NEWPORT BEACH : City to Buy Building, Raze It for Parking
The city of Newport Beach will buy a vacant bank building near City Hall and raze it to put in a parking lot.
In a closed session, the City Council voted Monday night to spend $787,500 to buy the Wells Fargo Bank building at 600 E. Balboa Blvd.
The building will be demolished to make way for a parking lot with 39 metered spaces.
City Manager Kevin J. Murphy said the money will come from parking meter proceeds aimed at purchasing new public parking areas.
The city spent three months negotiating the deal to bring the price down from $1.4 million, Murphy said. As part of the deal, the city will allow Wells Fargo to keep an ATM on the site.
Public works employees are expected to have demolition and reconstruction plans ready to open bids within a month.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
