Delray Beach CRA Grants 7.4 Acres To Developer For $10 For $100.3 Million Development

Apr 10, 2019 No Comments by

The Delray Beach Community Redevelopment Agency approved a deal on April 9 with BH3 Management for a $100.3 million development on West Atlantic Avenue.

The CRA Board passed the purchased and sales agreement that will grant 7.4 acres at 600 to 800 West Atlantic Avenue to Aventura-based BH3 for the nominal price of $10.

Although the land was appraised at far more than that, the CRA gave the developer credit for public benefits in its projects, such as extra parking spaces and public spaces.

BH3 was selected by the CRA in January following a competitive request for proposals (RFP) process.

It must close on the land purchase within 30 days of obtaining a construction permit. BH3 must place $250,000 into escrow.

The AltaWest project would have 165 apartments, 43,300 square feet of retail/restaurants, a 33,000-square-foot grocery store, 21,600 square feet of offices, at least 40,000 square feet of public open space in a “frog alley” in the middle of the project, and at least 206 public parking spaces.

The developer committed to providing 12 workforce housing units on site, and another 18 workforce housing units offsite, at 11 and 21 S.W. Sixth Avenue. It also agreed to hire at least six local subcontractors and at least 30 laborers, and pay wage of at least $13.64 for unskilled construction labor and $18.70 for skilled construction labor.

The developer will help the existing businesses on the property relocate to new space, according to the agreement.

AltaWest still needs site plan approval from the City Commission, plus numerous other agreements to make the terms of the development agreement official.

 

Source:  SFBJ

 

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