COUNCIL AGENDA ITEM
SUBJECT:
title
AR-2025-0341: Request to authorize the purchase of 114 N Riverside Drive in the amount of $675,000 for the Main Street.
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DEPARTMENT:
Economic Development
REQUESTED ACTION:
Approve the purchase of 114 N Riverside Drive.
PARCEL ID:
745201000056
AREA:
34,840 square feet
PROPOSED USE:
Historic Preservation, Possible Stormwater Retention
CURRENT LAND USE:
Vacant Single Family Home
FLUM DESIGNATION:
Low Density Residential
ZONING DISTRICT:
R-1, Single Family
VOTING DISTRICT:
Charlotte Gillis
BACKGROUND:
The City of Edgewater since the original 2008 vision plan has tried to create a downtown on E Park Avenue. The City Council hired Kimley Horn in 2023 to conduct surveys regarding the vision for Park Avenue. Based upon this feedback, the downtown was reclassified as a main street and the scope of the downtown was downsized. With the new updated vision plan, City staff are actively pursuing the purchase of property on E Park Avenue to facilitate the creation of a main street. City staff received an appraisal for the property from Cooksey and Associates. The property appraised at $700,000. City staff also received an appraisal from Accurate Property Appraisal, LLC which appraised the property at $710,000. The City of Edgewater has provided an offer letter for the asking price of $675,000 with a contract to purchase the property at the asking price. The seller has accepted the City’s offer.
BUDGETED ITEM: ☒ Yes ☐ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☐ Yes ☐ No ☒ Not Applicable
RECOMMENDED ACTION:
Authorize the City Manager to execute the contract for 114 N Riverside Drive in the amount of $675,000.