The Ocean Highway Port Authority Commission will vote on a proposal by its real estate agent to sell its three properties in the City Historic District as seven residential lots to be listed at $2.4 million.
The agreement between OHPA and Crane Island Real Estate LLC, also known as Cabana Lane, for the properties' listing is on the agenda at the Wednesday meeting. Under the proposed agreement, Cabana Lane would be paid a 2 percent commission. The three lots are located on 3rd Avenue between Dade and Escambia Streets in the Historic District.
The proposal includes the following recommendations:
Lot Pricing & Sales Process - The above represents Cabana Lane’s recommendation on homesite pricing for the Listing Agreement. The intent is to go into the market at a price above the Broker Opinion of Value as stated in the RFP. There will be value added to the equation with Cabana Lane offering support to help future buyers with selection of homes, representation through the HDC (Historic District Counsel) and builder selection. These value ad offerings will help Buyers understand the purchase of the property and in understanding the process and cost to develop a home on the property. The markets will inform the final decision and it’s every intention of Cabana Lane to achieve the highest price possible. However, because of complex nature of a multi-member board acting on behalf of OHPA, Cabana Lane seeks a unanimous consent approval of offers that are between the Proforma Price and the List Price with a closing to occur no later than 60 days from execution of a binding agreement. This gives clear directions on the process and the consumer who wishes to purchase the property will not be unnecessarily delayed in receiving confirmation and execution of Purchase & Sale Agreements.
All offers will be presented to the Board for consideration and approval, but Cabana Lane seeks this process to ensure there is a timely and non-political view from the Board now that there is agreement to sell the properties.
Deed Restriction - Cabana Lane at its own expense will engage Jacobs Scholz & Associates to create a deed restriction for review and approval by OHPA counsel & Board Members. Two critical aspects of the Deed Restriction are to ensure that
every homesite will be a minimum of 50 feet in width and that only a Single Family Residence can be constructed on the property. The final cost of the engagement with Jacobs Scholz & Associates will be presented to OHPA Board Members for the record. This amount will be divided by 7 and a reimbursement of this cost will be returned to Cabana Lane At closing of each homesite on a 1/7th ratio at each occurrence. Cabana Lane will assume the risk of no-reimbursement should OHPA
cancel the Listing Agreement or the Homesites are not sold. The OHPA Board will have unilateral consent over the Deed Restriction language and ultimate approval.
Survey – Cabana Lane at its own expense will engage Manzie & Drake as a qualified Surveyor to provide boundary survey for the parcels as well as the proposed individual Homesites. A Tree & Topographic survey will also be conducted for all the properties. This is an important aspect of having the right tools to engage the public for sales but also as a reminder to neighbors as to new 50 foot and greater homesites that will be created by the subdivision of the larger parcels. Finally, this will only help City & County staff who will work with local title companies when it comes to the final transfer of title to each property. The final cost of the engagement with Manzie & Drake will be presented to OHPA Board Members for the record. This amount will be divided by 7 and a reimbursement of this cost will be returned to Cabana Lane At closing of each homesite on a 1/7th ratio at each occurrence. Cabana Lane will assume the risk of no-reimbursement should OHPA cancel the Listing Agreement or the Homesites are not sold. The OHPA Board will have unilateral consent over the final lot layout.
House Design & Site Planning - Cabana Lane at its own expense will engage licensed professional Architects who have a background in working successfully with the Historic District Counsel. The intent is to further study each parcel and to
provide conceptual drawings and site plans that can be preliminarily approved by The City of Fernandina Beach & The Historic District Counsel. This concept has been well received by City Planning Staff and there are proven examples of this in other jurisdictions in the US and will only provide for greater efficiency for future Buyers but will also be a terrific way to share with Neighbors what is happening with planned homes on the parcels. It is very intent of Cabana Lane to engage the
Neighbors as part of a public Charrette process that has been very effective in building trust and hearing input.
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