The Community Redevelopment Agency (CRA) purchased the property in December 2005 from the First Baptist Church as a redevelopment property. The church was razed in 2010. Environmental remediation has been completed.

This 2.43-acre site consists of vacant property and a surface parking lot fronting Orange Lake at 6561 Circle Boulevard. The main portion of the subject property Parcel #1 is located on the southeast corner of Central Avenue and Circle Boulevard. It is 1.39 acres and surrounds Parcel #2 (0.14 acres). Parcel #3 is located on the northeast corner of Central Avenue and Circle Boulevard and contains approximately 0.73 acres. Parcel #4 is .17 acres and sits at the southeast corner of Central Ave and Adams. (See RFQ 16-007 Map)

On November 13, 2015 the CRA released RFQ 16-007. The purpose of the RFQ was to find a qualified developer to construct new urbanism housing that would serve to support local businesses and to generate new ad valorem taxes for the city.

On January 19, 2016 People Places, LLC was selected as the qualified developer. City staff subsequently entered into negotiations to craft the framework for residential development of the property as follows:

• $300,000 Purchase and Sale Agreement for 4 parcels of land that make up what is called the Residence of Orange Lake.

• Up to 88 Residential Units

• Incentives:

• CRA property tax rebate after assumed 2016 closing

100% rebate 2017 thru 2020

  80% rebate 2021, 2022

  60% rebate 2023, 2024

• All city Impact, permit, water and sewer fees waived for the project.

The design and feasibility of this project is based on the Zimmerman/Volk Urban Core Residential Market Analysis. The analysis states there is market support for new downtown residential construction designed for annual household incomes of $50,000+. The occupancy of these units will serve to support a growing and vibrant community with over $4.4+ million in new annual household income in close proximity to nearby businesses.

It is estimated the completed project will increase downtown advalorem between $6-8 million, netting over the remaining life of the CRA an additional $800,000 in CRA revenues.