The city of San Ramon completed its sale of the old city hall site Monday, formally closing escrow on the transaction to sell the four parcels on Camino Ramon to private investment firm OlymBuilder Investment Company, Inc. for $6.1 million.
The sale proceeds will be used to fund the ongoing renovation project at the San Ramon Library, which is located across Bollinger Canyon Road from the new, two-story San Ramon City Hall that opened in late April.
"The City Council is very pleased that the growth in San Ramon's commercial real estate market allowed us to fund the majority of our newly renovated library through a one-time revenue event." Mayor Bill Clarkson said in a statement.
"Over a 12-month period, we were able to open a new City Hall, sell our old City Hall and open what is essentially a new library, all of it without taking on new debt for the community," Clarkson added.
OlymBuilder Inc. (OBI) plans to renovate the single-story office buildings at the old city hall site (2220, 2222, 2226 and 2228 Camino Ramon) and then relocate its company headquarters to one of the buildings and lease out the other spaces to small start-up companies, according to real estate agent Jameel Batshon, of Dublin-based Cornerstone Realtors, who represented the buyer.
OBI is a private investment company that specializes in education, real estate, import-export, recreation and high-tech investments, according to Batshon.
The firm stepped in to acquire the property after the city's first purchase agreement with another buyer fell out of escrow, according to Eric Figueroa, San Ramon's assistant city manager. That first prospective buyer has not been identified publicly.
San Ramon city staff originally placed the four Camino Ramon parcels on the sale market in January, roughly four months before officials moved San Ramon's city offices into the new, state-of-the-art, 45,000-square-foot City Hall at 7000 Bollinger Canyon Road.
Home to San Ramon's city offices since the mid-1980s, the Camino Ramon office complex had outgrown its usefulness and had always been planned as a temporary site for city hall, according to city officials.
The new City Hall was built for the city for $15 million by Bishop Ranch owner Sunset Development Co. on a portion of the city's Central Park. The construction deal covered an outstanding loan on a piece of land Sunset Development acquired from the city and the price under an option it had to re-acquire another piece of property from the city, according to company officials.
The modern, two-story building is located across the street from the San Ramon Library at 100 Montgomery St., which has been closed for renovations since August 2015.
The library upgrades include adding about 3,200 square feet of interior space along with new study rooms, automated self-checkout and return machines, more space for children and designated quiet reading areas for adults.
With the renovation construction on track to be completed in December, the revamped library is set to open to the public next March, according to Figueroa.
San Ramon city officials hope the new City Hall and upgraded library will serve as part of a vibrant community hub in the area that also includes Central Park, the Community Center, the Bishop Ranch business park, the Iron Horse Regional Trail and the site of Sunset's planned City Center at Bishop Ranch retail, residential and commercial complex.