Consideration of the Purchase and Sale Agreement for 415 NW 1st Avenue

The property located at 415 NW 1st Avenue is a key acquisition due to its location within the BBCRA’s existing assemblage of properties along West Boynton Beach Boulevard and I-95 (see Attachments I & II). Acquiring the property would further consolidate BBCRA ownership within the area and support future redevelopment opportunities.

An appraisal was prepared on September 9, 2025, using the sales comparison approach, which valued the property at $400, 000.00 for .18 acres (7,840.80 sq. ft.) (see Attachment III).  On January 29, 2026, the appraiser provided an addendum letter updating the property’s market value to $420,000, based on the property being incorporated into the larger assemblage of adjacent BBCRA-owned properties (see Attachment IV). BBCRA staff and the Seller negotiated the original asking price of the property from $825,000.00 (see Attachment V), 49% above appraised value to $749,000.00 which is 44% above appraised value. The Seller executed the Purchase and Sale Agreement with the request that the BBCRA pay for the closing costs and that the closing would take place on or before December 15, 2026 with a thirty day extension, if needed, in order to allow enough time to relocate (see Attachment VI).

A comparable worksheet, with key property information, has been provided as Attachment VII. The comparison includes this property and BBCRA owned commercial properties along the Boynton Beach corridor.

FY 2026-2027 Budget, Project Fund, Line Item 02-58200-401 - $749,000.00

2016 Boynton Beach Community Redevelopment Plan - Boynton Beach Boulevard Corridor

1. Approve the purchase of the property located at 415 NW 1st Avenue, authorize the BBCRA Chair to execute the Purchase and Sale Agreement, and authorize any necessary extensions of the closing date to be handled administratively.

2. Do not approve the purchase of the property located at 415 NW 1st Avenue.

3. Provide alternative direction.