Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Purchase And Sale Agreement, Special Warranty Deed, And Required Closing Documents For The Purchase Of Property Located At 1702-1710 And 1716 Harrison Street For The Amount Of $4,968,000.00.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
In 2023, City staff entered into discussions with BTI Partners (“BTI”) regarding acquiring the portion of the Block 58 Planned Development generally located at 1702-1710 and 1716 Harrison Street (the “Property”) which was commonly known as the “Hollywood Cinema” site. BTI had decided that the planned office use for the site atop a structured parking facility was not feasible due to the lack of demand for office space and traffic considerations related to the adjacent school.
BTI PARCEL B QOZB, LLC (the “Property Owner”) acquired the property in 2022 as part of an overall redevelopment plan for a significant portion of Block 58 that included mixed use development featuring 361 luxury residential rental units, ground floor retail, and associated parking. This portion of the project, called the “Bread Building,” is now under construction and nearing completion.
While BTI’s Bread Building development accommodates all the required parking needed for the residential and retail uses within that development, other properties located within and adjacent to Block 58 were developed without any dedicated parking including the Home Tower and the Hollywood Academy of Arts and Sciences. Additionally, current plans to expand the Art and Culture Center - Hollywood will increase parking demand in the area. The two existing City-owned parking garages serving the downtown area and the ArtsPark at Young Circle are currently over-subscribed with very little available parking capacity.
The Office of Parking and Code Compliance has studied the site and recommends using parking funds to acquire the property for the purpose of constructing a public parking garage. This is in alignment with the adopted objectives of the Hollywood Downtown Redevelopment Plan to provide safe, convenient, ample, innovative and cost-effective parking options Downtown to support redevelopment efforts.
The City is desirous of purchasing the Property for a public parking garage, and Property Owner is desirous of selling the Property for that specific purpose.
A purchase price of $4,968,000 has been negotiated for the property, and the City has received two appraisals, in accordance with the requirements of the City’s Charter to support the purchase.
Fiscal Impact:
There is a companion resolution (budget amendment) that will allocate funding in a new account for the purchase of the land authorized by this resolution.
Recommended for inclusion on the agenda by:
Jovan Douglas, Director of Parking and Code Compliance
Chris O’Brien, Public Safety Director
Adam Reichbach, Assistant City Manager
Raelin Storey, Assistant City Manager