DELRAY MAY SELL 6 ACRES WORTH $15M FOR $1.2M

DELRAY BEACH — The city’s Community Redevelopment Agency is poised to sell downtown land valued at $15 million to a developer for just $1.2 million, with the promise that the builders will revitalize the blighted area quickly.

Not all of the city’s CRA members are in favor of the deal to sell three city blocks on West Atlantic Avenue. Some argue that the price is too low and the city should venture into a bidding process for more money and a better design.

The city aims to sell the space between Southwest Sixth Avenue and Southwest Ninth Avenue to a developer who will incorporate a grocery store, local shops and affordable housing into its plans. The idea has been discussed for nearly a decade.

On Thursday, the CRA will consider negotiating with Uptown Atlantic — a business formerly known as Equity Delray and headed by John Flynn, an Irish developer — to sell the 6 acres of land for $1.2 million.

Six other developers have sent letters to the city, expressing interest in buying the land. Uptown Delray’s offer is the lowest. One developer, BH3 Management, offered the highest bid of $6 million.

The land was appraised at $15 million earlier this year. Six years ago, it was appraised at about $6 million.

“That’s a lot of money to be leaving on the table,” Commissioner Bill Bathurst said.

But some board members would rather take a hit on the price in order to break ground on the West Atlantic Avenue project more quickly. The CRA is already in negotiation with Uptown Atlantic and can come to a deal within a month, officials said.