The city will sell the $1.6 million bid by Biter Enterprises to purchase the North Palm Avenue Condiminium—the street level retail space on the parking garage.
that he plans high-end retail and a restaurant in the space, and the city accepted Biter's offer on Monday.
The City Commission approved the contract in its consent agenda at its Monday afternoon session at City Hall. Terms allow the city to enter in a 90-day due diligence agreement with Biter, which allows Biter to conduct surveys, studies and inspections, according to city documents.
If the sale falls through after 120 days, the city is allowed to consider the next highest bid—$1.3 million from Icorr Properties International.
The space totals 10,664 square feet and includes two units, one of them being an office space near the entrance, and storage space.
Biter is also required to fill at least once space within 270 days of the closing date, and a 90-day extension can be granted if one space isn't filled, if the parties are acting in good faith, according to the contract.
Additionally, the city can either buy the space back at the same price, or collect $1,000 a month until the first business occupies a space.
Biter also has to fill 51 percent of the space, or the city can regain control of the retail space, according to the contract.