TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: April 9, 2019
Title
PURCHASE AND SALE AGREEMENT - BH3 MANAGEMENT, LLC - SW 600-800 BLOCKS OF W. ATLANTIC AVENUE
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Recommended Action:
Recommendation
Approve the Purchase & Sale Agreement with BH3 Management, LLC for SW 600-800 Blocks West Atlantic Avenue Properties, as attached with additional direction received from the Board.
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Background:
At the January 29, 2019 CRA Special Board Meeting, the six (6) proposers to Request for Proposals - SW 600-800 Blocks W. Atlantic Avenue Properties (RFP”) presented their proposals to the Board. The Board selected BH3 Management, LLC (“BH3”) top-ranked proposer for a period of sixty (60) days based on the template Purchase & Sale Agreement included in the Request for Proposals - SW 600-800 Blocks West Atlantic Avenue Properties and directed Staff to enter into negotiations with BH3.
Since the Board Meeting, CRA Staff and General Counsel have been in negotiations with BH3 and the terms from the Draft Purchase & Sale Agreement include:
Project Description:
· Retail/Food & Beverage: 43,300 Square Feet
· Grocery: 33,000 Square Feet
· Office: 21,600 Square Feet
· Public Open Space including Frog Alley: 40,000 Square Feet
· Residential: 165 Rental Units (plus pool and amenities) (18 units Workforce Housing offsite; 12 units Workforce Housing onsite)
· Parking:
o 2 Structured Parking Facilities and 1 Surface Lot
o Number of Parking Spaces: Amount approved by the City of Delray Beach as part of site plan approval plus at least 206 public parking spaces.
Dates:
Inspection Period 90 days from Effective Date (3 months)
Approval Date 365 days from Application Date (1 year)
Application Date 210 days from Effective Date (approx. 7 months)
Financial Commitment 60 days prior to Closing (2 months)
Performance Bond/Letter of Credit 10 days prior to Closing
Closing Date 30 days from Permit Date (1 month)
Key Points:
Pu...
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