Faction Brewing, LLC, located on Monarch Street at Alameda Point, is behind on its rent. The company owes the City over $210,000 in rent, and an additional $11,000 in late fees.
On Tuesday, September 1, the City Council will decide whether to continue the company’s lease and allow them to pay its overdue rent over the next five years on top of regular rent. In addition, the late fee penalty would be waived if the company puts up an awning over the outdoor seating area.
This agenda item offers a window into the City’s economic philosophy for Alameda Point that, at times, appears divorced from the real world of business and unmotivated to get property off city books. Only two of the 11 aircraft hangars have been sold.
Continue reading “Rent default spotlights leasing and selling priorities at Alameda Point”
