R7B - Alton Beach Bayfront Overlay - Development

ALTON BEACH BAYFRONT OVERLAY - DEVELOPMENT AGREEMENT A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA APPROVING, FOLLOWING A SECOND READING/PUBLIC HEARING, 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 13TH STREET (THE “HOSTEL PROPERTY”) LOCATED IN MIAMI BEACH, FLORIDA CONSISTING OF THE FOLLOWING USES ON THE DEVELOPMENT PROPERTY: (1) A MAXIMUM OF 125 RESIDENTIAL UNITS, (2) GROUND FLOOR RETAIL/COMMERCIAL, AND (3) ACCESSORY USES; AS WELL AS (4) THE CONVEYANCE AND POSSIBLE CONSTRUCTION OF A PUBLIC PARK ON THE HOSTEL PROPERTY, AND DEVELOPMENT OF THE SEGMENTS OF THE BAYWALK ADJACENT TO THE PROPERTIES LOCATED AT 800 WEST AVENUE, 1228 WEST AVENUE, AND 1450 LINCOLN ROAD (THE “PROJECT”); AND MEMORIALIZES CERTAIN PUBLIC BENEFIT COMMITMENTS MADE BY THE DEVELOPER, AS WELL AS CERTAIN REQUIREMENTS AND DEADLINES WITH RESPECT TO ACQUISITION OF THE HOSTEL PROPERTY AND CONVEYANCE TO THE CITY, AND DEVELOPMENT OF THE BAYWALK SEGMENTS, AMONG OTHER PUBLIC BENEFITS; AND FURTHER AUTHORIZING THE CITY MANAGER TO FINALIZE THE DEVELOPMENT AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY AND, FINALLY, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AND RECORD THE DEVELOPMENT AGREEMENT.