Palo Alto and The Sobrato Organization have reached a sweeping deal that would pave the way for redevelopment of the former Fry's Electronic site to a

Sweeping deal aims to transform former Fry's Electronics site

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2022-06-23 18:00:11

Palo Alto and The Sobrato Organization have reached a sweeping deal that would pave the way for redevelopment of the former Fry's Electronic site to accommodate new townhomes, a park and an affordable-housing project while allowing the property owner to retain research and development uses.

Mayor Pat Burt announced the agreement on Tuesday night, immediately after the City Council met in a closed session to discuss the property at 340 Portage Ave., which has been subject to extensive debate since the departure of Fry's in 2019. The one-time cannery building is also at the heart of the North Ventura Coordinated Area Plan, the city's long-range plan for transforming a 60-acre portion of the Ventura neighborhood.

The council plans to further discuss the concept in August, at which time it will solicit public comments before staff and property owner Sobrato prepare a more detailed development agreement that would be presented to the Planning and Transportation Commission and the council, according to the city.

The tentative agreement offers a path toward resolution in the legal dispute between Sobrato and the city pertaining to allowed uses at the Portage Avenue site. As part of its Tuesday action, the council has directed staff to draft a tolling agreement that would delay any litigation by Sobrato against the city while the formal agreement is being developed.

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