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Consideration of bids received in response to surplus real property Invitation for Bids 21-01 to sell the real property located at 1207 E Atlantic Boulevard, Pompano Beach, FL 33060, also identified as Broward County Property Appraiser (BCPA) folio 4842 36 00 0360, along with staff recommendation.
(Fiscal Impact: Revenue from sale of real property)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Pursuant to Section 253 Article XXV of the City's Charter the City Commission declared the real property located at 1207 E Atlantic Boulevard, Pompano Beach, FL 33060, Pompano Beach, FL 33060 also identified as Broward County Property Appraiser (BCPA) folio 4842 36 00 0360 as surplus, on February 23, 2021 with Resolution 2021-71.
Two (2) bids were received in response to the Invitation for Bids. 7th Avenue Properties, LLC submitted a bid of $750,000. Timothy Hernandez submitted a bid for $1,000,000 on behalf of himself and W. Todd Jensen as the principals of the Pompano Library Partners, LLC, a limited liability corporation which has not yet been formed.
Development Services has reviewed both bids and provided a memo for each bid, included in the agenda item backup, noting elements of the conceptual plans submitted with both bids which do not meet the requirements of the Zoning code. A brief summary of the key elements of each bid is included below.
Bidder 7th Avenue Properties, LLC is proposing a mixed-use project with 5,580 square feet of retail, 48 residential units and 83 parking spaces. The parking is a mix of on-street parking and a parking garage. The residential units consist of 17 efficiency/studio units, 20 one-bedroom/one bathroom units and 11 two-bedroom/two bathroom units with an estimated capital requirement cost of $18,000,000 to develop the project. Revisions of some elements of the building configuration and design and parking will be required for site plan approval or relief must be granted from th...
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