It’s a sad day for locals who love the revered Balboa Village Market as city officials have reached a tentative agreement to buy the property. The purchase is likely to lead to the landmark store’s demolition as officials hope to use the space for parking.
The colorful market which is said to have been built in 1938 known for its extravagant exterior murals was closed three years ago, a closure blamed on the village’s dismal economic climate. This week, even worse news came for those who loved the Balboa Village Market as city officials edge closer to purchasing the store with plans for demolition in the near future.
Since its closure, the Newport Beach market has been in the corner of city official’s eyes as they attempt to make room in the neighborhood for more parking. There is an adjacent parking lot which is rumored to be expanded upon once the building is demolished, in hopes that it will help to breathe new life into the area known for its rich assortment of shops and entertainment.
Leo Gugasian, a local business man who owns the Balboa Village Market says, “It’s always been tough down there because there’s no parking. This is going to help the area tremendously.”
No one is disclosing the proposed selling price, but owner Gugasian has said that it “would be a good deal for the city.” The plan will be reviewed once again by the “City Council on January 12 and if it is approved, it will then go through a 90-day escrow,” adds Gugasian.
While many are saddened by the news of the landmark’s demise, Gugasian sees it as a sacrifice of one vintage structure which will benefit others in the area.