Title
Ranking for City Parking Lot # 10 Proposals (NB)
Explanation
The CRA received four proposals in response to the Request for Proposals on City Parking Lot # 10. After reviewing the proposals and hearing presentations by the developers, the selection committee ranked the proposals as follows: 1) Gainesville Greens, a mixed use residential project by Equity Venture and SunVest; 2) a mixed use residential project by AMJ; 3) Gainesville Grand, a Hampton Inn hotel and residential project by Windsor Aughtry; and City Square, a mixed use residential project and hotel by Florida Main Street LLC.
The Gainesville Greens project ranked the highest by the selection committee and was chosen independently by the Downtown Redevelopment Advisory Board for a variety of reasons. At 134 units, the project offered the largest number of condominiums. The 12-story project also offers 14 units to be deed restricted for affordable housing, and will be a green building following LEEDS building methods for increased energy efficiency. The project has a central plaza that will serve the western end of the Downtown, addresses Southwest 2nd Avenue, and offers a small number of convenience parking spaces for its 43,430 square of retail. The incentive packet being requested is 60% of the increment generated by the project for 15 years, and fee waivers ($4.1 million). Over those 15 years, the CRA will receive $2.6 million in payments to the district. The developer will have $7.8 million in equity with a total project cost of $36.5 million. Once the CRA approves the ranking, the Executive Director will begin to negotiate the exact terms with the developer.
The 12-story mixed use residential project by AMJ was ranked second by the selection committee. This project offered 88 condominium units, 60,700 square feet of office and retail space. The developer requested 80% of the increment generated by the project over 15 years ($5 million) with $1.3 million ret...
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