SOLD! Old City Hall site off the market!

www.WPB.news EXCLUSIVE!

GOING...GOING...GONE! After years of trying, the city has a deal to sell the old city hall site to a developer who is going to build a neighborhood-transforming project.

Monday, the city is expected to sign off on the deal with Navarro Lowrey who will build a 410,000 square foot commercial project consisting of a hotel, a mixture of retail, residential and commercial space, along with a new parking garage.

Purchase price: $11.5 million dollars.

In order to ensure the project is built, the city (actually the CRA) is throwing in a $1 million dollar incentive that will only be paid when all parts of the project are finished. The deal requires the developer (not the city) to pay out the $1.5 million dolllar cost of knocking down the old city hall. Over the first five years of the project, the city will give back that $1.5 million dollars by waiting to collect new property taxes generated by the project.

The Helen Wilkes site (the triangle piece of property between city hall and Flagler Drive) is also part of the deal. It will be leased to Navarro Lowrey who will turn it into beautiful public space.