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, transportation improvement projects must be completed consistent with the development of the project throughout the project development period which were outlined in the Sheridan Station Transportation Improvements and Phasing Plan attached as Exhibit “B” to the Plat approval (the “Exhibit “B” Improvements Plan”). The Exhibit “B” Improvements Plan requires the completion of specific roadway improvements on Taft Street to include improvements to the CSX rail crossing prior to the issuance of the first certificate of occupancy for development within Parcel D (Okomo Property). The CSX rail corridor is owned by the Florida Department of Transportation (FDOT) with the operations and maintenance of the corridor being under the direct control and supervision of the South Florida Regional Transportation Authority (SFRTA). Although due diligence in coordinating the timing and implementation of the Taft Street transportation improvements has been performed by the Developer, Stationside Partners, LLC, the scheduling of the rail crossing improvements by the SFRTA is not anticipated until March, ultimately causing a delay to the Developer in completion of Phase 1 of the project.
As a result, Stationside Partners, LLC is requesting to revise the required installation date of the Taft Street at Okomo Drive transportation improvement listed in the Exhibit “B” Improvements Plan, from being tied to the issuance of the first Certificate of Occupancy to within 90 days after the completion of FDOT Railroad Crossing Improvements being performed by SFRTA’s designated third party engineer, VTMI. This provides the Developer sufficient time to complete the Taft Street improvements connected with the railroad crossing improvements. All necessary Agreements are in place between the parties to allow for the implementation of the railroad improvements to take place, with VTMI’s implementation of the crossing improvements being the remaining element on the Developer’s project schedule critical path to complete the Taft Street improvements. Broward County also included the Taft Street at Okomo Drive Improvements within their Phasing Agreement associated with the County’s approval of the Sheridan Station Plat, and the Developer is simultaneously seeking similar revision to the phasing of the required improvements for Taft Street. Staff recommends approval of the requested amendment.
Recommended for inclusion on the agenda by:
Wazir Ishmael, Ph.D., City Manager
Gus Zambrano, Assistant City Manager
Sylvia Glazer, Director, Public Works
Jonathan Vogt, City Engineer/Deputy Director of Public Works