Multiple Offers Submitted From Developers Vying To Redevelop Part Of West Atlantic Avenue

153

By: Marisa Herman Associate Editor

Equity Enterprises is not the only developer interested in redeveloping several blocks of West Atlantic Avenue in downtown Delray Beach’s The Set.

Five additional developers submitted proposals to the Community Redevelopment Agency with their ideas for the property, which is owned by the agency.

Currently, the agency board is considering moving forward with an already approved project proposed by Equity in 2013. The project, which was approved by city officials in 2015, was on and off after the developers failed to close on the property.

But, the development team told the agency it is prepared to complete the project in a letter sent in April. It includes adding, offices, shops, restaurants and a grocery store to the 600-800 blocks of West Atlantic Avenue. The developers agreed to pay $1 million for the land in the 2013 deal.

Before the agency board could move forward with the plans, it legally had to give other interested developers 30 days to submit their ideas.

That 30 day period closed mid-June.

Letters of interest came from: Altman Development Corp., BH3 Management, KAREP,  Keller Williams Preferred Partners, New Urban Communities and Prime Group.

CRA board members said they would like to schedule a workshop to discuss the options. The date has not been scheduled as of press time.

A look at highlights from new proposals in alphabetical order:

Altman Development Corp.

  • Offered $3 million
  • 600 block- grocer, retail and civic public space
  • 700 block- Neighborhood services, activate frontage to west atlantic, office space, pedestrian connectivity
  • 800 block- Multi-family housing

BH3

  • Joint venture between BH3 management and Levy Land Trust
  • Offered $6 million
  • Mixed use project with grocery store totaling 30-40,000-square-feet

KAREP Kayne Anderson Real Estate

  • Offered $2 million
  • A letter of intent from Vegan Fine Foods
  • 112 units, 4 efficiencies per floor, 15 1-bedroom units per floor, six 2-bedroom units per floor and three 3-bedroom units per floor with 178 parking spaces
  • 145,000-square-feet-residential space
  • 137,000-square-feet outdoor public space
  • 16,000-square-foot supermarket with 72 parking spaces
  • 54,000-square-feet of office space with 61 parking spaces
  • 23,000-square-feet of retail/restaurant space with parking

Keller Williams Preferred Partners

  • Offered $2.85 million
  •  Grocery store, pharmacy, health and wellness facility, financial institution, family/social entertainment
  • Affordable housing

New Urban Communities

  • Offered $4 million
  • Was the No. 1 plan recommended by CRA selection committee in 2013 and by WARC
  • 184 residential units in original proposal, now between 150-195 units
  • 41,500-square-feet of retail, office space, restaurant space and a grocery store in original proposal, now 28,000-square feet of retail and office and grocery store at least 18,000-square- feet.

Prime Group

  • Offered $3 million
  • 42,000-square-feet retail including full service supermarket
  • 48,000-four-story office building with retail on first floor
  • 108 room hotel
  • 68 rental apartments
  • Built Fairfield Inn in The Set