Title
A Resolution Of The Hollywood, Florida, Community Redevelopment Agency ("CRA"), Approving And Authorizing The Appropriate CRA Officials To Execute The Attached Second Addendum To Commercial Contract With Buro Group, LLC / Inwood Properties, LLC (Collectively, "Buyer") Extending The Due Diligence Period For The Conveyance Of The Property Located At 2031 Harrison Street ("Property"), To The Highest Ranked Proposer, A Joint Venture Between Inwood Properties, LLC And Buro Group, LLC For $1,150,000.00.
Body
Staff Recommends: Approval Of The Attached Resolution
Explanation:
The Hollywood, Florida Community Redevelopment Agency (CRA) purchased 2031 Harrison Street in 2003 and sold the property to the Holocaust Documentation & Education Center (HDEC) in 2004. In 2015, the CRA acquired the property back from HDEC. The property was leased to HDEC for a period of six months.
In 2016, CRA staff was directed to advertise the property for sale or lease. On July 6, 2016, three proposals were submitted and opened, with all three being deemed qualified to review. On July 22, 2016, an Evaluation Committee reviewed and ranked the proposals based on purchase price, concept, ability to execute the concept, and experience. The highest ranked proposal was submitted by the joint venture between Inwood Properties, LLC and Buro Group, LLC. The proposal outlined a co-working shared workspace concept that has already been successfully executed by Buro Group, LLC in Midtown Miami in Miami, the Design District of Miami, South Beach in Miami Beach, and Coconut Grove in Miami. The purchase price offered in the proposal was $1,150,000.00.
The proposal from Inwood Properties LLC and Buro Group LLC conditions several conditions, including the following:
a) Deposit of $300,000.00 upon execution of a Purchase and Sale Agreement
b) The Buyer will have 60 days to do a title search, inspect the Property and if it not feasible for the Buyer to purchase the Property, terminate the Pu...
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