Item:
Title
Approval of a Pre-Development Services Contract Amendment, for the amount of $48,000 to Development Finance Initiative (DFI), for the future Redevelopment of County Owned Property at 220 East Main St. (Former Durham County DSS Building)
Body
Date of BOCC Meeting: January 22, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve a pre-development services contract amendment for the amount of $48,000 to Development Finance Initiative (DFI), for the redevelopment of county owned property at the former Durham County DSS building located at 220 East Main Street. Nearly four years ago, Durham County began evaluating options for the redevelopment of the County-owned property at 220 East Main Street known as DSS Main. The nearly 50,000 square foot building stands on 0.4 acres at the critical intersection of East Main Street and South Roxboro Street. Currently vacant, DSS Main was built in 1967 to house Durham County Social Services and to complement the adjacent historical Durham County Courthouse. The funding for this contract will come from the existing Capital Project 47302635DC148 - DSS Main St. Renovation.
The Development Finance Initiative (DFI) was engaged by Durham County in November 2020 to provide pre-development services for the site. The pre-development process involved several key components - public engagement, a parcel analysis to understand current conditions downtown, a site-specific market analysis, site planning, and a financial feasibility analysis. The project stalled for a variety of reasons including the impact of the COVID-19 pandemic on the commercial real estate market.
There is however renewed interest in redeveloping the property which, as a result of the changing real estate landscape, will require an updated market analysis. Under the proposed contractual amendment, DFI would be paid $48,000 to conduct the analysis which would include the following:
* Market analysis with assumptions that ref...
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