TO: CRA Board of Commissioners
FROM: Elizabeth Burrows, Economic Development Manager
THROUGH: Jeff Costello, CRA Executive Director
DATE: July 12, 2018
Title
SITE DEVELOPMENT ASSISTANCE PROGRAM FUNDING ASSISTANCE APPLICATION - ILLUSTRATED PROPERTIES REALTY (700 E. ATLANTIC AVENUE)
Body
Recommended Action:
Recommendation
Approve the Site Development Assistance Program Grant Agreement with Illustrated Properties, LLC for the proposed interior improvement project located at 700 E. Atlantic Avenue, for an amount not to exceed $37,122.00.
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Background:
Founded in 1975, Illustrated Properties has operated as a top-performing luxury real estate brokerage firm in the area for many years. The company leases a 1,600 SF space at 700 E. Atlantic Avenue, in Sub-Area #2 of the CRA District, where its staff and agents help clients with residential and commercial real estate transactions. Recently, Illustrated Properties merged with the Keyes Company, making the combined firm the number 1 brokerage firm in the State of Florida. With the merger in effect, the Keyes Company is taking over many of the Illustrated Properties branches, but in select markets such as Delray Beach, the Illustrated Properties brand will be utilized to more effectively reach their target market.
As a result of the merger, local Keyes agents will be moved to the Illustrated Properties branch, nearly tripling the team from 36 associates to 90. To accommodate the larger team at the Atlantic Avenue space, Illustrated Properties will renovate and reconfigure the office to create more open and modern workspace and reception areas. Some of the interior walls will be demolished and new glass walls will be installed to provide a more accessible feel. Additional improvements include updates to the electrical, plumbing and HVAC systems; upgraded floors and walls; and new built-in cabinetry. Overall, the project calls for a total capital investment of approximately $200,000.
Illustrated Propert...
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