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The two non-profit organizations, the TED Center and Delray
Beach CDC joined New Urban Communities, Inc. a Florida
for-profit organization, to form a limited liability corporation
(L.L.C.) to develop this project.
The ownership structure is on a 50/50 basis with 50% to the
developer and 25% to each CDC. The financing and distribution of
profits follow the same structure. Decisions will be made by all
partners regarding the predevelopment and approved budget,
project lenders, plans, and scope of work. New Urban Communities
will manage the design, approval, development and construction
process; the TED Center and DBCDC will market and sell the
townhouse. Arvida Realty Services, a local brokerage firm has
been retained to lease the commercial project; however the CDCs
are very involved in recruiting potential clients as well. The
TED Center is currently working with some of its incubator
clients interested in occupying space in the project. |
