Project Status For: House of Mori, Walnut Creek Site Selection

Project Description

Project Timing

  • Start Date: 04-22-2014
  • Predicted End: 08-01-2014

Current Tasks

4/21: Begin fleshing through all off-market sites while opening dialogue with brokers of vacant spaces, identifying short list of prospective locations.

Current Holds

Top Locations that need immediate response (see Dropbox for details):
#1. 1275 S Main St (Fresh Greens site)
#2. The Village (mall redevelopment project)
#3. 1500 Walnut Creek (Main St. redevelopment project near mall)

Project Overview and Overall Progress

20% 20% Identify Short List of Prospective Sites

Step #1: Exhaust all prospective locations both on and off market, determining where potential deals may exist. Rank those locations according to desirability and begin developing a short list of 1-3 locations. *NOTE: It's a good idea to begin developing a relationship with Walnut Creek's Planning Department during this phase so you can hit the ground running with your licensing, planing and permitting once your ideal location is identified.

40% 40% Submit LOIs for Short List

Once short list is identified, begin submitting Letters of Intent ("LOI's") to each location's owner/landlord representative. The LOI outlines the salient terms of a lease agreement -- it is non-binding but is used as a starting point in developing a lease draft. I will place a sample LOI in the Dropbox.

60% 60% Negotiate Preliminary Term Sheets for Short List

This is the "redlining" process of the negotiations, in which the LOI is marked up or "countered" back and forth between the tenant and landlord until all points are agreed upon. Again, due to the non-binding nature of this process, it's acceptable to negotiate on several spaces simultaneously, although some landlords frown on this if you cancel in the 11th hour, so we need to be strategic during this phase.

80% 80% Select Top Site and Begin Formal Lease Negotiations

Once the LOI for your top site has been signed off by both parties, the final step of the process is to begin drafting the final lease agreement. This is the point where we need to engage a lawyer to ensure that you are offered ample protection in the lease. Once we complete the final round of countering between each side's legal representation, the lease is signed by both parties and fully executed. Normally, you would then be able to take possession of the space, complete the licensing, planning and permitting process with the city, and ultimately commence construction of the tenant improvements.