Placement: New Business
Action Requested: Discussion
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City Center - Settlement Plan Business Conditions Update
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Submitted By: Jennifer Davis, Project Manager, Community Redevelopment Agency
Executive Summary (General Business): In November 2020, the City Manager recommended to City Council that the City of Port St. Lucie would be the most likely entity to successfully redevelop City Center. Twenty-two (22) of the City Center parcels (hereinafter referred to as "Parcels") have been under the control of a Securities and Exchange Commission (SEC) court appointed Receiver since November 2015.? The Receiver retained the commercial real estate firm of Avison Young to market and sell the Parcels to one buyer.?On two (2) separate occasions during that time, the Court approved the Receiver entering into contracts with private developers, each of which failed to move past the due diligence period and close. This was largely due to the financial circumstances associated with the whole of the property.? With approval from City Council, in March 2021 the City Manager presented a Purchase and Sale Agreement to the Receiver for the City to purchase the Parcels with the goal of retaining certain parcels for public use. Similar to the approach with Southern Grove, the City intends to evaluate the highest and best use of the remaining parcels for marketing and sale to private developers to complete the redevelopment of City Center. At this time, the City is providing an update related to the business conditions and settlement terms associated with the acquisition of the Parcels.
Presentation Information: Russ Blackburn, City Manager, will provide a brief presentation
Background: The City Center project, located at the southeast corner of U.S. 1 and Walton Road, began in 2005 as a public private partnership to redevelop the outdated Village Green suburban shopping center into a traditional town center with a mix of uses. The vision for City Center is contained in t...
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