TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: May 14, 2025
Title
APPROVING A CONTRACT FOR THE SALE AND PURCHASE OF PROPERTY LOCATED AT 5915 PARK DRIVE
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BACKGROUND: The MCRA has contracted with 5915 Park Drive, LLC., to purchase the property at 5915 Park Drive (currently occupied by Motion Elevator). A copy of the Commercial Contract and Addendum No. 1 are attached. A deposit has been placed in escrow through Weiss Serota and due diligence is underway including Building and Structural inspections, a Survey and a Phase I Environmental assessment. An Appraisal was already completed for this property in December 2024 due to ongoing contract negotiations. The sale of this property is contingent upon successful completion of due diligence and any requirements outlined in Addendum No. 1.
The property is located on the north side of Park Drive just west of State Road 7. The MCRA owns the property immediately to the north, east and south of this property and is under contract with the property immediately to the west of 5915 Park Drive (see attached map for reference). The assemblage of properties for the future development of the City Center area is part of the MCRA's land acquisition strategy.
In accordance with the 2017 Margate Community Redevelopment Plan, Part 3, Section B - Redevelopment Policy, Goal III reads, "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 effect on revitalization efforts." Further, a stated objective, "The Agency will regularly evaluate its approach to land acquisition to ensure that future acquisitions provide the greatest impact on fulfilling the objectives of the redevelopment program."
RECOMMENDATION: Approval of the agreement to purchase the property located at 5915 Park Drive
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