A fresh call for ideas has been released by Margate’s Community Redevelopment Agency for developers to revitalize up to 51.38 acres of land that is held by the public.
A statement from Colliers and the city states that the 27 non-contiguous lots are designated for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail space, 861,331 square feet of office space, and 309,659 square feet of industrial space.
According to Ken Krasnow, vice chair of institutional investor services for Collier’s Florida area, about 34 acres of that collection are undeveloped. This includes the 17-acre property that was formerly home to the Lake Shore Swap Shop at 1000 N. State Road 7.
Krasnow, along with Colliers brokers Brooke Mosier, Bastian Schauer, and Mark Rubin, are assisting Margate’s CRA with the request for proposals (RFP), which officially went out this week.
The CRA owns two commercial complexes among the plots put up for renovation, he continued, along with “various government facilities” like Margate’s city hall and library.
According to Krasnow, the city wants to create a mixed-use neighborhood with retail, dining, and entertainment options—amenities that are scarce in Margate itself. Proposals to build a new city hall, library, and community center are also welcomed.
In order to do this, the city and CRA are looking to enter into a long-term lease agreement with a developer who can offer a well-thought-out city center that can accommodate locals and tourists while adhering to zoning regulations. This includes an eight-story maximum height.
“They want something that has that kind of urban aesthetic,” Krasnow said. “It has to have a walkable feel to it, a downtown environment.”
Margate is open to proposals for some workforce housing as well, but the city is particularly interested in a developer that will build market-rate rentals or condos.
Developers have until August 13 to submit their proposals. On June 25, Colliers will hold a virtual pre-bid conference.
Source:Â SFBJ
