Demolition of buildings at the closed Aviation High School campus will be begin this week, following the close of escrow on more than 24 acres of the North Redondo property.
After lengthy negotiations last year, Overton, Moore & Associates purchased the land for $14.5 million. The Carson-based developer plans to build two-story office buildings totaling about 600,000 square feet of space. The firms head, Stanley Moore, said Thursday that demolition work should take 90 days and construction should begin in June.
Under its agreement with the South Bay Union High School District, Overton, Moore has made a 10% down payment--which, after accounting for real estate fees and other costs, amounted to $777,535 for the district--and will continue to make quarterly interest payments of $391,500 for the next four years, said Roland Jarvis, director of internal management for the school district. In four years, the firm will pay the district a final lump-sum payment of $13,050,000, according to Jarvis.
Out of Land Business
"We're finally out of the real estate business and now we can get back to something else," said Jarvis, adding that initial grading work is scheduled to begin within a week.
Another 11.2 acres of Aviation property has been set aside for open space and recreation purposes as a result of a city ballot initiative last summer. The city, which will lease the land for $1 a year, has agreed to help rehabilitate and maintain the run-down recreation facilities at a cost in excess of $1 million.
The city has also agreed to purchase a remaining 3.2-acre parcel at the corner of Aviation and Manhattan Beach boulevards for $2.785 million. The land may be used for senior citizen housing and parking for the Aviation auditorium, gym and field, according to city officials.