Owner and Ace Hardware seek CRA parcel; board directs staff to negotiate purchase terms

The Margate Community Redevelopment Agency on April 8 heard a proposal from Ace Hardware to buy a CRA-owned parcel at North State Road 7 and Northwest 15th Street, and the board directed staff to negotiate a purchase-and-sale agreement with conditions to protect CRA interests.

Executive Director Cal summarized the offer and recommended negotiating terms that would ensure construction and protect long-term CRA value. "We received the offer from Ace Hardware to purchase the property," Cal said, and "I would look for direction from the board to negotiate a purchase and sale agreement that outlines a number of conditions that protects the interest of the CRA and provides for the timely construction of [the] property." The owner addressed as Noor told the board the planned building would be roughly 10,000 square feet and that the family intends a long-term presence there: "If you sell it to us, it's going to be a long term." Rudy Diam, representing Kai's Commercial, said that although the purchase price being discussed was $475,000, the development costs would be substantially higher and the project would produce long-term local tax and employment benefits: "So although it's $475,000... it's going to cost Noor a lot more, to develop that, from electrical plumbing and so forth."

Board members emphasized conditions they want included in any agreement: fixed timelines for permits and construction financing, a mechanism to approve any future buyer or tenant within an initial period, and assurances that the build-out as proposed comes to fruition. Members noted that Brookfield's consent may also be required because the parcel sits inside a broader development agreement area. After discussion the board voiced a consensus to have staff and the executive director negotiate acceptable terms and return the purchase-and-sale agreement for final board consideration.