TITLE
Recommendation to authorize City Manager to enter into Memorandums of Understanding with Toll Brothers and Williams & Dame Development, respectively, to negotiate the development of the Broadway Block. (District 2)
DISCUSSION
In May 2005, the City of Long Beach (City) and the Redevelopment Agency of the City of Long Beach (Agency) jointly released a Request for Proposals (RFP) for a multiple block development along Long Beach Boulevard between IsS‘t reet and 3rdS treet. The RFP included the Broadway Block, which is east of Long Beach Boulevard between 3rd Street and Broadway (see “Exhibit A” - Broadway Block). Parcels comprising the Broadway Block are owned by the City, the Agency and private parties. The City owns the parking lot in the southeast corner of the block. The Agency owns the vacant parcel in the southwest corner of the block and is in the process of acquiring the remainder of the block from the private property owners. In July 2005, the City and the Agency
received four development team proposals that expressed specific interest in developing the Broadway Block. A Selection Committee was established in September 2005, to represent the interests of both the City and the Agency and to review the proposals and ultimately make selection recommendations. In October 2005, the development teams were given a list of questions specific to their proposal. The questions requested clarification of financial information, challenged development assumptions and asked for specific information on issues ranging from the re-use of historic resources to specific project components, including building height, density, unit count, retail square footage, types of uses and parking. The Selection Committee held developer interviews in late 2005, during which each team made a presentation on its specific proposal. The interviews provided the Selection Committee with the opportunity to further clarify financial information and to ask additional questions on architec...
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