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Receive an update on repurposing Farmers Branch Park for Senior Housing
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BACKGROUND:
At the January 25, 2013 City Council retreat, City Administration was directed to proceed with determining whether Farmers Branch Park would be a suitable location for a senior housing development.
RFQs were sent to approximately 20 developers/builders, interviews were conducted and Blackard Global was unanimously selected to submit a proposal. Blackard Global is a revolutionary international real estate development firm. Their expertise is building sustainable, purpose-driven, mixed use villages that create a true sense of community. They have successfully developed resorts, single-family, multi-family, retail and commercial and office products.
DISCUSSION:
Blackard Global is proposing to develop a mixed-use village comprising 423 units valued at $48 million. There are approximately 350 individual living units and 73 fee simple units. The project includes a 1 ½ acre lake with an 8' wide walking trail around it. The developer proposes to purchase the park for $1.5 million with the city paying for the lake and walking trail (approximately $750,000) which will remain a public park and open to the public, but maintained by the development.
If Council ultimately chooses to repurpose this park, it will require a referendum vote of the citizens which would occur during general elections in November or May. Additionally, the current uses of Farmers Branch Park would have to be moved to a different location. The estimated cost for relocation and development of a different site is estimated at $5 million. Currently, there are not funds available to accomplish this relocation.
RECOMMENDATION:
City Administration will seek City Council direction on whether to proceed with this project.