The City of Delray Beach, Palm Beach County, Florida has a 42+ acre, 550,000 SF former corporate headquarters that has been vacant for over five years, leading to a value downturn along their Congress Ave. corridor and a loss of $100M of tax ratable for the City.

APPROACH

Created a strategic marketing plan that would allow the property and Congress Ave. to be rebranded and repositioned in today’s market by transforming it into the Delray Beach Innovation Park (a sustainable, mixed-use medical, educational, corporate, and community lifestyle destination) in order to spur new economic development and real estate demand.

RESULTS

The new marketing strategy, which is in the process of being implemented, has resulted in identifying the ideal developer and gaining key stakeholder support to redevelop the property and Congress Avenue Corridor as a catalyst project for future economic development in this area of Delray Beach and in neighboring Boca Raton.

After gaining the support from the City of Delray Beach commissioners for the strategic marketing plan, we are in the process of gaining control of the property with a new financial incentive package in place, so that the Delray Beach Innovation Corridor plan can become a major economic development project for Palm Beach County.