sell

The Valley Cities Jewish Community Center received a new lease on life late last week when its parent organization agreed in principle to sell the center property to a local partnership that will keep the JCC going. Without the agreement, the center could have shut down at the end of June, probably for good.

The parent organization, which is called the Jewish Community Centers of Greater Los Angeles, said it would accept a $2.7 million bid for the Sherman Oaks property.

The condition for this \”discounted\” price was that any developer must also agree to renovate the JCC building or construct a new facility, insiders said. Four developers are believed to have expressed interest in putting senior housing and a state-of-the-art JCC on the land. A formal purchase offer could materialize by the end of July.

Several sources close to the deal declined comment because of ongoing negotiations.