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ITEM: CONSIDERATION OF THE PURCHASE AND SALE AGREEMENT(S) FOR K PARK
REQUEST: Consideration of the Purchase and Sale Agreement(s) for the sale of K Park to (a) Related Ross and (b) Education in Motion (EIM).
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EXPLANATION: On December 5, 2023, Council directed staff to begin discussions with Related Companies, now Related Ross, after receiving a letter of interest for the purchase and development of the K-Park site located at 10400 Stribling Way, Wellington, Florida 33414, known as “K Park”. Subsequently, on February 5, 2024, the Related Companies submitted a proposal for the purchase of the site, including a presentation illustrating Related’s conceptual development vision for the K-Park parcel - a residential community organized around a lifestyle retail center utilizing a “main street” approach that would include a diverse set of shops, cafes and restaurant offerings with the option for a private school on the western portion of the site.
More recently, a workshop discussion was held on September 24, 2024, with representatives from Related Ross as well as Education in Motion (EIM) to discuss the details of the Related Ross proposed mixed-use development and the EIM private school. The representatives from EIM presented their programs and experience, current international schools, and vision for the school in Wellington. EIM submitted a proposed term sheet for the purchase of the approximately 35 western acres.
Related Ross and EIM held a collaborative discussion for Wellington residents, businesses, and community members on October 17, 2024 as well as other meetings with community organizations and homeowners associations.
BUDGET AMENDMENT REQUIRED:
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: No impact until a Purchase and Sale Agreement is executed.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Consideration of the Purchase and Sale Agreement(s) for the sale of K Park to (a) Related Ross and (b) Education in Motion (EIM).