An agreement was struck December 2018 between the city and the developer that allows the developer to build a 519 ft tall tower in exchange for a 3.0 acre public park. Here are all documents pertaining to that agreement:
Summary of more details of Development Agreement:
*Short term rental limitation – Amend section 3.25 (c); no rental for periods of less than six
months and one day for either individual on condominium units, or 90% of the total developer
owned units, and providing that up to 10% of the developer owned units may be rented for a
period of not less than 30 days, until the project is completely converted to condominiums.
The developer separately agreed to insert these provisions in the governing documents in the
condominium documents as well.
* Phase I – Park deliverables; they will amend Section 14 to update the Phasing. Phase I will be
delivered the earlier of 18 months following the zoning approval, or with an outside date of 30
months from effective date.
* Phase II – Within 48 months of the park zoning approval, the developer will commence
construction on Phase II and will deliver a complete construction 18 months thereafter, or a
total outside date of 66 months from the park zoning approval.
* Phase III – Remains the same.
* South Shore Hospital – The developer agrees to the earlier of six months, following the project
zoning approvals, or he would agree to demolish South Shore Hospital within 60 days of the
Replacement Ordinance, if that Ordinance provides for a footprint of 2.25 times the existing
footprint. The developer has agreed to eliminate the sole discretion language in the agreement.
* 6th Street Closure – For a period of 30 months, where 6th Street will be closed for
construction, the developer will provide an alternative pedestrian pathway from West Avenue
to Alton Road south of 8th Street.
* Application fees – Developer will pay the first $15,000 and the City will appropriate and pay
the balance as part of the accelerated schedule for the delivery of the park.
Delete language regarding Ordinance amendments for waivers of application fees.
* Concurrency credit – If developer is awarded a contract to build the 5th Street pedestrian
bridge for a not-to-exceed amount of $10 million, then the developer will pay 100% of the applicable concurrency fees. If developer does not build bridge, City and developer will share
equally in the concurrency fees, which they estimate at $526,000.
Delete language regarding Ordinance amendments for concurrency.
* Baywalk – If City cannot obtain permits for baywalk, developer will contribute $750,000 as an
alternative public benefit towards the cost of the 5th Street pedestrian bridge; if he is awarded
the bridge. If not, and the City cannot obtain the permits for the baywalk, there is no
alternative public benefit.
50 Story Tower – After the original Waves plan was approved, the developer proposed instead a 50 story tower surrounded by a privately owned green space that was 50% water (see bottom picture). This proposal was denied by the city commission in 2017.
The Waves – A seven story structure with two levels of underground parking to includes retail and rental apartments from 5th Street to 7th Street.
The Vitri, 2003 – Blast from the past, remember the Vitri Condominium? This was a low intensity project approved for the 500 block, see below. Some units were sold during per-construction but this project went bust shortly after.
In 2005, the city vacates 500 block alley to developer, 6,005 SF, in exchange for easement for a pump station and a pedestrian walkway over 5th Street, Resolution 2005-25869. Reaffirmed in Resolution 2013-28343. Since then, the city has built the pump station on the southeast corner of the 600 block.
Historic 5th Street, 1958 – The tall white building on the bay is the old Floridian Hotel which was demolished in 1987.