RIVIERA BEACH - Developer Dan Catalfumo and consultant Bernard Kinsey
unveiled a project Wednesday that goes far beyond giving the Ocean Mall a
$280 million face-lift, but provides an economic boost for the city's
predominantly black mainland.
Ocean Mall Redevelopment, the group led by Catalfumo, detailed how revamping
the 33-year-old Ocean Mall and putting a 28-story Marriott hotel/condo
building in the city's beach parking lot will make the city financially
secure for generations. Over the 99 years Catalfumo wants to lease the
city's 11 acres of beachfront, the mall's makeover is estimated to pump
nearly $2 billion into Riviera Beach's coffers, according to figures from
Catalfumo and Kinsey.
"I'm really proud of what we have here," Kinsey said. "We're going to make
sure people in Riviera Beach are participating in the economic benefit of
this mall."
The city will receive revenues from leasing the land for the hotel and the
renovated Ocean Mall. After 30 years, Riviera Beach officials will have the
right to buy out the lease on the mall.
In addition, tax revenues from the project will pump millions into the
city's Community Redevelopment Agency, which has struggled for years to
usher in a major project. The estimated tax revenues are expected to start
at $3.7 million in the first year and reach $50 million annually by the end
of the 99-year lease.
Catalfumo has also agreed to make $5 million in civic improvements,
including upgrading the city's beach area near the dunes. About $1.5 million
will go for beach improvements while an additional $3.5 million will be
spent for renovating areas within 300 feet of the project.
"We are part of this community," Catalfumo told the CRA board. "We're not
building and leaving."
However, Singer Island residents are mounting an offensive. Last Friday, a
committee was formed to gather signatures to overturn the council's decision
to increase the beach lease from 50 to 99 years.
Catalfumo told the council that there is some misinformation being
circulated by the petitioners. He encouraged people who felt they had been
misled into signing the petitions to ask that their names be removed.
Resident Gerald Ward suggested that the council get a detailed analysis of
the deal and take its time in reviewing it before voting.
The CRA has been working for about three years to get the Ocean Mall
redeveloped.
Kinsey pushed for Catalfumo to provide a community benefits package as part
of the deal. He and Catalfumo's group created a deal that ensures that the
city's black residents will play key financial roles in the project.
Under what's been dubbed the Community Benefits Partnership Program,
Catalfumo has agreed to involve Riviera Beach residents in several aspects
including:
- Employing area residents with an emphasis on recruiting people who live in
Riviera Beach.
- Hiring black people as sales and marketing representatives in the sale of
the Marriott condominiums.
- Requiring the general contractor for the retail space to award 50 percent
of its construction contracts to local businesses. This will include 25
percent of the contracts going to black-owned businesses.
- Contributing one half of one percent of the estimated construction costs to
the Community Benefits Partnership Program for neighborhood improvements.
Another half percent of the construction costs will go for cultural, civic
and educational programs, including city-sponsored scholarships.
By William Cooper Jr.
Palm Beach Post Staff Writer
Thursday, October 12, 2006
Posted by Donald Urschalitz P.A. at October 16, 2006 03:02 PM
