Mosaic, which has offices in Ft. Myers and St. Petersburg, was the only company to respond to the city's request for qualifications in the spring. The city was looking for a private partner to redevelop city-owned property near the Lakefront Park.
"We hope we get a favorable vote," Mosaic Principal Roxanne Amoroso said. "We're very excited about this project, and we've been working on it for some time. We intend to deliver a Class A product."
The terms of the contract - sealed until now - call for Mosaic to pay $1.985 million for 8.15 net acres. The discounted price is considered an incentive by the city, but the contract states that Mosaic could be eligible for a host of other economic development incentives, including the waiving of building permit fees, impact fee credits for parks, reduction or waiving of mobility fees and even funds to assist in the buildout of the commercial space. The city is also paying to relocate utilities and remediate a former electrical substation site.
The contract assumes Mosaic (or an assignee) will construct a boutique hotel with at least 120 rooms at the corner of Lakeview and Ruby avenues, along with a mix of shops, restaurants and market-rate housing. It authorizes Mosaic to hire a broker and begin marketing the hotel pad. Amoroso said the company has already retained Daisy Lopez-Cid.
The plan also calls for a two parking garages and surface parking for up to 480 cars.
The Toho Square redevelopment, on Pleasant Street between Ruby and Monument avenues, calls for a multi-level parking garage (up to 400 spaces, to be built by the city) surrounded by apartments and town houses. Residents will have designated parking spaces in the garage.
The contract specifies that Mosaic will utilize the same "Florida Vernacular" design style included in the renderings with the original proposal.
The contract sets out a minimum development program to include 303 residential units, including 260 apartments, 16 townhouses, 27 condo flats and associated amenities and pool, 120 hotel units, surface and structured parking spaces, and approximately 15,000 square feet of retail/community space, together with necessary site improvements and ancillary public improvements.
Amoroso said she'll be available to answer any questions from city commissioners Tuesday before they vote on the contract. She told GrowthSpotter the private investment just on the apartments would be $30 million.
If approved, Mosaic will have three months to submit a phasing plan for both parcels, as well as a proposed timetable for redevelopment. The developer will have the option to construct the entire project at once or in phases over a five years, with possible extensions.
"The reason there's flexibility built into it is to allow us to respond to market conditions," Amoroso said. "There's also the component of the environmental cleanup that none of us control."
Within six months, the city and Mosaic would jointly apply to rezone the property for a mix-use PUD.
Amoroso was part of the team at Banc of America Community Development Corporation that landed the contract to develop Orlando's Creative Village. The team also includes architect Tim Baker, of Baker Barrios Architects, and Cardno Inc. for site planning and engineering work. Links Financial LLC is the finance partner.