Title
Cornerstone Land Condominium (B)
Explanation
In May 2015, the CRA Board approved the 100% master plan for the 13.6 acre Cornerstone development, which is an expansion of the campus where the Gainesville Technology and Entrepreneurship Center (GTEC) is located. The master plan is a blueprint for a mixed-use site with up to ten new commercial buildings, which will provide opportunities to retain GTEC graduates on site as well as attract new economic activity to the area.
At the August 4, 2016 meeting, the Commission approved a development deal with the City, CRA, and Concept Companies that included the disposition of pads C and D at Cornerstone through a lease with the option to purchase. Within the framework of that deal, Staff was approved by the CRA Board to perform 90% of the horizontal improvements necessary to complete the master plan including utilities infrastructure, parking lot, common area landscaping, storm water improvements, etc. The first phase of construction has begun, which includes all of the building pads located to the east of SE 21st Street. Construction is anticipated to be completed in January 2018.
Since that time, the terms of the agreement between Concept Companies and their Tenant, Merieux Nutrisciences, have been solidified; placing the Developer in a position to purchase building pads C and D (now combined into one pad referred to on the master plan as building pad C). The developer and City have entered into a License Agreement for Access and Construction to begin construction and meet the completion deadlines of their tenant. Without each lot located within the Cornerstone campus having direct connections to publicly maintained rights of way, a land condominium is required in order to sell individual lots. In lieu of a short term Ground Lease, once the condominium declaration has been recorded, Concept Companies will be allowed to purchase the land.
As the Master Developer and majority unit owner for the condominiu...
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