POMPANO BEACH, Fla., Jun 11, 2019 (SEND2PRESS NEWSWIRE) -- The City of Pompano Beach and Pompano Beach CRA have issued a Request for Letters of Interest (RLI) for a Master Developer for the City's Downtown and Innovation District. The South Florida municipality has undergone a tremendous transformation during the past few years, and the creation of a dense urban downtown is the next redevelopment goal.
The purpose of the RLI is to identify qualified master real estate developers to acquire and develop real property assets owned by the City and the CRA in Downtown Pompano Beach. Those selected to proceed to a proposal stage, will provide their best and final proposal for the master development of the Parcels in Downtown Pompano Beach.
"We are seeking developers who understand our goals for the area, offer experience in prior projects of this scope and have the financial capability to undertake this project," said Nguyen Tran, CRA Director. "Over the past 20 years, the Northwest CRA has assembled over 30 acres of land within the almost 70-acre Innovation District. Most developable parcels are generally located along the busy I-95 corridor and Atlantic Boulevard, making this one of the last prime development opportunities of its kind in South Florida."
Based on a previous market analysis, the following can guide the master plan for a mix of desirable uses:
* Office/ Flex space 750,000 sq. ft.
* Retail 165,000 sq. ft.
* Residential 1,500 units
* Hotel/ Hospitality up to 420 rooms (multiple building)
* New City Hall/ Government Offices P3 opportunity
* Restaurant 35,000 sq. ft.
* Education open opportunities.
In addition, as part of the marketing and branding strategy for downtown, the CRA envisions a creative and unique drainage system, possibly using linear waterway systems that create a visible and desirable asset for development parcels, much like the waterways in Amsterdam in the Netherlands, and San Antonio, Texas (from a visual perspective). A stormwater conceptual master license has already received county approval and a drainage district will need to be formed. Design and construction of a creative and aesthetically pleasing drainage option can occur simultaneously with the vertical development.
The City has also invested heavily in cultural assets in the downtown area. The Pompano Beach Cultural Center, Bailey Contemporary Arts and Historic Ali Cultural Arts are spread out over three distinct geographic areas in the Downtown providing opportunities for pedestrian movement between them. Highlighting these facilities and using them as anchors in the master plan will provide a ready-made set of assets to build upon for future redevelopment.
Letters of Interest must be submitted electronically through the City's eBid System on or before July 10, 2019. Developers must be registered on the City's eBid System in order to view the solicitation documents and respond to this solicitation.
The complete solicitation document can be downloaded for free from the eBid System as a PDF at: https://pompanobeachfl.ionwave.net/CurrentSourcingEvents.aspx.
About The Pompano Beach CRA:
The City of Pompano Beach Community Redevelopment Agency (CRA) was created in 1989. It has two dependent districts: Northwest CRA and East CRA established by City government for the purpose of carrying out redevelopment activities that include reducing or eliminating blight, improving the economic health of an area, and encouraging public and private investments in a CRA district.
The Northwest CRA District covers an area of about 3,084 acres encompassing a large part of the western portion of the City between Atlantic Boulevard and Copans Road generally west of Dixie Highway. The Pompano Beach CRA is funded through Tax Increment Financing (TIF). The funds are collected as property values increase and a portion of that increase is captured by the Agency. TIF raises revenue for redevelopment efforts without raising taxes. Learn more: http://pompanobeachfl.gov/pages/cra
MEDIA CONTACT:
Kay Renz
Kay Renz PR
kayrenzpr@gmail.com
Phone Number: 561-654-8151
News Source: Pompano Beach CRA
Related link: http://pompanobeachfl.gov/index.php/pages/cra/cra
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/pompano-beach-seeks-master-developer-for-downtown-and-innovation-district/