Title
Resolution to Allocate Proceeds from Sale of 309 S. Ashley (Kline’s Lot) and to Establish the Strategic Property Acquisition Fund and to Appropriate Funding ($9,700,000.00) (8 Votes Required)
Memorandum
Pursuant to Resolution R 25-049, the city entered into a Professional Services Agreement with CBRE to solicit proposals for redevelopment of 309 S. Ashley. Following a competitive process, Hines Development was selected as the most responsive development team following its submission. Their proposal includes a residential mixed-use project with ground floor retail, constructed in two phases. The purchase price is based on the number of residential units approved through the Site Plan process at $31,500.00 per unit, subject to a minimum purchase price of $14,175,000.00.
Based on the current development concept, the city anticipates receiving up to $17.4 million in sale proceeds. As a one-time revenue source, these funds must be allocated strategically to support long term fiscal stability and advance high-impact community priorities.
The resolution establishes a prioritized allocation framework beginning with required contractual obligations, specifically the CBRE brokerage fee, and followed by investments in City reserves, housing, public safety transparency, infrastructure, and economic development capacity. This prioritization will also direct funding if the final sale amount is lower than the anticipated maximum.
Upon adoption and finalization of the sale, the City Administrator will take all necessary administrative actions to implement the allocations and provide annual reporting to support transparency and track progress toward intended outcomes.
Budget/Fiscal Impact: The sale of 309 S. Ashley will generate onetime revenue of up to $17.4 million, depending on the final number of residential units approved through the Site Plan process. These proceeds represent nonrecurring funds and must therefore be allocated strategically to support longterm fi...
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