One Park reports extended deadline to close on Quay property

Update: This story has been updated to reflect that Quay Venture and Quay 1 and 9 LLC have reached an agreement to extend the closing deadline for Quay Blocks 1&9 until an undisclosed date later this year.

Despite opposing legal filings between the master developer of The Quay and the partners comprising Quay 1 and 9 LLC, developer of the planned One Park condominium tower, its developers say the project remains a go.

On Wednesday, principals with Quay 1 and 9 said they have reached an agreement with GreenPoint Development, which is developing The Quay under the name Quay Venture, to extend the closing deadline on Blocks 1 and 9 until later this year.

An extended deadline to close on the property expired on Jan. 31, leading to complaints by both parties filed in 12th Judicial Circuit Court. Daniel Kaplan, principal with Property Marketing Group, said they were a necessary legal maneuver. Meanwhile, however, negotiations were underway to extend the deadline  beyond the next scheduled public hearing before the Planning Board in March.

In that hearing, Quay 1 and 9 LLC will be seeking an amendment to the development agreement between GreenPointe and the city, which could clear the way for the conveyance of air rights over Quay Commons to One Park, which plans to span across the private street, creating a breezeway at a height of 22 feet. 

Residents of Block 6 in The Quay — commonly known as the Ritz-Carlton Residences, are challenging that the air rights above the road are required to be conveyed to the master association and may not be transferred to Quay 1 and 9 LLC. That challenge, and that it has not yet been resolved, has resulted in the delays that caused the Jan. 31 closing deadline to be missed.

The public hearing won’t determine whether Quay Venture has the right to convey the air rights to One Park, only that the 18-story tower can be built over the road should the court rule against the challenge of Block 6. That hearing before the 12th Circuit Court is scheduled for a three-week trial period beginning May 8.

Block 6 has been vocal before the commission on the One Park plan, charging the building will block views and that the breezeway will render a tunnel-like effect at the entrance to the community. Kaplan said plans are to make the breezeway a benefit to The Quay.

“It's going to be a highly amenitized and activated for the benefit of all residents in the The Quay,” he said. “We are envisioning some combination of an outdoor café, coffee shop or other areas that are conducive to both social activities and light work. Despite the current controversy, Quay residents will be incredibly grateful when they have a place to take respite during the summer heat or the occasional heavy rainstorm.”

Immediately following the 5 p.m. deadline for the extended closing, Quay 1 and 9 LLC electronically filed complaints with the 12th Circuit Court. Kaplan characterized the actions as necessary protections for both parties, even as negotiations were continuing to extend the deadline a second time.

Quay 1 and 9 LLC, which in September 2021 entered into a contract to acquire the lots for $31 million, wrote that Quay Venture was in breach of contract as the air rights matter was not resolved in time to close. According to the filings, it had deposited into escrow a $1 million for the property, and committed to an additional $700,000, of which $232,500 was already paid, for the extension. In exchange, Quay Venture was committed to deliver clear title — including the air rights — to the buyer. 

Conversely, Quay 1 and 9’s complaint demanded escrow release of the $1 million deposit and the remaining $465,000 closing fee extension.

One Park is planned as an 18-story, 249-foot-high building with 149 residences priced from $1.8 million. It would span across Quay Commons on Blocks 1 and 9 on the north end of the The Quay at Boulevard of the Arts. One Park launched sales for condominiums in January 2022.

The city and Quay Venture entered into a the development agreement for the Quay in 2016. To date, only Block 6 has been completed. Construction is underway on Bayso, an 18-story condo tower near the Fruitville Road roundabout, and on Cordelia, a mixed-use residential and commercial project along Tamiami Trail. 

Blocks 1 and 9 at the north end of The Quay next to the Hyatt Regency are currently serving as construction staging areas.

The One Park plan includes 123 luxury condominiums on 18 floors with a 63,000-square-foot amenity deck on the fourth floor. Although not the only 18-story building in The Quay, it would be the tallest building there.

The sales office for One Park at 20 N. Lemon Ave. remains open. The property is more than 60% sold.