The Long Beach Redevelopment Agency Board today voted to lend $500,000 in Downtown Project Area funds to Rudy
Medina and Luis Kaloyan of 350
Entertainment Group for the development of The Vault 350.
The loan would be used for "working capital and to purchase furniture, fixtures and equipment" for the entertainment venue at 350 Pine Ave.
Medina and Kaloyan would receive a $500,000 loan with a 3.5 percent fixed annual interest payable in 10 years or amortized over 15 years. Developers would pay about $3,574 a month.
This is in addition to the $250,000 facade improvement grant the agency approved in September. The developers said they will use that money to outfit the exterior with a cinematic marquee, box office and presentation case to announce programming and merchandising opportunities. They intend to incorporate some of the 1920s Greek Revival architecture recently uncovered from inside the building, built in 1921 by Parkinson & Parkinson, the architects of the Los Angeles Memorial Coliseum.
San Diego natives Medina and Kaloyan purchased the venue for $3.5 million from foreclosure about a year after its last owner, Mitchell Stewart of Network Development LLC, died of a heart attack.
Medina, 51, who owns Medina Investments and Development, a boutique urban infill firm, and Kaloyan, 46, who owns X1FM Network Radio, an interactive live broadband radio station, have been working on more than $5million in renovations to the building, which they hope will be a multifaceted venue that could house concerts and private and public events. The mezzanine is near completion and both have said they plan to open in the first quarter of 2010.
The loan would be used for "working capital and to purchase furniture, fixtures and equipment" for the entertainment venue at 350 Pine Ave.
Medina and Kaloyan would receive a $500,000 loan with a 3.5 percent fixed annual interest payable in 10 years or amortized over 15 years. Developers would pay about $3,574 a month.
This is in addition to the $250,000 facade improvement grant the agency approved in September. The developers said they will use that money to outfit the exterior with a cinematic marquee, box office and presentation case to announce programming and merchandising opportunities. They intend to incorporate some of the 1920s Greek Revival architecture recently uncovered from inside the building, built in 1921 by Parkinson & Parkinson, the architects of the Los Angeles Memorial Coliseum.
San Diego natives Medina and Kaloyan purchased the venue for $3.5 million from foreclosure about a year after its last owner, Mitchell Stewart of Network Development LLC, died of a heart attack.
Medina, 51, who owns Medina Investments and Development, a boutique urban infill firm, and Kaloyan, 46, who owns X1FM Network Radio, an interactive live broadband radio station, have been working on more than $5million in renovations to the building, which they hope will be a multifaceted venue that could house concerts and private and public events. The mezzanine is near completion and both have said they plan to open in the first quarter of 2010.
Karen Robes Meeks came to work for the Press-
Is the loan being made to them as individuals, or to their corporation/llc? It will be interesting to see who will assume responsibility if there ever is a default on the loan.
Does anyone have the Owners email address?