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 s...
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