THE PUBLIC WORKS DEPARTMENT/FACILITIES MANAGEMENT DIVISION/REAL PROPERTY SECTION RECOMMENDS APPROVAL OF THE ABOVE MOTION.
The proposed property is located at 1801 NW 49th Street in Fort Lauderdale and identified by Folio Number 4942-16-15-0010. It measures approximately 5.97 acres and includes a three-story office building measuring 72,718 square feet.
The current owner, GVAOII 1801 NW LLC, purchased the property in 2015 for $8,487,000. The Broward County Property Appraiser assessed this parcel for ad valorem tax purposes at $8,538,590 in 2018. There have been no real estate transactions involving this property in the past three years.
The site has been identified as a potential location for a future County governmental facility, such as the Property Appraiser's Office, the Value Adjustment Board and any other agencies with compatible programming space. This property is situated in central Broward County and can be accessed via Commercial Boulevard from I-95 to the east and the Florida Turnpike to the west. It has 382 parking spaces and a bus stop is located directly in front of this property. The zoning is AIP (Airport Industrial Park District) which permits administrative office use.
The County obtained two appraisals which valued the property at $10,000,000 and $10,817,000. Based on the average of the two proposals, the County submitted an offer of $10,408,500. The property owner counter-offered at $11,650,000 which is 12% above the average of the two appraisals. Preliminary staff analysis has determined the cost of acquiring vacant land and building a new facility would be greater than the cost of retrofitting and acquiring this property at the proposed purchase price. A survey, building inspections and an environmental assessment will be obtained before the closing during the customary due diligence period. There will also be typical closing costs in addition to the purchase price.
The Office of the County Attorney is in the process of drafting a contract for sale and purchase. Broward County Administrative Code, Section 6.23 requires approval by an extraordinary vote of the Board of County Commissioners when the proposed purchase price of a property exceeds the average of the appraisals by more than 10%.
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