HomeMy WebLinkAbout09 - Amendment to DA2012-003 for the Uptown Newport Planned Community located at 4321 Jamboree Road (PA2025-0010) - CorrespondencePA U L
HASTINGS
1(415) 856-7000
lucasgrunbaum@paulhastings.com
VIA OVERNIGHT DELIVERYAND E-MAIL
October 3, 2025
Office of the City Clerk
P.O. Box 1768
Newport Beach, CA 92658
mperry@newportbeachca.gov; cityclerk@newportbeachca.gov
Re: Jazz Lease Renewal — Uptown Newport
To Whom It May Concern:
We understand that TSG-Parcel 1, LLC and Uptown Newport Jamboree, LLC (together,
"Applicant") requested a third amendment to that certain Development Agreement, dated March
12, 2013, by and between Uptown Newport LP and the City of Newport Beach ("Development
Agreement"). The requested Third Amendment purports to extend until September 12, 2030, the
time period during which light industrial uses may continue on the Property.1
Pursuant to binding contracts between The Picerne Group ("TPG") and affiliates of Shopoff Realty
Investments, L.P. ("Shopoff'), TPG holds legal interests in the Property. Shopoff is legally
obligated to obtain TPG's consent for any extension of the existing lease of the Property that allows
for industrial activities, i.e., the Jazz Lease.2
Mindful the Applicant has asked the City to devote public resources to land use matters, TPG
wished to notify the City that TPG has not consented to any extension of the Jazz Lease. Given
the lack of consent, the City may wish to defer taking any further actions to conserve resources.
Should you have any questions, please feel free to call or write.
' Capitalized terms not defined herein shall have the meaning set forth in the Development Agreement.
2 The Jazz Lease refers to that certain Lease dated March 12, 2002 by and between Uptown Newport Jamboree, LLC
(successor -in -interest to Conexant Systems., Inc.), as landlord, and Newport Fab, LLC, a Delaware limited liability
company, doing business as Jazz Semiconductor, LLC (successor -in -interest to SpecialtySemi, Inc.), as tenant
("Jazz") (as amended, the "Jazz Lease").
PA U L
HASTINGS
Sincerely,
�'W�
Lucas Grunbaum
Of PAUL HASTINGS LLP
cc:
Newport Beach City Council
100 Civic Center Drive
Newport Beach, CA 92660
E-mail: citycouncil@newportbeachca.gov
Newport Beach City Attorney
Attention: Aaron Harp
100 Civic Center Drive, Bay 2E
Newport Beach, CA 92660
E-mail: aharp@newportbeachca.gov
Gromet & Associates
Attention: Stevan Gromet
1278 Glenneyre Street, #308
Laguna Beach, CA 92651
E-mail: sjgromet@grometlaw.com
Shopoff Realty Investments, L.P.
Attention: William Shopoff
18565 Jamboree Road, Suite 200
Irvine, CA 92612
E-mail: bshopoff@shopoff.com
Uptown Newport Jamboree LLC
c/o Shopoff Realty Investments L.P.
Attention: William Shopoff and John Santry
2 Park Plaza Suite 700
Irvine, CA 92614
E-mails: bshopoff@shopoff.com and jsantry@shopoff.com
The Picerne Group, Inc.
Attention: Kenneth Picerne
5000 Birch Street, Suite 600
Newport Beach, CA 92660
E-mail: kpicerne@picernegroup.com