SCONDIDO — A ground lease between the city and Costco was unanimously approved Wednesday by the City Council.
The popular retailer appears ready to demolish the former Sears building at the North County Mall at 272 E. Via Rancho Pkwy east of Interstate 15. Costco and the current leaseholder, Transformco Operating Stores LLC, appear to have a deal to move forward so Costco can lease the parcel, which is owned by the city.
In 2022, the city approved similar lease documents, but Costco and Transformco could not agree on terms to transfer or terminate Transformco’s lease, according to the staff report.
However, the council’s action does not pre-approve the Costco project….
