Title
Discuss and consider action to approve a Purchase and Sale Agreement (PSA) with Griffin Swinerton, LLC for construction of "The Monarch," the multi-generational recreation center, within Downtown East, and authorize the City Manager to execute the same.
Summary
The proposed Purchase and Sale Agreement (PSA) outlines the terms in which Griffin Swinerton, LLC, the master developer of the Downtown East project, will construct The Monarch (Multi-Generational Recreation Center) within the budgeted amount of $82.1M. The cost for The Monarch is $81,721,788.89, excluding the retail component which is being funded by Griffin Swinnerton. The cost for the project includes $4,512,735.77 for pre-development activities, including design, and $77,209,053.12 for construction. Additionally, Griffin Swinnerton is responsible for the cost of construction of the retail elements of the facility at a total cost to the developer of $2,514,873.55.
Phase One of Downtown East includes the construction of The Monarch (the Multi Generational Recreation Center), City Hall, plaza, retail, parking and related infrastructure. With each PSA, the City will make installment payments on the guaranteed maximum price for each component of the project. Upon final completion and final payment Griffin Swinterton, LLC’s obligations under the PSA for The Monarch will be considered complete.
Construction on The Monarch is anticipated to begin in April.
This item meets all four of the Council’s Strategic Goals, as well as Goal 2.2 of the Aspire 2040 Comprehensive Plan to pursue a mixed-use project with municipal facilities through a master developer arrangement.
Downtown East History
The Downtown East project is located on +/-29 acres located at the northwest corner of Pecan Street and FM 685. Discussions for Downtown East have included aspirations to leverage the central Pflugerville location to become a mixed-use development with connections to Main Street and the City's hike and bike trail netw...
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