UCF Up For New City Lease on Two Creative Village Retail Spots & Parking
UCF's new 5 year lease of 603 parking spots and 2 retail spaces (380 and 398 West Amelia Street) inside both Centroplex buildings (MAP) inside Creative Village will begin in August and February respectfully if approved at the July 22nd City Council meeting. It appears on the Mayor's consent agenda. The lease will cost UCF $251,190 per year and may be extended for 3 additional terms of 1 year each.
As part of the City's and UCF's 2016 Memorandum of Understanding for the development of the UCF Downtown Campus, the City agreed to lease these things to UCF along with UCF having to do some repairs (a portion of which the City paid for with tax abatements). A one year lease was approved in 2018 and a UCF Police Department substation and the Flying Horse Editions collaborative research studio for visual artists moved in. The one year lease is up, so the 5 year lease was created.
The $251,190 annual rent is broken down as follows:
$1 per space/per year for 300 spaces in Centroplex Garage I
$52.50 per space/per month for 303 spaces in Centroplex Garage I (which is 50% of the current market rate for parking in the garage)
$5,000 per month for both retail spaces
UCF may make improvements at its expense and will be responsible for routine maintenance and repairs. The City will be responsible for capital repairs, defined as repairs estimated to cost $100,000 or greater.