On November 8, 2016 the Murdock Village CRA and the Charlotte County Board of County Commissioners approved an Agreement for Sale and Purchase with Private Equity Group, LLC (PEG) for 452 acres of property in the Murdock Village Community Redevelopment Area. The agreement puts in motion a development that is projected to create up to 2,400 residential units, 200,000 square feet of retail and commercial space and a 150-room hotel. Studies conducted by the County’s consultant and PEG projected nearly $92 million in annual economic impacts from jobs created and economic activity. Over a 20-year period, construction activity is projected to be $396 million and 378 permanent jobs will be created. Also during that period, the tax revenue to all County taxing districts is projected to be $151 million. Conceptual Plan
Below are links to the fiscal impact analyses for the project.
The agreement commits the developer to making road and infrastructure improvements to O’Donnell Boulevard, which will connect U.S. 41 to State Road 776. The agreement also requires the developer to construct multiuse paths throughout the property, which will connect to North County Regional Park, and demolish and remove degraded roadways within the parcel. With execution of the agreement the 150 day Feasibility Period will begin.
Gateway Properties Released for Sale: At the July 12, 2016 Murdock Village Community Redevelopment Agency meeting, the Board authorized the sale of two properties in the Gateway District and directed staff to proceed with selling 60 lots within the Gateway District. The purchase price on the two sold lots provides a general point of reference to begin discussion of any new offers received. Of course, new appraisals and more recent comparable sale prices will have to be considered along with market conditions when any new proposals are received. On November 8, 2016 the CRA approved the Sales contract with Private Equity Group, LLC which included 30 of the lots within the Gateway District.
The Gateway District is located between US41 and the local streets of Franklin, Buena Vista and Seymour. There is a specific process that must be followed regarding the disposition of these properties since they are located in the CRA. The following information is listed below to assist you in evaluating the properties. If you are interested in any of these properties or would like to discuss this opportunity in greater detail please Debrah Forester, Redevelopment Manager at 941.764.4943.
US41 Widening: The Florida Department of Transportation’s (FDOT) contractor, Guymann Construction Inc., will begin the widening, resurfacing and utility replacement project in January 2015 on US 41 from Enterprise Drive to the Sarasota/Charlotte County line (Salford Boulevard). This 3.6 mile project includes expanding the road from four to six lanes, making roadway drainage improvements, installing water and sewer lines, and replacing signals at Enterprise Drive, Toledo Blade Boulevard and S. Cranberry/Cornelius Boulevards. The posted travel speed is 50 miles per hour. The project includes new bike lanes and sidewalk on both sides of the road.
Development Opportunity: The Murdock Village CRA is seeking developers interested in public/private partnership to create a new destination in Charlotte County. Development opportunities include both commercial and residential offerings. The Murdock Village site is located within one mile of the spring training complex of the 2008 American League Champion Tampa Bay Rays baseball team. Charlotte Harbor, offering world class fishing and sailing, is less than five miles away, and the Gulf of Mexico’s beautiful beaches are only a thirty minute drive from Murdock Village.
Charlotte County is seeking one or more developers to create a public/private partnership to redevelop this prime real estate into a mixed use designation. Please call the Charlotte County Economic Development Office at 941.743.4943 to discuss this opportunity.
Murdock Village Community Redevelopment Agency Advisory Committee, is appointed by the Board of County Commissioners to provide citizen input into the redevelopment of this area.
Aerial View of Subject Property Redevelopment Initiative