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Article: Malibu cuts rent for lumber yard; wastewater costs soaking celebrity mall.(REAL ESTATE)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 5, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The developer of the Malibu Lumber Yard has gotten a financial break from the city, because the upscale shopping center has leased up slower than expected while costs of an elaborate on-site wastewater treatment system have run higher than anticipated.
The break could be worth $100,000 or more annually by allowing developer and owner Malibu Lumber LLC to defer a portion of its rent for the city-owned land. The revised deal was approved by the Malibu City Council on Sept. 29 in a 5-0 vote.
The 31,000-square-foot center has been a high-profile one, even before it opened in April with a star-studded party. That's because it was the first such retail center ...
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