redeveloped center.

Last week, the Ventura County Star reported that the Oxnard Redevelopment Agency was “close to clearing out the last holdout tenant” in order for the developer to revamp the center and bring in a new, larger tenant: Lowes.

The article, “Old Oxnard shopping center almost cleared out for new project,” indicates that the “holdout tenant,” O’Reilly Auto Parts, agreed to move out by January 31st for $39,000.  This deal terminated their two year lease “which had very favorable terms, according to court documents.”

The City’s Community Development Director, Curtis Cannon, added that the City and developer are trying to find a replacement location for the auto parts store.

The new Lowes is planned to open in early 2012.

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COPYRIGHT © 2010 Arthur J. Hazarabedian, Esq.