The Positive Effects
Connectivity – the construction of NorthPoint should be the catalyst that ties “Downtown Stuart” with North Stuart.
Taxes – NorthPoint will not only create an increased tax base (of approximately $10-$12 Million) it will also provide new job opportunities as well as other revenues to the city and county. Please see the Economic Impact Analysis prepared by Paul Skyers downloadable on homepage.
Downtown Experience – NorthPoint was planned in a way that invites the public to enjoy the waterfront and build on the existing “Downtown Experience”
Financial Capability – North Stuart Acquisitions and Development, LLC has proven their financial capability.
The Vision
This particular property has been in the City’s inventory for over 14 years and has historically been under some sort of lease agreement for many of those years. Since the City has offered this property up for potential sale, our group is now interested. The property is expensive to develop and we believe private ownership insures proper investment.
Looking at the property from a use perspective, it is easy to visualize the bridge as the foundation for a restaurant. However, the balance of the property is much more difficult to understand. When considering the “Highest and Best Use” for the balance of the property, it became apparent that any use that would include a “residential component” probably would not pass any reasonable market analyses. Additionally, very few commercial uses seemed viable. So, not out of genius, but out of demand (we were asked to consider an office use), the idea of an office building quickly became our “Highest and Best Use”. Offices could enjoy the river views and they are not nearly as affected by the constant train horns and noise. Our office user would be a Private Equity Firm which not only brings jobs to our downtown area, it will also require housing for relocating staff.
As indicated on the preliminary plans, the committed office use would be a three story building with underground parking.
When planning this project, we took into consideration the ancillary uses of the site. It was critical that the site have a boardwalk that stretches from under the Roosevelt Bridge to the FEC property line. This is in anticipation that the entire north peninsula will hopefully lean towards a connecting boardwalk. We have planned a private/public dock connected to the boardwalk. This dock would facilitate a drop off area for a future “Water Taxi”. This idea of a “Water Taxi” is not new, however, we believe that it differentiates Stuart from other communities and allows visitors to actually experience our incredibly beautiful waterways and expose our city from a different perspective. Hopefully, this “Water Taxi” would commute from the City’s docks and provide access to the Plaza and Restaurant on a regular basis. The dock would also provide water access to the restaurant for boaters.
As that idea unfolded, it also became clear that we should provide a retail experience for our visitors at the “Plaza”. We have proposed a number of small retail spaces at “Plaza Level” to enhance the visitor’s experience while waiting to be seated at the restaurant, or simply to have a coffee or gelato at “Caribbean Coffee and Gelato,Co”. We realize that these retail spaces will take time to cultivate, however, we are committed from the onset to have them occupied with tenants that will contribute to the overall experience of “North Stuart”.
We also designed a deck on the top of the office building that will be available for special events. This deck will primarily be for specific events of the Private Equity Firm. However, it will also be available for special occasions for the public to rent. We believe that this space is unique and, there is a need for this type of venue in Stuart. This upper deck is partially covered and could accommodate as many as 50-75 visitors.
