Consideration of the Purchase and Sale Agreement for 204 NW 1st Street

The property located at 204 NW 1st Street is a key acquisition due to its proximity to the BBCRA owned properties located at 109 NW 1st Avenue, 209 and 217 N. Seacrest Boulevard (aka USPS) (see Attachments I & II).

The property was listed for sale at $1,025,000.00.  An appraisal was prepared on June 13, 2026, using the sales comparison approach, which valued the property at $850,000.00 for .30 acres (13,068 sq. ft.) (see Attachment III). Based on the appraised value BBCRA staff and the Seller negotiated the sales price to $995,000.00 which is 15% above appraised value. The Seller agreed to the terms and executed the BBCRA standard Purchase and Sale Agreement (see Attachment IV).

The closing date will be held on or before October 31, 2026 and the property will be delivered to the BBCRA vacant.

A comparable worksheet, with key property information, has been provided as Attachment V. The comparison includes this property and BBCRA owned commercial properties acquired over the past five years.

FY 2026-2027 Budget, Project Fund, Line Item 02-58200-401 - $995,000.00

2016 Boynton Beach Community Redevelopment Plan - Boynton Beach Boulevard Corridor

1. Approve the purchase of the property located at 204 NW 1st Street and allow the BBCRA Chair to executed the Purchase and Sale Agreement on behalf of the BBCRA.

2. Do not approve the purchase of the property located at 204 NW 1st Street.

3. Provide alternative direction.