26-1479: Resolution to Approve a Purchase and Sale Agreement for the Kline’s Lot (8 Votes Required)

Description

Resolution to Approve a Purchase and Sale Agreement for the Kline’s Lot (8 Votes Required)

Summary

The agreement would sell the City-owned property at 309 S. Ashley Street to Hines Acquisitions LLC for a price tied to approved market-rate housing: $31,500 per unit, with a $14.175 million minimum. Hines proposes at least 450 all-electric apartments and 10,000 square feet of ground-floor retail, subject to City approvals. The buyer may conduct due diligence, pursue zoning and site-plan approvals, and terminate if approvals are unacceptable. The sale would end municipal parking operations, with a 30-day transition period. Easements would preserve public alley, pedestrian, dumpster, utility, and neighborhood access. Hines must begin Phase 1 within 180 days after closing and operate unused Phase 2 land as public parking for up to 10 years. City Council approval by at least eight members is required.