Summary:
Crescent CCRE Lucerne Venture, LLC. (Crescent) is seeking to purchase and develop 4.6 acres of vacant real estate in the Downtown Orlando Community Redevelopment Area located on the Northwest corner of the intersection of South Orange Ave and West Gore Street. Crescent desires to develop and revitalize the property as a mixed-use residential and commercial development consisting of +/- 376 residential apartments, a +/- 24,000 square foot (s.f.) full-service grocery store, +/- 7,000 s.f. of retail space, and associated parking facilities
The 2015 update to the Downtown Orlando Community Redevelopment Area Plan (“Plan”) encourages the CRA to promote and encourage mixed use development, neighborhood-oriented retail and services opportunities in underserved areas of the CRA, and to continue to support developments in Downtown to build commercial ground floor “retail ready” space throughout the Downtown core. Additionally, the Plan addresses targeting retailers to fill in gaps in the retail mix, such as grocers, within the Downtown CRA Area.
The CRA has previously used tax increment revenues to encourage economic development in the Downtown Redevelopment Area. Because of the nature of the project and its potential impact on Downtown Orlando, the CRA is proposing to provide a tax increment rebate to Crescent equal to 30% of the tax increment revenue directly attributable to the Lucerne Project for five years after the project receives a certificate of occupancy, provided that the amount of the Tax Increment Rebate shall not exceed $100,000 per year. The tax increment rebate will be provided to Crescent on an annual basis over the five year period and the maximum amount of the rebate shall be $500,000.
In order to receive the tax increment rebate, Crescent will have to complete the purchase of the property by December 31, 2016, secure a lease with an established and reputable grocery store for a minimum lease term of 20 years, donate $1,500 annually to Downtown special event funding for the duration of the rebate period, include a public art component into the project for a minimum value of $50,000, encourage the grocery tenant to provide employment and career training to residents of the Parramore neighborhood and senior citizens, and provide a shopping cart control plan.
The CRA Advisory Board recommended approval of Agreement on July 20, 2016. |