"An affordable housing nonprofit has put the kibosh on selling some Santa Monica buildings to developer Leo Pustilnikov. At a Santa Monica City Council meeting last week, officials disclosed that they had privately discussed a potential sale of 419 and 1616 Ocean Avenue, properties controlled by Community Corporation of Santa Monica, the Santa Monica Daily Press reported. Any transaction would require city approval because Santa Monica deeded 419 and 1616 Ocean to the nonprofit in 2016 and retained reacquisition rights."
"After the private discussions, Mayor Caroline Torosis said the City had been asked by both CCSM and Pustilnikov to evaluate a potential deal between the parties. The city discussed the potential real estate transaction in closed session, given that Mr. Pustilnikov is considering other interim [and] transitional housing uses at 413 Ocean, including a possible project with the Office of Diversion and Reentry for what has been described to the city as prisoner housing,' Torosis said."
"Community Corporation of Santa Monica] has shared that they need the funds that they would accrue from selling 419 Ocean Avenue to help stabilize their operations. Also, Mr. Pustilnikov has indicated that if the city signed off on the transaction, he would forgo any proposed interim [and] transitional housing use at 413 Ocean Avenue. We are aware that [Community Corporation of Santa Monica] is also considering selling other properties they own to Mr. Pustilnikov."
Community Corporation of Santa Monica considered selling 419 and 1616 Ocean Avenue to developer Leo Pustilnikov. Santa Monica deeded those properties to the nonprofit in 2016 and retained reacquisition rights, so any sale requires city approval. CCSM and Pustilnikov asked the city to evaluate a potential deal, prompting closed-session discussions. Pustilnikov was also considering interim and transitional housing uses at nearby 413 Ocean, including a possible project with the Office of Diversion and Reentry described as prisoner housing. CCSM said it needed sale proceeds to stabilize operations but later confirmed it was no longer negotiating with Pustilnikov.
Read at therealdeal.com
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