DATE: August 18, 2020
SUBJECT:
Title
ORDINANCE GRANTING A LEASE TO LOUISIANA CHARLIE'S, LLC FOR A FAST-CASUAL RESTAURANT AT SEAPORT VILLAGE LOCATED AT 849 W. HARBOR DRIVE, SUITE W-11B FOR A TOTAL 10-YEAR TERM
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EXECUTIVE SUMMARY:
Seaport Village is a tourist-oriented retail shopping center consisting of approximately 90,000 square feet of specialty retailers, restaurants, outdoor entertainment, and parking on an approximately 14-acre bayfront site located at 849 West Harbor Drive in San Diego, California. On October 1, 2018, the District assumed ownership of the Seaport Village assets, which consists of 32 buildings, including one over-water structure. Since then, the District has made strategic operational and financial investments to improve the overall experience and success of the shopping center for both locals and visitors alike. An essential component to this success is the District's ability to secure tenancies quickly to increase occupancy, attract additional foot traffic, and generate higher revenue to the District. As a result, one of staff's primary objectives has been to fill the existing vacancies at Seaport Village with new high-caliber tenants with Public Trust compliant uses.
Since assuming ownership of Seaport Village, in collaboration with the District's broker, Retail Insite, staff has successfully filled 11 vacant spaces. Staff has also engaged with dozens of prospective tenants, resulting in several competitive letters of intent (LOI) for the District's consideration. Today, staff seeks the Board of Port Commissioner's (Board) approval of an ordinance granting a lease to Louisiana Charlie's, LLC (Louisiana Charlie's) an experienced, exceptional fast casual barbeque operator to fill a vacant space located in the Carousel District at Seaport Village. This prospective tenant will fill a key vacancy and generate a positive fiscal impact for the District, increase market demand for the remaining vacancies, and generate momentum and...
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