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The two non-profit organizations, the TED Center and Delray Beach CDC joined New Urban Communities, Inc. a Florida for-profit organization, to form a limited liability corporation (L.L.C.) to develop this project.
The ownership structure is on a 50/50 basis with 50% to the developer and 25% to each CDC. The financing and distribution of profits follow the same structure. Decisions will be made by all partners regarding the predevelopment and approved budget, project lenders, plans, and scope of work. New Urban Communities will manage the design, approval, development and construction process; the TED Center and DBCDC will market and sell the townhouse. Arvida Realty Services, a local brokerage firm has been retained to lease the commercial project; however the CDCs are very involved in recruiting potential clients as well. The TED Center is currently working with some of its incubator clients interested in occupying space in the project.
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