Principals of The Lake District (TLD) came to the BOC (Board of Commissioners) business meeting tonight (4.11.19) at City Hall to share progress on the mixed use development at I-40 and Canada Road in Lakeland.
Maggie Gallagher, TLD director of development, said in answer to a question by Commissioner Richard Gonzales Jr. about a timeline for the project, “It is imperative to retail to deliver that space. Phase I will be open by September/October 2020.” She expects the business to be open between Thanksgiving and Christmas 2020.
Currently, she said, they have more prospects for Phase I than they can place. She said they are juggling tenants for the first area of the project. She also said demand is exceptionally high on the residential part of the development.
TLD Founder Yehuda Netanel said Phase 1 is 100% preleased. Residential in the first phase is 60% committed with deposits in escrow.
Mr. Netanel describes the project as an upscale 160+ acre mixed-use community surrounding a 10-acre lake and waterways. It will be designed as a walkable village. There are five districts including inline retail; Main Street; hotels; pad site and office district; and residential district.
He said there has been much discussion about all the money given to TLD. “You have not given this developer any money,” he stated. “No money has arrived in our mailbox nor do we expect any. And that includes the TIF (Tax Increment Financing).
An eight-slide Power Point presentation reviewed eight accomplishments of the project, ranging from removing the towering Factory Outlet Mall pole sign to securing tenants and commitments for the property.
Google album to presentation: https://photos.app.goo.gl/gvSn5nCXKkzYGHBs9
He said 90% of the area has been cleared with about 50% of the timber burned. “I invite you to take a field trip. The 40 acres is essentially cleared all down Canada Road.”
Dexter Muller, owner of Pinnacle Planning Advisors working with TLD, provided finances about the project, noting it is twice as big as any other project in Shelby County.
He compared projected numbers from 2016 to 2019 including property values and taxes. For 2016 he showed the property value to be $294 million compared to $348 million today, $54 million more. Projected property tax for Lakeland was projected at $1.3 million in 2016, today $1.5 million.
He said the grand total of revenue at build out is expected to be $3.6 million, representing property tax debt service, property tax City share, sales taxes and hotel motel taxes.
Mr. Netanel likened the TLD project to golden eggs in perpetuity. “Everyone is anxious – Dexter, Maggie and myself,” he said. Part of his presentation was also a holiday card which he says will be sent to everyone when The Lake District is open.
Mayor Mike Cunningham said TLD will truly be the beacon for Lakeland and he is looking forward to the development.
Event to benefit Lakeland Education Foundation (LEF)
TLD will partner with Memphis Barbecue Co. (coming to TLD as an announced restaurant for the project) to serve 400 family dinners for four with all proceeds donated to the LEF. Memphis Barbecue Co. is donating the food, said Mr. Netanel and TLD is donating the money to the LEF.
The drive-through take-out meal will be in the parking lot of City Hall from 3:30 to 6 p.m. with a suggested donation.
… Photos, video by Jim Willis, Lakeland Currents
