The CRA and the Town conducted a public procurement for a Public Private Partnership for the development of the Davie Downtown Center project.  The CRA property included in this procurement is located at the northwest corner of Davie Road and Orange Drive (Folio #’s 504127010550, 504127010551, 504127010552, 504127040680, 504127040700, 504127040710, 504127050010, 504127050020, 504127050022, and 504127050024) and development of The Promenade at Davie project. The CRA and the Town selected Azur Equities, owner of Frontier Village Davie, LLC, as the successful respondent to this procurement. The CRA and the Town directed staff to proceed with purchase and sale negotiations in lieu of the Public Private Partnership. Subsequently, the CRA reached a purchase and sale agreement with Frontier Village Davie, LLC that was approved on August 21, 2019 (CRA Resolution 2019-19; Town Resolution R-2019-239).  Simultaneously, the CRA Board and Town Council approved a developer’s agreement with Frontier Village Davie, LLC that provided incentives for Frontier Square Phase 1 and 2 and the Promenade at Davie.

In October 2020, the CRA and Town approved the first amendment to the developer’s agreement  that stated Frontier Village Davie, LLC will develop Frontier Square Phase 1 but not Phase 2 and will assign its purchase and sale agreement for the Frontier Phase 2 property to the CRA for consideration.  In addition, the development milestones were pushed back one year.

This second amendment will incorporate the Mitchell property into the purchase of CRA property for the Frontier Square project (Folio #504127010560).  The Mitchell property purchase price is $1.3 million.  Azur Equities proposes to purchase this property for $650,000 with the remaining $650,000 serving as a development incentive for the Frontier Square project.  In addition, the CRA and Town will be given additional time (until July 1, 2021) to determine if they want to exercise their option to the purchase of parking spaces at the Frontier Square project.

The developer’s agreement and amendment terms include the following:

• The sales price for the CRA property is $3.15 million.  Frontier Village LLC has made a deposit of $150,000.  At closing, $2.0 million will be due to the CRA with the remaining $1 million to be paid by certificate of occupancy for Frontier Square or December 31, 2024, whichever comes first.

• Frontier Village Davie LLC will still develop the Frontier Square project and will include up to 150,000 net square feet (200,000 gross square feet) of entertainment, retail, and office space and up to 60 hotel rooms (in one building adjacent to Davie Road).

• The proposed economic development incentives range from $3,135,000 to $3,635,000 depending on how many economic development incentives are met per the accompanying developer’s agreement with Frontier Village Davie LLC.

• If the development milestones are met, the CRA will provide a $500,000 incentive for The Promenade at Davie project at the southwest corner of Davie Road and SW 39 Street.

• If the Frontier Village Davie LLC has not completed seventy five percent (75%) of the infrastructure construction of the Frontier Square Phase 1 within thirty-six (36 months) from the date of Closing then CRA shall have right, but not the obligation to repurchase the Property from the Developer for the same purchase price ($1.5 million) as set forth in the Agreement for Purchase and Sale.

• The CRA has the option to request that Frontier Village Davie LLC provide up to 250 public parking spaces in Frontier Square at a cost of $16,500 per parking space or cost whichever is less.  The CRA must provide an answer by July 1, 2021.

On the February 3, 2021 Town Agenda, the Town Council will consider ratification and approval of the fourth amendment to the purchase and sale agreement and the second amendment to the developer’s agreement for the Frontier Square project.  On the February 3, 2021 CRA agenda, the Board will consider approval of the fourth amendment to the purchase and sale agreement.