TO: CRA Board of Commissioners
FROM: Renée A. Jadusingh, Esq., Executive Director
DATE: April 30, 2025
Title
DISCUSSION - PROPERTIES LOCATED 330, 350, AND 358 NE 4TH STREET
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Recommended Action:
Recommendation
Board discussion and direction.
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Background:
The Subject Properties (Properties) located at 330, 352 and 358 NE 4th Street, Delray Beach, Florida (CRA Sub-Area #2). They are generally bounded by the Florida East Coast (F.E.C.) Railway to the east, Artist Alley to the west, NE 4th Street to the north, and the CRA-owned Arts Warehouse (located at 313 NE 3rd Street) to the south.
The Properties currently consist of four single-story commercial and warehouse buildings that total approximately 32,636 SF, with the land totaling approximately 1.91 acres (83,200 SF); the Properties are zoned Central Business District, are currently vacant, and are all owned by SW Delray Artist Alley, LLC (“Seller”).
In August 2014, the Properties were foreclosed upon and were set to be sold at public auction in November 2014, which was later rescheduled to February 2015. In an attempt to acquire the Properties to execute the CRA’s Community Redevelopment Plan retail strategy to redevelop NE 3rd Street and Artist Alley in order to provide better access and character to the area, the CRA obtained an appraisal of the Properties. Ultimately, the CRA was not able to purchase the Properties at the time of public auction, nor at the time when the Properties were later sold to the Seller.
In May 2024, the Seller’s representative contacted CRA Staff and stated that the Properties were available and listed for sale. Subsequently, CRA Staff requested two appraisals in 2024, and the Seller’s representative provided a third appraisal in 2025. Below is a summary of the appraisals:
PREPARED FOR CRA
Report Date Appraiser Market Value
7/25/2024 Anderson Carr $19,250,000
10/3/2024 Callaway and Price, Inc. $19,200,000
PREPARED FOR SELLER
Report Date Appraiser Marke...
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