Nishi Gateway and Third Space Art Collective Reach Leasing Agreement

Third-Space

(From Press Release) On June 3rd, Tim Ruff, managing partner of the Nishi Gateway Innovation Park, and representatives of the Third Space Art Collective have reached a lease agreement.

“Third Space Art Collective has reached an agreement with Tim Ruff / Nishi Gateway, LLC on new leasing terms at their current 946 Olive Drive location. The new lease is for two guaranteed years, and includes a 40% reduced rent, and relocation fees to be received when the The Collective must move due to eventual development of the area. Third Space’s current lease has been month-to-month, so this new lease provides a longer stay for the artists working at the space.

“With this option, we’re able to continue serving the community at our Olive Drive location for the next couple of years,” said Dylan Wright, Co-Founder and Facilities Director.

Mr. Ruff states: “The Third Space Art Collective has been a valuable part of our community since its establishment in 2013. We’ve been working with them so that they can continue to serve the artistic interests of our community, and I’m excited that we’ve come to an agreement to help them remain in our community. The rent reduction and relocation fees will help them save money towards a new facility. The Collective will continue to provide a space for artistic innovation and exhibition for years to come.”

“Local businesses and West Olive Drive property owners were part of the first outreach to stakeholders over 3 years ago when we met on Olive Drive to discuss the upcoming public process for the Nishi development.”

Rocknasium, Rock Band University, The Green Bike Depot and other Olive Drive businesses, have publicly endorsed Yes on Measure A.

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7 thoughts on “Nishi Gateway and Third Space Art Collective Reach Leasing Agreement”

    1. Fred

      Olive Drive is being widened to a 5 lane road to accommodate thousands more cars driving to the new Nishi development and the 3rd space building will be torn down.The developer owns options on the building.

       

      1. hpierce

         

        If it (W Olive) is widened to 5 lanes (and bike lanes) there is more than one building that will need to disappear… and it would also require the elimination of on-street parking… which would likely damage or kill some of the businesses.

  1. Marina Kalugin

    I see ….and then the place will be torn down and then rebuilt and charged a much higher rent….the same developers that will be making a killing on Nishi also….what a lovely scenario…

    too bad it ain’t gonna happen if enough people vote…

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