Page 5 - AnnualReport2015_16
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ECONOMIC VITALITY                                               GROW

Create a supportive business environment and harness local economic opportunities.

Big Deals                                                             Business Development

Location: Pineapple Grove Arts District                               The DDA District has seen significant changes during the last year
                                                                      with new merchants and businesses, relocations, renovations
Menin Development purchased Esplanade in the Grove for                and expansions, apartments and condominiums. This growth is
$25.6 million ($808 per square foot) in June 2016 from Bob            instrumental to the Downtown and to the community in general.
Dockerty and Craig Romer, the two principals of mortgage              It increased employment opportunities with over 230 new jobs,
brokerage Dockerty Romer & Co. The single–story shopping              enhances our area for visitors and residents, and contributes to
outlet at 241 NE 2nd Avenue, which measures 31,700 square             our local economy.
feet, was 95 percent leased at the time of the sale.
                                                                      •	 Supported the opening and expansion of businesses within
Location: The Ave                                                          the Downtown District.

Menin Development purchased the Urban Outfitters occupied             •	 Attended and coordinated meetings with Downtown
property at 306 E. Atlantic Avenue for $8.3 million ($750 per              developers, property and business owners and potential
square foot) in June 2016. Eassa Properties, managed by Ernest             new businesses looking for retail space and property for
G. Simon, Roy M. Simon, Charles J. Simon and Alexander A.                  purchase, and provided key data and information regarding
Simon Jr., sold the 11,073 square foot store. This is the first time       the vibrancy of Downtown.
the building traded since it was developed in 1936. In 2014,
Urban Outfitters signed a 10–year lease with two five–year            •	 Created a Downtown Economic Development packet for
renewal options.                                                           prospective businesses.

Location: The Ave                                                     DID YOU KNOW?

CDS International Holdings sold the Atlantic Crossing property        The DDA is funded through an Ad Valorem tax levied on all
to Edwards Companies in June 2016. The nearly 9 acres of              property within the DDA District by the Palm Beach County
land — two full city blocks — between Atlantic Avenue and             Tax Appraiser. The current tax rate is 1 Mill (.001) on each
Northeast First Street is being redeveloped for luxury condos,        dollar of the tax base. The purpose of the tax is to reinvest the
apartments, Class A office space, shops and restaurants, all          funds back into the District through operations, economic vitality,
within six commercial buildings sized between three or four           placemaking and position marketing programs.
stories.
                                                                                DISTRICT VALUE GROWTH
Location: SOFA                                                                         1993 $31.624M
                                                                                       2010 $472.870M
The Related Group sold the newly completed SofA One                                    2016 $692.831M
apartment project for $62.4 million ($363,000 per apartment)
to a Chicago–based Mesirow Financial fund in July 2016.                          INCREASE 2,091%
Related’s RD Delray LLC sold the buildings at 151 Southeast Third
Avenue with 117 units and 150 Southeast Second Avenue with
55 units which sit on a combined 2.6 acres. Built in 2015, the
Downtown Delray Beach complex includes a pool, cabanas,
lounge deck, two fitness centers, outdoor kitchens, a private
wine cellar and lounge, tech lounge with a coffee bar and bike
storage.

Grow – Visitor Information Center                                                                                                          5
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