The aging course in Delray Beach, Fla. needs between $10 million to $15 million in upgrades, so the city is soliciting bids from developers to fund the repairs. Developers have significant plans for the prime piece of real estate, including a potential new 30-acre community with hundreds of residences, a hotel, retail locations and more.
The City of Delray Beach, Fla. plans to potentially sell off a portion of the 148-acre Delray Beach Golf Club for future redevelopment, the South Florida Sun-Sentinel reported. The aging course needs between $10 million to $15 million in upgrades, so the city is soliciting bids from developers to fund the repairs.
Based on newly released city documents, developers have significant plans for the prime piece of real estate, the Sun-Sentinel reported, including a potential new 30-acre community with hundreds of residences, a hotel, retail locations and more.
City officials are reviewing six bids from developers, which would all include some form of housing, the Sun-Sentinel reported. With 98% of the city already built out, that much land is a prime target for developers because of its location.
The biggest proposal comes from E2L Real Estate, which is offering to build 600 residences, 158 senior living residences, a 128-room Marriott Residence Inn, 26,000 sq. ft. of retail and 9,000 sq. ft. of office space, according to city documents, the Sun-Sentinel reported. The firm would spend $30 million on course repairs and nearly $400 million on the private redevelopment, which would encompass 30 acres.
The other five bids would take up a considerably smaller amount of land, ranging from seven acres to 15 acres, the Sun-Sentinel reported. The total amount invested into golf course repairs would range between $20 million and $33 million. The five other proposals:
– 650 residences and 8,000 sq. ft. of retail and restaurant space on 10 acres. (Bobby Jones Links/Mill Creek.);
– 312 residences, 128-room Springhill by Marriott, 1,420 sq. ft. of retail space, 3,630 sq. ft. of restaurant space on 11 acres. (CGHP Developments.);
– 360 residences, a 13,840-sq.-ft. entertainment center and 7,000 sq. ft. of restaurant space on 10 acres. (Heatherwood Luxury Rentals.);
– 444 residences, 24 villas, 5,000 sq. ft. of upscale dining in clubhouse on seven acres. (Related Group.); and
– 120 residences, a 120-room Sports Illustrated resort and 63,300 sq. ft. of retail space on 15 acres. (T-36 Golf Holdings.).
The redevelopment would bring the city an annual revenue of between $960,000 to $3.5 million, according to the report, the Sun-Sentinel reported. Delray Beach city commissioners will review the six proposals during a public meeting on Feb. 6.
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