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Follow on Google News | Delray CRA selects development team with local ties for new West Atlantic redevelopment projectThe Delray Beach CRA has selected a development team led by Equity Enterprises USA to redevelop 6.23 acres of downtown property along the West Atlantic Avenue corridor. The development team includes a local architect firm and general contractor.
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, at http://bit.ly/ End
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