Delray CRA Selects Development Team with Local Ties for New Redevelopment Project
Equity Enterprises USA partners with Delray architect, contractor for West Atlantic Avenue project
DELRAY BEACH, Fla.—The Delray Beach Community Redevelopment Agency Board of Commissioners selected Equity Enterprises USA as the successful respondent to a recent Request for Proposals (RFP) at a meeting held on Thursday, October 24. The proposal from Equity Enterprises USA was selected over others received in response to an RFP for 6.23 acres of property along the West Atlantic Avenue corridor, issued in May 2013.
Equity Enterprises USA has proposed the creation of 43,638 S.F. of retail space, 34,000 S.F. of Class A office space, and 129 residential rental units, as well as 457 parking spaces in a combination of surface spaces and parking garage. The project will cost an estimated $35 million to build. The developers have not requested the use of any CRA incentives; instead they have offered to acquire the property outright at a purchase price of $1,000,000, to be paid over a six-year period.
Led by an experienced, internationally recognized developer, Equity Enterprises USA has also partnered with two local firms—Currie Sowards Aguila Architects, and Randolph & Dewdney Construction, Inc. The development team has also committed to help relocate existing West Atlantic Avenue businesses into in the new development.
The project site is located along the south side of West Atlantic Avenue, between SW 6th and SW 9th Avenues, immediately east of the upcoming Fairfield Inn. After a period of negotiation between the CRA and Equity Enterprises to determine specific contractual obligations, the development team will then begin the normal land use approval process for redevelopment of the subject properties.
The proposal from Equity Enterprises USA is available online, here. To learn more about other CRA projects and initiatives, visit the CRA website at www.delraycra.org or call the CRA office at (561) 276-8640.