Reprint of Broward Daily Busniness Review Article by Samantha Joseph.
For the full Article Go to http://www.dailybusinessreview.com/id=1202720695694/Sunrise-Approves-Last-Charter-School-for-at-Least-a-Year
A $3.6 million land deal closed just under the wire for a new K-12 academy in Sunrise as the city was on the verge of a one-year moratorium on charter schools.
For the Jan. 27 meeting of the Sunrise City Commission, real estate broker Reese Stigliano had his eye on two items.
On the agenda was a site-plan application for a 10-acre site Stigliano spent 18 months marketing and had just successfully pitched to Discovery Schools for a new Franklin Academy charter school.
Immediately after was a proposal for a one-year moratorium on charter school applications in the city.
"We were running into potential roadblocks right in front of us," said Stigliano, senior vice president of Brenner Real Estate Group in Fort Lauderdale. "It was definitely a little hairy."
Discovery was lucky to cinch commission approval before the moratorium, or it might have been unable to meet Broward County's requirement that charter schools open for the school year on the same day as their public counterparts.
"If we got any more postponements, they would have lost a whole year, and the deal may or may not have closed," said Stigliano, whose client, HealthSouth Sunrise Rehabilitation Hospital LLC, carved excess land out of a 14-acre parcel at 10199 NW 44th St. west of Nob Hill Road.
The 10-acre carveout was vacant land zoned for light industrial uses. The deal was contingent on Discovery Schools getting special-use and site plan approvals.
With the green light from the city, the school operator closed the land deal using an affiliate, AP Properties 2019 LLC, according to a deed recorded March 4 in Broward County.
But it still faces time constraints.
Discovery Schools plans a $20 million development including a new 106,000-square-foot building for about 1,340 students. It has about five months to complete the project and open by Aug. 24.
To meet that deadline, HealthSouth Sunrise allowed Discovery to start clearing the parcel and do other pre-construction site work before the deal closed.
"That almost never happens, but we knew there was a time crunch," Stigliano said.
Samantha Joseph can be reached at 954-468-2614.