Last October the city bought the 27-acre site at the corner of Dykes Road and Pines Boulevard for $17.8 million. Tuesday, officials announced it sold the property to Terra World Developers LLC for $23.5 million, a profit of approximately $5.7 million. The sale will also move the property onto the city’s tax roll for the first time, generating about a half million dollars annually.
“This is outstanding for our city, not only bringing in revenue but giving our residents and new residents the opportunity to purchase single family homes and shop at the same location,” said Mayor Frank Ortis.
The developer will transform the nondescript 345,377 post office building into a modern commercial and retail space and add 120 single family homes with parking. Miami-based Terra World won out over a dozen offers submitted to the city. The developer’s plan includes 85,555 square feet of retail space and 20,000 feet of medical office space, with ample parking nearby.
Much of the operation at the former postal site moved two years ago to Miami-Dade County as part of nationwide downsizing. The postal service still operates a retail store and a full-functioning post office at the site, but most of the building sits empty. The new plans call for only 7,240 feet of post office space.
City Manager Charles Dodge said the profit from the sale will be placed into the city’s Municipal Construction Fund reserves for future capital needs. The City Commission is expected to authorize the sale during its regular meeting Wednesday night. The developer must still seek the necessary permits to build.
This large development comes at a time when the city has resurrected its urban center project, after it went dormant for years due to the recession. The projects, about 5 miles apart on Pines Boulevard, incorporate retail, office and residential space. Terra World also plays a major role in that project — it will develop most of the commercial space at the urban center, which includes a new civic center and as many as 1,800 residential units. The city also saw about a $3 million profit in the sale of parcels at the urban center.
Source: Sun Sentinel