Extending the deadline for the town and Love Street developer Charles Modica to reach agreement on the proposed land swap agreement for parking in the Inlet Village was extended Tuesday night by the town’s Community Redevelopment Agency.
The land proposed for parking is two vacant acres on the east side of A1A south of Parkway Street now owned by Modica. The plan calls for the town getting that property in a swap with Modica for 2 acres that the town owns on the east side of A1A at Love Street. That property is now used as an parking lot.
Modica has won approval for a “Main Street” promenade for shops and restaurants on the the Love Street property.
Since the approval, Modica has submitted an amended plan that must be approved by the council.
Modica has proposed not going forward with the swap agreement.
“The new, smaller plan does not need the parking lot,” said Don Hearing, land planner for the project.
The new deadline for both sides to reach an agreement is Dec. 31, 2017.