Idle asset in Imperial Beach with city restrictions. There was no tax revenue contribution to city. Additionally there was a community liability with criminal history. Previous proposals were declined as benefits offered and design requirements were unsatisfactory.
FBP met with city of Imperial Beach to clarify wants and needs. FBP proposed several solutions with desirable community and city benefits in exchange for a density allowance increase. After further collaboration with city, proposal was approved. FBP completed purchase in 20 days.
Fidelity created a multifamily design build concept that enhanced the community. There was a positive contribution to city tax base while absolving city of risks related to an asset perceived as a community hazard. Certificate of occupancy was issued within ten months. Project sold within thirteen months. Fidelity expanded relationship with the City of Imperial Beach for consideration of future projects.