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ITEM: DIRECTION ON THE SALE AND DEVELOPMENT OF THE K-PARK SITE
REQUEST: Direction on the Sale and Development of the K-Park site.
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EXPLANATION: On December 5, 2023, Council directed staff to begin discussions with Related Companies after receiving a letter of interest for the purchase and development of the K-Park site located at 10400 Stribling Way, Wellington, Florida 33414. Subsequently, on February 5, 2024, the Related Companies submitted a proposal for the purchase of the site (attached), 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. The program also includes outdoor public realm uses available to Wellington residents and visitors (attached). Related Companies’ proposal equates to $720,000 per acre. With the initial offer for only a portion (35 acres) of the overall property.
In addition, Ward Realty continues to refine its concept plans for the project and maintains its $54,000,000 offer for a majority (66.2734 acres) of the property. Ward Realty’s offer equates to approximately $815,000 per acre.
Based on the two (2) proposals received to date, staff is seeking direction on the sale and development of the K-Park site.
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 in executed.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Direction on the sale and development of the K-Park site.