TO: CRA Board of Commissioners
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: October 27, 2026
TITLE
APPROVE THE NINTH AMENDMENT TO THE GROUND LEASE AGREEMENT TO AMEND THE PURCHASE AND SALE AGREEMENT, AUTHORIZE THE CRA BOARD CHAIR TO EXECUTE ANY AND ALL RELATED DOCUMENTS TO THE SALE OF 910 W ATLANTIC AVENUE, AND AUTHORIZE CRA STAFF TO PROCEED WITH CONTRACTUAL OBLIGATIONS IN THE GROUND LEASE AGREEMENT TO EFFECTUATE THE SALE OF 910 W ATLANTIC AVENUE
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Recommended Action:
Recommendation
1. Approve the Ninth Amendment to the Ground Lease Agreement to amend the Purchase and Sale Agreement, in a form acceptable to CRA Legal Counsel;
AND
2. Authorize the CRA Board Chair to execute all documents related to the sale of 910 W Atlantic Avenue to Prime Delray Hotel, LLC, in a form acceptable to the CRA Legal Counsel, and authorize CRA Staff to proceed with contractual obligations in the Ground Lease Agreement to effectuate the sale of 910 W Atlantic Avenue, including ordering an appraisal to determine the purchase price
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Background:
In December 2010, the Delray Beach Community Redevelopment Agency (CRA) issued a Request for Proposal (RFP) with a mixed-use Development Objective for the development of office, retail or hotel to serve both residents and visitors. The RFP was ultimately awarded to Prime Delray Hotel LLC (Prime) for the development of a moderately priced flag hotel.
On April 2, 2012, the CRA and Prime Delray Hotel LLC (Prime) entered into a Ground Lease Agreement (Agreement) for CRA-owned property located at 910 W Atlantic Avenue. The Agreement was structured as part of the CRA Land Value Investment Program where Prime agreed to lease the entire development site for a 40-year term for the purpose of constructing a four-story business class hotel, which would later become the Fairfield Inn. Prime also participated in the CRA Development Infrastructure Assistance Program to construct a parking lot and borrowed $1,500,000.00 fro...
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