Clearwater, FLA–A staff selection committee is recommending Prospect Real Estate Group of Longwood, Fla. as the preferred developer for the Community Redevelopment Agency-owned Prospect Lake site. The recommendation will be presented to the Community Redevelopment Agency Board at the June 18, 2013 meeting and request that the Board authorize the Community Redevelopment Agency Executive Director to negotiate a development and disposition agreement with the Prospect Real Estate Group.
The selection committee reviewed four proposals and rated the Prospect Real Estate Group submission highest based on the following criteria:
• A mixed-use, urban infill project with a substantial residential component;
• A project ready to go to construction within one year from selection;
• Fair and equitable financial terms for both the Community Redevelopment Agency and the developer, including compensation for the CRA-owned property;
• Consistency with the Community Redevelopment Agency’s established redevelopment objective of creating young professional and workforce housing close to the Downtown core to create a 24/7 live-work environment and create a housing base for the City’s Technology District development; and
• Consistency with the City and Community Redevelopment Agency plans and development regulations, including the Clearwater Downtown Redevelopment Plan and the Economic Development Strategic Plan.
The Prospect Real Estate Group’s proposal exceeded the proposals of the other firms in understanding both the stated objectives of the Request For Proposals/Qualifications and the underlying objectives of the Community Redevelopment Agency for the site. In addition, they demonstrated strong experience in planning and constructing similar types of urban, infill projects. Their financials are strong and anticipated development timetable is consistent with the Community Redevelopment Agency’s desire to have a project underway as soon as possible.
“The Prospect Real Estate Group presented a creative proposal that would appeal to the young professional. With urban housing, retail and an attractive plaza that opens up to the lake, the proposed project will enhance the city’s economic development efforts to attract jobs and businesses to the downtown,” said Geri Campos Lopez, Director of Economic Development and Housing and Chairperson of the Selection Committee.
Members of the Selection Committee are: Rod Irwin, Assistant City Manager for Economic Development; Geraldine Campos Lopez, Director of Economic Development and Housing (Chairperson); Michael Delk, Director of Planning; Michael Quillen, Director of Engineering; and Charles Lane, Real Estate Coordinator.
The Prospect Lake site is a nearly seven-acre parcel overlooking a former retention pond off Cleveland Street. Questions should be directed to Geraldine Campos Lopez at 727-562-4023. Submissions are available for viewing at the City’s Purchasing Office, Municipal Services Building, 100 S. Myrtle Avenue.
Interested parties can see the responses by going to the City’s purchasing department.