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CRA approves assignment and amendment for 314 Clematis Street; developer partners add Acre Valley
Summary
The CRA approved Resolution 26‑11 to amend and assign the lease/purchase agreement for 314 Clematis Street to Armada Holdings LLC and Acre Valley Real Estate Capital, confirmed pre‑construction requirements and constrained affiliate funding to under 49%; developer representatives described a $16 million construction budget and preservation of the historic façade, while a nonprofit speaker noted past procurement concerns.
The Community Redevelopment Agency voted to approve Resolution 26‑11, a second amendment to the lease and purchase agreement for 314 Clematis Street that reassigns controlling parties to Armada Holdings LLC and Acre Valley Real Estate Capital and confirms pre‑construction requirements have been met.
Bridal Nella, CRA real estate manager, reviewed the property’s acquisition and disposition history and asked the board to approve the amendment that (1) confirms performance bonds, payment bonds, insurance and small‑business/workforce compliance, (2) establishes construction commencement as Jan. 5, 2026, (3) redefines the controlling parties to Armada and Acre Valley, and (4) caps affiliate or developer controlling‑party funding at no more than 49% without written CRA approval by the executive director, treasurer and CRA chair.
Developer Alexander Griswold (Blue Water Ventures/Brand Atlantic) and partner Andrew Hahnenel (Acre Valley) gave an update, saying construction has commenced, façade renovations and a new roof are underway, and that the total construction budget is roughly $16,000,000 with $3,400,000 spent to date and $300,000 in CRA payments. Staff recommended approval.
Shana Ostrovitz, executive director of nonprofit 1909, delivered public comment, recounting that 1909 won the 2022 bid for 314 Clematis but later had the award revoked when they sought to change a financing partner; she urged the CRA to ensure nonprofits receive fair process and said she did not oppose the current amendment but wanted the past treatment placed on the public record. Commissioner Fox apologized for how that past procurement was handled and expressed support for the current developer while acknowledging the nonprofit’s concerns.
After discussion the board approved the amendment unanimously.
