By Jane Smith
The long-awaited iPic deal closed on May 16.
The developer paid $3.6 million to the Delray Beach Community Redevelopment Agency for 1.6 acres between Southeast Fourth and Fifth avenues, just south of Atlantic Avenue.
When complete in 2020, the iPic complex will boast 497 luxury seats in eight screening rooms with a total of 44,979 square feet and a 42,446-square-foot office building where iPic has agreed to move its corporate headquarters and occupy 20,000 square feet for five years.
The development also will include 7,847 square feet of retail space and a multilevel garage with 326 spaces, providing 90 public parking spaces.
The deal, originally signed in December 2013, was controversial because the CRA didn’t notify nearby landowners of its intentions to sell the land. The agency relied on a change in state law that no longer required the notification.
Over the years, the agreement was amended seven times, with the latest closing set for Jan. 31.
As part of the closing, iPic was supposed to provide a parking plan for its construction workers and for customers in the 400 block of Atlantic while building its complex. The theater developer provided a draft version of its parking plan. Its development order from a city board called for iPic to use “best efforts” to find the temporary parking spaces for customers until the garage is finished.
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