This resolution allows the Director of Property to forgive about $1.17 million of rent owed and reduce the monthly rent to $5,000 for a tenant until September 30, 2026. It also authorizes the Director and the Mayor’s Office of Housing and Community Development to take necessary actions related to this agreement.
Resolution authorizing the Director of Property, in consultation with the Mayor’s Office of Housing and Community Development (“MOHCD”), to partially forgive approximately $1,172,500 of approximately $1,507,500 in outstanding rent obligations and reduce the monthly base rent to $5,000 per month for the remaining duration of Shew Yick, Trustee of Shew Yick Trust One, and Shew Yick and Richard Tong, Trustees of Robert Yick Exempt Assets Trust, as Lessor, and Hon So, Inc., Hon Keung So, an individual, and Candy Mei-Yiu So, an individual, as Lessee’s (collectively, “Tenant”) month-to-month occupancy to end on September 30, 2026; and authorizing the Director of Property and Director of MOHCD, or their respective designees, to take any other related actions in furtherance of this Resolution, as defined herein.
How it got here
The legislation originated from the need to address outstanding rent obligations for the New Asia Restaurant, which is part of a larger affordable housing development project at 772 Pacific Avenue.
The City acquired the property at 772 Pacific Avenue for the purpose of developing affordable housing and assumed the existing lease for the New Asia Restaurant.
The New Asia Restaurant closed due to the COVID-19 pandemic and has been unable to resume operations, leading to significant rent arrears.
MOHCD issued a Request for Qualifications to develop affordable housing on nine sites, including 772 Pacific Avenue.
CCDC was selected as the project sponsor for the affordable housing development at 772 Pacific Avenue.
The Board authorized the forgiveness of $202,500 in rent obligations owed by the New Asia Restaurant for the period of April 2020 through December 2020.
The Board approved the New Asia Senior Affordable Housing Special Use District, allowing for the development of a 100% affordable senior housing project at the property.
A resolution was introduced to partially forgive approximately $1,172,500 of outstanding rent obligations and reduce the monthly rent for the New Asia Restaurant.
The resolution requires the tenant to vacate the property by this date to facilitate the redevelopment for affordable housing.
Reconstructed from attached documents & the official record
This ordinance establishes a special use district for senior housing at specific locations on Pacific Avenue. It also confirms compliance with environmental regulations and aligns with city planning goals and policies.