May 2016- Protea enters into escrow to purchase the lot from Marina LLC.
May 2016- Protea contacts RTB/Bay Park Boardwalk Committee seeking input on community’s desire for the build-out of the lot. An agreement in principle is reached regarding public comments, survey, and ongoing polls provided by RTB/Bay Park Boardwalk committee.
May 24th, SANDAG records a Lis Pendens against Marina LLC.
June 2016- Protea enters into preliminary discussion with SANDAG regarding required 158 parking spaces (subterranean) and other issues affecting potential ownership of the lot- an agreement in principle is secured.
9.9 Agenda BoD On 9/9/16 the Board of Directors of SANDAG voted to SEIZE (legal process of eminent domain) the lot from the current owner, Marina LLC for a Park & Ride (large parking lot). All public testimony advises Board to halt the seizure, with the exception of one in favor of the seizure… read more. Offer by SANDAG of approximately $8.9 million to Marina LLC.
9/10/16- Protea decides to move forward with the escrow to purchase the lot from Marina LLC. Protea is challenging the seizure of the lot.
SANDAG requires 158 parking spaces to be made available for trolley patrons which will be provided by the development- Protea will build the required parkingspaces (subterranean) to accommodate trolley riders.
Sept 30, 2016- Protera Properties closes escrow and takes title to vacant lot!