TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: July 9, 2026
Title
APPROVING THE AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND DEVELOPMENT AGREEMENT BETWEEN THE MCRA AND MR. NOOR VALLYANI FOR THE REAL PROPERTY LOCATED AT 1491 NORTH STATE ROAD 7 AND 5750 NORTHWEST 15TH STREET, MARGATE, FLORIDA; FINDING THE SALE IS FOR FAIR VALUE PURSUANT TO SECTION 163.380 (2), FLA.STAT.; DIRECTING THE MCRA EXECUTIVE DIRECTOR TO PUBLISH NOTICE OF THE MCRA’S INTENT TO DISPOSE OF MCRA REAL PROPERTY PURSUANT TO SECTION 163.380 (3), FLA.STAT.; DIRECTING THE EXECUTIVE DIRECTOR TO BRING BACK ANY PROPOSALS RECEIVED FOR THE SALE OF THE MCRA PROPERTY IF ANY ARE RECEIVED FOLLOWING PUBLICATION OF THE REQUIRED NOTICE; FURTHER DIRECTING THE AUTHORIZED MCRA OFFICIALS TO EXECUTE THE AGREEMENT FOR PURCHASE AND SALE IF NO OTHER PROPOSALS ARE RECEIVED BY THE MCRA
BACKGROUND: In February 2026, Mr. Noor Vallyani, owner of ACE Hardware, located at 5823 Margate Boulevard (Ace Plaza), submitted an offer to purchase two adjacent MCRA owned properties located at 1491 North State Road 7 and 5750 N.W. 15th Street in the amount of $475,000. He proposes to develop the properties and build a new standalone ACE Hardware store.
The MCRA purchased both parcels in 2004 for $725,000 and the properties have remained vacant pending future redevelopment of the downtown area. An updated appraisal dated March 4, 2026 reflected the same market value of $725,000 as the last appraisal completed in August of 2021 (copy attached). The Board gave their general consensus for the Executive Director to negotiate an agreement for purchase and sale, as well as a future property development agreement, to be brought back before the Board for consideration (a copy of both the Purchase and Sale Agreement and Property Development Agreement are attached). If the Board approves the sale of the property, a notice will be published pursuant to Section 163.380 (3), Florida Statutes (copy attached).
Key Points of the Agreement:
• Mr. Vallyani’s offer for both properties is $475,000
• A deposit of $20,000 would be due within 3 days of agreement and closing would be 30 days after the final Approval Date (date by which all governmental authorities, as well as public and/or private companies having jurisdiction of the property, provide their final approvals or authorizations needed for the proposed development).
• The Property Development Agreement restricts the use of the property for the sole purpose of developing and operating an ACE Hardware commercial business on the Property.
• The MCRA reserves the right to approve the Site Plan of the project.
• Mr. Vallyani has agreed to wait to develop the property until the MCRA and Brookfield execute the Ground Lease for Phase 2 of the City Center Development.
• Right of First Refusal; Profit Sharing- MCRA has right of first refusal for 5 years following the completion date to match a purchase offer. If MCRA does not exercise this right, the MCRA would be entitled to 50% of the net profits of the sale.
RECOMMENDATION: For Board review
FISCAL IMPACT: Sale of both properties will generate $475,000 in one-time revenue to the MCRA.
CONTACT PERSON: Cale Curtis, CRA Executive Director