Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency ("CRA"), Accepting An Offer To Purchase And Authorizing The Appropriate CRA Officials To Execute All Necessary Documents For The Sale Of The Adams Street Parcel, Generally Located At 810 South Dixie Highway Within The Boundaries Of The Downtown District Of The CRA, To Preferred Housing Corporation.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Downtown CRA acquired the Adams Street property in 2005 for the purpose of eradicating slum and blight as defined under Chapter 163 Part III of the Florida Statutes.
The CRA is seeking to dispose of the property and pursuant to Chapter 163 Part III, on October 19, 2020, published a notice stating their intent to so and seeking proposals for redevelopment of the subject property.
Preferred Housing Corp. submitted a proposal to acquire and redevelop the Adams Street property and the Downtown CRA has determined that acceptance of the proposal is in the public interest and will further the goals and objectives of the Downtown CRA as identified in the 1979 Community Redevelopment Plan and most recently amended in 2016.
Preferred Housing Corp. intends to develop a mixed use residential and commercial development consisting of a multifamily development consistent with the zoning regulations and approximately 10,000 sq. ft. of retail along with an accessory parking structure. The company agrees to execute all required remediation related to the existing environmental contamination on the subject property as part of the proposed development plans for the subject property.
The Project, once developed, will reduce slum and blight in the CRA district, will improve an LMI area, will enhance the City of Hollywood, and will, in turn, bring significant economic redevelopment to the area.
Fiscal Impact:
If the proposal is accepted, the sale of the property wi...
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