TO: CRA Board of Commissioners
FROM: Ivan Cabrera, AICP, Redevelopment Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: November 12, 2020
Title
DISCUSSION - LETTER OF INTENT TO PURCHASE CRA OWNED PARKING LOT - 362 NE 3RD AVENUE
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Recommended Action:
Recommendation
Discussion on the Letter of Intent to Purchase a CRA-Owned Parking Lot located at 362 NE 3rd Avenue.
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Background:
The CRA has received one unsolicited Letter of Intent from The Knight Group, LLC (“Knight”) on September 22, 2020, to purchase the Property.
In 2010, the CRA acquired the Property, a blighted parking lot located on NE 3rd Avenue near NE 4th Street, to supplement parking for businesses locate in the immediate area. In 2011, the CRA completed improvements to the Property. The Property has a capacity of 43 parking spaces with two (2) spaces reserved for ADA parking. Nearby businesses include Bedner’s Farm Fresh Market, Arts Warehouse, Salty Dog, Spengler Construction, among others.
The City of Delray Beach owns and maintains a nearby public parking lot located at 353 NE 3rd Avenue which has a capacity of 14 parking spaces with one (1) space reserved for ADA parking.
The subject Property details are in the below chart:
Knight’s Letter of Intent proposes a purchase price of $850,000 for the purpose of developing and constructing 40 residential rental units with 25% of those units (which equates to 10 units) restricted for the low-income category of workforce housing. Knight’s Letter of Intent states that their goal “is to cater to the single young professional market who cannot support the market rents at other rental communities in downtown Delray Beach.”
The subject Property is located in the NE 3rd Avenue/NE 3rd Street area. In this area, there is an infrastructure improvement project that the City and CRA have been working on for several years. This project will provide needed upgrades to the aging pipes and accommodate future growth f...
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