Pacific Star Capital approached the City of Miami Beach with a joint redevelopment proposal in the North Beach Town Center area on June 2017. At its March 22, 2019 meeting, the Finance and Citywide Projects Committee recommended advancing a negotiated term sheet to the City Commission for deliberation. Since that Finance Committee meeting, the developer has reexamined the new terms and found them to be financially unfeasible. Pacific Star Capital is now proposing to purchase a City-owned parking lot (known as P-80) for $4.2 million; an amount based on the City's appraised value for the parcel. The developer seeks to use the lot to create pedestrian-friendly retail shops with an urban Target serving as the retail anchor on the second floor and required parking for all tenants. The project presents an opportunity to catalyze growth in Town Center and create new tax revenues that can be reinvested in the area.

Therefore, I ask the Finance and Citywide Projects Committee to discuss the sale of P-80 to Pacific Star Capital and ask that all other necessary referrals be made concurrently.