Pompano Beach, Florida (PRWEB) February 07, 2013
The once magnificent pier in Pompano Beach is on its way to an urban revitalization thanks to a major $20 million dollar public/private agreement negotiated by the firm Redevelopment Management Associates (RMA) on behalf of the City of Pompano Beach.
The planned project includes 40,000 square feet of new, exciting restaurant and retail space. It also includes open public spaces for events and activities.
The architects of the agreement were Kim Briesemeister of RMA, and Chris Brown of RMA.
"This project will be the beginning of what promises to be a remarkable transformation of an area that has deteriorated over many years. The attraction of new business will help increase revenues for the city and create a new, vibrant destination for residents and tourists alike," said Kim Briesemeister of RMA.
Both Briesemeister and Brown manage multiple community redevelopment agency districts in the State of Florida, including the City of Pompano Beach CRA.
Redevelopment Management Associates (RMA) is Florida’s largest firm specializing exclusively in redevelopment management and consulting services. For more information, visit http://www.rma.us.com.
RMA has managed the City of Pompano Beach Community Redevelopment Agency since 2009. The Community Redevelopment Agency (CRA) is responsible for redevelopment efforts within its districts by issuing bonds for development projects, doing streetscape projects and using incentivized to attract private investment.
As part of the new deal, RMA guided the city through issuing a $10 million bond that was used for a massive overhaul of the beach area. Improvements included a 17’ wide promenade along the beach, new on street parking, dune restoration, an exercise and children’s play area and the prized Great Lawn with an interactive fountain.
The public investment was necessary to attract the additional private investment to a prime piece of beachfront real estate that has sat vacant for two decades and serves as a barren parking lot for beach patrons.
The $20 million dollar combination of public bond funding and private investment represents a significant partnership that will dramatically change the landscape of the City of Pompano Beach beachfront.
On behalf of the City of Pompano Beach, RMA issued a Request for Proposals (RFP) for the redevelopment of the site and revised two proposals. A selection committee led by RMA chose the local development firm of new urban Communities and Caster Developments.
“Hiring RMA was the best thing the City of Pompano Beach did. The area is already enjoying a renaissance,” said Pompano Beach Mayor Lamar Fisher.
The deal was complex because of charter restrictions and land use and zoning limitations. As a result, RMA was required to prepare separate lease agreements for each property involved in the $20 million dollar deal to avoid conflicts with the charter.