Title
Approving the selection of Cozumel Development Company LLC and NAR Ventures LLC for the development of the Gin Tract adjacent to the Downtown East project, and authorizing the City Manager to negotiate and execute a development agreement.
Summary
The City owns an approximately 1.05 acre site adjacent to the Downtown East project; this tract is commonly called the Gin Tract. Given the tract’s central location and proximity to Downtown East, this is a unique opportunity for catalytic infill development. The City desires the property to be developed into a highly activated use and suitable for various ages, and the development itself to be high-quality. Possible uses included restaurant, retail, and/or family entertainment.
In July, the City issued a Request for Qualifications (RFQ) soliciting interested developers to submit their qualifications to develop the property into a use that met the City’s vision and goals. The City received two responses and unanimously recommended the City select Cozumel Development Company LLC and NAR Ventures LLC for the project. This group develops the El Arroyo restaurant(s) and associated retail merchandise. El Arroyo restaurants are a multi-faceted experience, including a restaurant, a large outdoor patio with an attached play area, a retail outlet, and event space. The Cozumel Development Company LLC is currently expanding the number of El Arroyo locations within central Texas, and the Pflugerville location is anticipated to be the first location north of Austin.
The development team has executed more than a dozen projects similar to this one, and has the experience necessary to develop this site in the manner in which the City desires.
This item is supported by the Economic Development pillar of the Strategic Plan.
Future CIty Council Action
The next steps for this project are for staff to begin negotiations with the developer for a proposed development agreement outlining development terms, standards, timeline, and other associated issues. The agreement will then come before the City Council for discussion and consideration.
Deadline for City Council Action
Action is requested on October 22, 2024
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ________
1295 Form Required? Yes __ No __
Legal Review Required: N/A _X__ Required __ Date Completed: _____
Supporting documents attached:
Downtown East - Exclusive Negotiating Agreement
Recommended Action
Motion to approve as presented.