Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving An Amendment To The Sheridan Stationside Transportation Improvement And Phasing Plan Associated With The Approved Of The "Sheridan Station" Plat, And Attached To The Approved Plat As Exhibit "B" Being In The City Of Hollywood, Broward County, Florida, And Generally Located Between Interstate 95 And The CSX Railway From Sheridan Street To Taft Street.
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
In 2005, Okomo Associates, LLC ("Okomo"), Stationside Village Associates, LLC and the Florida Department of Transportation (the "FDOT") initiated development approvals for a public/private joint venture project which included a 99 year lease relating to the property known as Sheridan Stationside Village to create a transit oriented mixed-use development on lands generally located between Interstate 95 and the CSX Railway from Sheridan Street to Taft Street. On July 16, 2008, the City Commission passed and adopted Resolution No. R-2008-252 which approved the "Sheridan Station" Plat and was subsequently approved by the Broward County Commission.
As a result of the national economy falling into a recession, ownership interests changed, and the development of the property was changed to a two-phased project as follows: (1) Phase 1 is now proposed to be 500 residential units on the Okomo property; and (2) Phase 2 will be developed on the FDOT property and includes 300,000 square feet of Commercial, 245,000 square feet of office, a 150 unit hotel and the remaining 550 residential units; all of which necessitated an Amendment to the Plat. Subsequently, on December 18, 2013, the City Commission passed and adopted Resolution No. R-2013-365, which amended the "Sheridan Station" Plat to reflect the above mentioned ownership interests, the split of development rights, and the two phased project approach.
As a condition of Plat approval, transportat...
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