On August 4, 2020, the CRA received a Letter of Intent (LOI) from Ocean Avenue Residences and Shoppes, LLC to purchase and develop the CRA owned parcels located at 115 N. Federal Highway (see Attachments I - III). After purchasing the property in May 2018 for $3 Million, the CRA leased the building to the City for use as the temporary library during the construction of Town Square.
The LOI proposes to use the CRA's 2.60 acres to create an urban mixed-use project consisting of 229 residential units, 18,000 square feet of commercial space and 544 parking spaces with the ability for the CRA to add public parking spaces to the garage structure if desired. While the LOI does not currently include any of the adjacent privately owned properties, it does describe their willingness to incorporate these parcels into the proposed development if all parties are in agreement.
- Proposed Purchase Price: $3 million
- Proposed Project Cost: $60-65 million
- Proposed Developer Equity: approximately $12 million
- Proposed Number of Units: 229 multi-family residential
- Proposed Commercial Space: 18,000 square feet
- Proposed Garage Structure: 544 spaces
- Proposed Incorporation of Dewey Park into the Project offering continued public access
Under the Board's Letter of Intent Policy, when a LOI is received the Board may either accept the LOI and issue a 30 day public Notice of the intent to dispose or reject the LOI entirely. A second option for the Board would be to reject the LOI and issue a Request for Proposal or its third option is to reject the LOI and do not issue an Request for Proposal.