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Items 11 18 19 and 20 Oakland Park Square Presentation - 8-5-2020 City Commission FinalOakland Park Square City Commission August 5, 2020 1 Item 11. Ordinance Text Amendment -Dixie Mixed Use Item 18. Consent to Assignment Item 19. First Amendment to Development Agreement Item 20. First Amendment to Purchase & Sale Agreement Oakland Park Square Next Steps City initiated actions necessary for the project to move forward: •Text Amendment to the Dixie Mixed Use Sub-Area •Broward County "No Further Action" letter for the environmental clean-up Additional City Approvals: •Long Term Lease •Additional Flexibility Units •Additional Story for the project from 5 stories to 6 stories •Site Plan Approval Background •2001-2003 City Acquired Vacant Lots •Property vacant Over 15 Years •Financially Feasible Plan •Award of Request for Qualifications •Environmental Clean-up 3 Background May 2020: Project Update Challenges/Opportunities •Opportunity Zone •Environmental Designation •Market Conditions •Lack of Area Comparable •COVID -19 4 5 City Benefits •Additional City Hall Space •Expedited Development Schedule •11th Avenue •3 Months Free Rent •Skybridge •No Additional Escrow •Public Plaza 6 Developer Benefits •Additional Residential Units •Additional Live Work Units •Residential Amenity Space •Longer Lease •Less Equity Required Updated Development Updated Development Program 7 CURRENT PROPOSED Residential Apartments 87 units 119 units Live/Work Rentals 11 units 21 units Ground Floor Commercial 34,600 sf 16,242 sf City Hall 29,000 sf 33,220 sf (additional Square Feet accommodate additional meeting space on 1st floor and staff working space for COVID safe environment) Parking 343 spaces (parking garage) 360 spaces (Garage and On-Street) Height 68 feet 68 feet* *Height increase will be needed to accommodate the pedestrian skybridge subject to utility and other approvals required Residential Amenities Exterior Patio/Terrace –2nd Floor •Skybridge (Pending FPL) •Residential Amenities –Pool, Gym, 1st floor gathering space, Exterior Patio/Terrace –2nd Floor Development Program -First Floor 8 Development Program –Second Floor 9 Development Program –Third Floor 10 Development Program –Fourth Floor 1111 Proposed Pedestrian Bridge Location: 4th Floor Development Program –Fifth Floor 12 Development Program –Sixth Floor 13 14 Updated Development Timeline Final Completion 2025 Construction Commencement 2022 Closing 2022 Development Approvals & Permitting 2021 Lease Agreement & Filing of Development Application 2020 15 #11 –Text Amendment to Dixie Mixed Use Sub-Area Code Amendments Needed to Facilitate the updated Development Program: Ground Floor Residential Units on N.E. 11 Avenue Additional Building Height to accommodate a pedestrian skybridge Additional Story August 3rd: Planning and Zoning Board Recommended Approval by a vote of 5 to 0. Ground Floor Residential Units on N.E. 11 Avenue Project incorporates Ground Floor Units on N.E. 11th Avenue 16 Additional Building Height to accommodate a Pedestrian Skybridge 17 Community and Commission Requests for a Pedestrian Skybridge FP&L requires a minimum of 15 Feet above Overhead Powerlines Ordinance proposes a maximum height of 90 feet as recommended by Zyscovich and Stakeholder Group Final height cannot be determined until approved by FP&L and other governmental entities Proposed Pedestrian Bridge Location: 4th Floor Proposed Pedestrian Bridge Location: 4th Floor Additional Story •Current Code limits 5 stories within maximum height •Code Amendment to permit 6 stories within maximum height •Additional Height to be approved by City Commission through Additional Building Height Program 18 The following City initiated actions are also necessary for the project to move forward: •Approving this text Amendment to the Dixie Mixed Use Sub-Area •Receiving a "No Further Action" letter from Broward County for the environmental clean-up Additional City Approvals: •Long Term Lease •Additional Flexibility Units •Additional Story for the project from 5 stories to 6 stories •Site Plan Approval Next Steps The City Commission approve the attached Ordinance amending Section 24-263,and Section 24-269 in the Dixie Mixed Use sub-area of the Land Development Code. Recommendation 21 Item #18 –Consent to Transfer/Assignment Integra to Assign/Transfer Agreement to Oakland Park Dixie LLC. (Single source entity of NRi) City Written Approval Required for Transfer of Agreements Background Investigation clear NRi has business experience and reputation, development track record and sufficient financial capacity to carry out obligation under agreement Written Approval by City thru passage of Resolution 22 23 Item #19 –First Amendment to Development Agreement 24 Section #Original Development Agreement First Amendment Development Program Original Program Updated Program and attached new Exhibit B Developer Equity 20% 15% Roadway Improvements City to construct roadway improvements NRi = construct on-street parking and sidewalk on NE 11th Ave. City = roadway improvements to N.E. 11th Ave, Park Lane, and N.E. 37th Ave. Lease Term 15 years 20 years Lease Termination Early Termination Year 11 with a 12-month prepayment penalty Early Termination Year 15. No pre-payment penalty. Lease Commencement 45 days from issuance of Temporary Certificate of Occupancy 180 days from date the premises is delivered to City. Rent Schedule Rent Schedule: Per square foot calculation Mark-to-Market with escalator year 11 -15 Rent schedule updated to include expanded City Hall space Years 6-15 are at reduced fixed rate Market-to-Market with escalator Year 16-20 1st three months free rent 25 Lease –Updated Financial Forecast 26 Item #20 –First Amendment to Purchase and Sale Agreement 27 Project:Updated Development Program. Earnest Money: Revised to clarify the distribution of interest based on the assignment from Integra to NRi. Environmental Clean-up: •Environmental Clean-up complete. Section was deleted. •No City escrow required. •City to obtain a No Further Action Letter Timelines:Timelines reflect new Critical Path within the Development Agreement. 28