Title
Downtown Hyatt Place Development Agreement (B)
Explanation
In the heart of Downtown, a Hyatt Place mixed-use development is being permitted for construction to begin by year-end. The ~$30M project will include one building totaling 132,000 sf of hotel, retail and residences and has frontage along SE 1st Avenue, SE 1st Street, South Main Street and SE 2nd Street. The initial site plan approval was given by the City in November of 2019; leaving the right-of-way around the project in its current condition.
The Developer, Magnolia Street Hospitalities, LLC, approached the GCRA about a partnership to improve the right-of-way surrounding the site with potential improvements to create better public spaces along all four edges. An interdepartmental team consisting of GCRA, Public Works, Mobility and Planning reviewed and discussed the proposed improvements and the Public Works Department provided a not to exceed cost estimate for the proposed improvements. That estimate is the basis for the total amount eligible for reimbursement once completed, inspected/approved and the appropriate paperwork is submitted for reimbursement.
Similar to development agreements completed by the GCRA in Innovation Square and Midtown; the GCRA will give a presentation of the proposed improvements to the right-of-way that would be completed by the Developer as part of their project timeline and delivery. An explanation of the process and costing information regarding each discrete task is outlined in the draft development agreement as “Exhibit B.” If approved by the City Commission, this agreement would be finalized and executed by the City Manager, once approved as to form and legality by the City Attorney.
At the November 17, 2020 GCRA Advisory Board meeting, the Board made the following motion on item # 200491:To approve the draft development agreement as presented with a recommendation that the City Commission press upon the developer to follow-up on their commitment ...
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