File #: ID 2026-089    Version: 1 Name:
Type: Discussion and Possible Action Status: Agenda Ready
File created: 3/31/2026 In control: Community Redevelopment Agency
On agenda: 4/8/2026 Final action:
Title: PROPOSAL FROM ACE HARDWARE TO PURCHASE 1491 N. STATE ROAD 7 AND 5750 N.W. 15TH STREET.
Attachments: 1. CONTRACT: SALE AND PURCHASE CONTRACT, 2. BACKGROUND: APPRAISAL, 3. BACKGROUND: AERIAL, 4. BACKGROUND: BCPA, 5. BACKGROUND: FLORIDA STATUTE, 6. CORRESPONDENCE: PROPOSAL
Date Ver.Action ByActionResultAction DetailsMeeting DetailsAudio/Video
No records to display.

 

TO:                     Margate CRA Chair and Members of the Board

 

FROM:                     Cale Curtis, CRA Executive Director

 

DATE:                     April 8, 2026

 

 

Title

PROPOSAL FROM ACE HARDWARE TO PURCHASE 1491 N. STATE ROAD 7 AND 5750 N.W. 15TH STREET.

 

Body

 

 

BACKGROUND:                                          On February 10, 2026, the MCRA Executive Director received an offer of purchase of two adjacent MCRA owned properties located at 1491 North State Road 7 and 5750 N.W. 15th Street in the amount of $475,000.   A copy of the offer is attached. 

 

The MCRA purchased both parcels in 2004 for $725,000, and the properties have since remained vacant pending future redevelopment of the downtown area.  An appraisal completed in August of 2021 reflected a market value of $725,000 for both parcels.  In light of this new proposal, an updated appraisal, dated March 4, 2026, has been completed and reflects the same market value of $725,000 for both parcels; a copy of the report is attached.

 

Mr. Noor Vallyani, owner of ACE Hardware, located at 5823 Margate Boulevard (Ace Plaza), proposes to develop the properties and build a new standalone ACE Hardware store; a copy of his proposal is attached. 

 

 The MCRA has the authority to sell real property pursuant to Chapter 163.380(3)(a) “Disposition of property in community redevelopment areas,” and in accordance with the 2017 Margate Community Redevelopment Plan, Part 3, Section B - Redevelopment Policy, Goal III which states, “Encourage the acquisition, demolition, and reuse of those properties, which, by virtue of their location, condition, or value no longer function at their highest potential economic use, are blighting influences or have a negative effort on revitalization efforts.” A copy of the section of the Florida Statute referenced above is attached in the back-up.

 

In addition, as the subject property is included in the Development Agreement with Brookfield DA Holdings LLC, the MCRA will need to obtain Brookfield’s consent/release if the MCRA desires to sell the Property to Mr. Vallyani.

 

 

RECOMMENDATION:                     For Board discussion and direction

 

 

FISCAL IMPACT:                     To be determined

 

 

CONTACT PERSON:                      Cale Curtis, CRA Executive Director