Council OKs Shopping Center Agreement

Sitting as the Ventura Redevelopment Agency, the Ventura City Council has approved an exclusive negotiating agreement with a group of developers planning to build an upscale retail shopping center downtown.

The four-month agreement provides the Ventura Realty Co. exclusive rights to develop the historic Peirano building, the oldest brick structure in Ventura.

Developers Tom and Jack Wood are proposing a two-story retail complex at the site, which is directly across Main Street from San Buenaventura Mission.

The two men last year signed a similar agreement, which expired in March.

But two months before that agreement lapsed, another group of developers proposed a movie theater and retail center on Main Street at the corner of Palm Street.

The theater proposal spurred the Woods to review their plans for the Peirano building in an effort to allow both projects to be constructed simultaneously.

“Now we can develop that whole city block into a master plan,” Councilman Gregory L. Carson said. “It’s good planning for the city.”

The agreement gives Ventura Realty six months to come up with building plans for the historic structure, which operated as a general store for generations before being purchased by the city in 1987.

The deal also calls for Ventura Realty to submit a $20,000 good-faith deposit, which would be refunded if no project is built.

A similar agreement with the developers of the proposed movie theater and retail center expires this August.

Councilman Steve Bennett cast the only dissenting vote, saying he would rather see if alternatives are presented by other developers.

“Let’s go ahead and move forward with the movie theater and see what kind of deals show up,” he said.