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CRA approves amendment to Anchor Site agreement to accommodate new construction financing and schedule change
Summary
The board approved Resolution 25-22 to amend the property development agreement and ground lease with ImaCor for the Anchor Site (District at Northwood) to reflect new construction financing requirements from Centennial Bank, higher subcontractor bonding, and an extended completion schedule.
The Community Redevelopment Agency on April 14 approved Resolution 25-22, a third amendment to the property development agreement and ground lease with ImaCor (ImaCorp) for the Anchor Site — the project now referred to as the District at Northwood.
Chris Roog, executive director of the West Palm Beach CRA, said the mixed-use project is currently under construction and includes three buildings with a total of 382 rental units and additional commercial space intended to serve Northwood Village. Roog said the site will include structured public parking intentionally provided at about 10% above required parking to support the district.
Roog told the board Centennial Bank will provide construction financing and the bank required changes to the lease. The amendment approved by the board modifies subcontractor bonding requirements by increasing bonds for subcontractors with contracts of $500,000 or more, adjusts the project schedule (pushing the anticipated completion date by roughly six months), and records the bank’s mezzanine financing in an updated organizational chart so the lender is noticed in the project structure. Roog said the developer and general contractor reported active construction and are nearing a "topping out" milestone.
Brian Seymour, an ImaCorp representative present at the meeting, thanked CRA staff and the project team for assistance and said the developer appreciates the agency’s continued coordination as financing came together. President Lambert praised the progress and asked staff to convey appreciation to the developer for persevering on the project.
The board voted unanimously to approve the amendment.
Action: Resolution 25-22 approves revisions to the development agreement to satisfy Centennial Bank’s financing conditions, changes bonding requirements, updates the project schedule by about six months and adds lender notice to the organizational structure.
