R7A - Alton Beach Bayfront Dev Agree

ALTON BEACH BAYFRONT OVERLAY - DEVELOPMENT AGREEMENT A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING, FOLLOWING FIRST READING/PUBLIC HEARING, OF A DEVELOPMENT AGREEMENT, AS AUTHORIZED UNDER SECTION 2.11.1 OF THE MIAMI BEACH RESILIENCY CODE, AND SECTIONS 163.3220 – 163.3243, FLORIDA STATUTES, BETWEEN THE CITY AND WEST HOSPITALITY OWNER LLC AND 1250 WEST AVE OWNER LLC (COLLECTIVELY THE “DEVELOPER”), WHICH DEVELOPMENT AGREEMENT DELINEATES THE TERMS AND CONDITIONS FOR THE DEVELOPMENT OF THE PROPERTY LOCATED AT 1250 WEST AVENUE (THE “DEVELOPMENT PROPERTY”) AND 1247, 1255 WEST AVENUE AND 1234 13 STREET (THE “HOSTEL PROPERTY”) LOCATED IN MIAMI BEACH, FLORIDA CONSISTING OF (1) A MAXIMUM OF 125 RESIDENTIAL UNITS AT THE DEVELOPMENT PROPERTY, (2) GROUND FLOOR RETAIL/COMMERCIAL AT THE DEVELOPMENT PROPERTY, AND (3) ACCESSORY USES; AND (4) A PUBLIC PARK AT THE HOSTEL PROPERTY (THE “PROJECT”); AND MEMORIALIZES CERTAIN PUBLIC BENEFIT COMMITMENTS MADE BY THE DEVELOPER, INCLUDING ACQUISITION OF THE HOSTEL PROPERTY AND CONVEYANCE TO THE CITY, AMONG OTHER PUBLIC BENEFITS; AND FURTHER, SETTING THE DAY, TIME, AND PLACE FOR THE SECOND AND FINAL READING OF THE DEVELOPMENT AGREEMENT.