Title
Resolution Approving the Sale, as Recommended by The Redevelopment Commission Of Greensboro, to Greenline Holdings II, LLC of that Property Lying and Being in the South Elm Redevelopment Area of the City of Greensboro and Generally Known as 125 West Gate City Boulevard, 123 West Gate City Boulevard, 121 West Gate City Boulevard, 700 South Elm Street, 728 South Elm Street, 702-714 South Elm Street, 724 South Elm Street, 730 South Elm Street, and 734 South Elm Street for Redevelopment in Accordance with the South Elm Street Redevelopment Plan
Body
Department: Planning
Council District: 2
Public Hearing: No
Advertising Date/By:
Contact 1 and Phone: Sue Schwartz, 336-373-2149
Contact 2 and Phone: Dyan Arkin, 336-433-7377
PURPOSE: The Redevelopment Commission of Greensboro (the "Redevelopment Commission") has accepted an offer, contingent on City Council approval, to sell approximately 3 acres of property within the South Elm Street Redevelopment area to Greenline Holdings, II LLC ("Greenline"), for development in accordance with the adopted South Elm Street Redevelopment Plan and under the terms and conditions of a Sale and Development Agreement with the Redevelopment Commission, Greenline, and the Master Developer, South Elm Development Group, LLC ("SEDG").
BACKGROUND: The Redevelopment Commission entered into that certain Master Development dated June 12, 2013 with SEDG to negotiate redevelopment of the South Elm Street Redevelopment Area site in accordance with the approved South Elm Street Redevelopment Plan and the terms of said Master Development Agreement. On August 11, 2017, SEDG delivered to the Redevelopment Commission a Letter of Intent from Greenline for the development of for-sale residential units and a mixed-used building inclusive of for-rent residential units and commercial/retail space on approximately three acres of land within the South Elm Street Redevelopment Area. The parties worked toward plan development and on August 1, 2018,...
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