The owner and developer of The Lake District (TLD) met with City Engineer Emily Harrell today (8.7.19) to provide the security for public and private improvements as well as development fees for the project to be built at I-40 and Canada Road.
Yehuda Netanel provided the security of $726,445 as well as $257,722 in development fees. Sue Lipscomb, HR and payroll clerk for Lakeland, notarized the paperwork for Mr. Netanel.
There is a resolution on the BOC (Board of Commissioners) agenda for tomorrow (8.8.19) to execute a project development contract with The Lake District for a 16-lot subdivision Phase 1.
The Lake District Phase 1 consists of 40-acres of commercial development in the northwest quadrant of the Lake District PD. The Lake District Phase 1 will be subdivided into 16 lots which are comprised of 14 commercial outparcels, a large center development area and an additional defined parcel. Work associated with the Phase 1 Development Contract includes mass grading the site, constructing public connector roads, installation of sanitary and storm sewer facilities, and all utilities associated with the lots. A copy of the Development Contract is attached.
Phase 1 grading is complete on the upscale 160+ acre mixed-use community to be built at I-40 and Canada Road in Lakeland, according to Mr. Netanel.
Next week large concrete pipes and manholes will be delivered to the site for the start of the infrastructure work.
Mr. Netanel is to have the site plan delivered to Mrs. Harrell by next Friday (8.16.19) so it can be reviewed by the City and then the MPC (Municipal Planning Commission) at its September meeting. With engineering completed, Mr. Netanel expects vertical construction by the end of September.
Phase 1 schedule of delivery of space for tenant build-out is fall of 2020, with businesses opening for the 2020 holidays.
The completed project is valued at $400 million, according to Mr. Netanel
The project is 160+ acres of mixed-use surrounding a 10-acre lake and waterways in Lakeland. Designed as a walkable village, The Lake District is to have water features threaded throughout its five districts: Inline Retail District; Main Street District (curated retail, chef-driven restaurants and cafes); Hotel District (two hotels, one with lake view); Pad Sites and Office District (75,000-square feet of office space with lake views); and the Residential District (age-restricted living, Downtown-style lofts and custom single family homes).
The fifteen tenants announced for Phase 1 include Social, Phillip Ashley Chocolates, Frida’s Restaurante Mexicano, Osaka Japanese Cuisine, Memphis BBQ Co., Brickhouse Fitness, Elite Total Health, Starbucks, Malco Theatres, Gould’s Salon and Spa, Gloss Nail Bar, Neighborhood Barre, The Stock Market, a 6,000 square-foot wine and liquor store by the Kardoush Brothers, and Hollywood Feed.
Background
There was controversy at the last BOC meeting July 11th as Mr. Netanel asked to amend a resolution and pay the development fees and defer the security until Oct. 31st.
A bit of back-and-forth ensued between Mr. Netanel and Commissioner Richard Gonzales Jr. who exclaimed the City is tired of Mr. Netanel’s delays and people are fed up. He said the project has been dragging for three years and he mentioned the $39 million TIF (Tax Increment Financing) approved for TLD.
Mr. Netanel countered by saying there was a $10 million investment underway and that the project would not connect to City services without the security. He also noted the TIF money is not City money.
Vice Mayor Josh Roman agreed Mr. Netanel has asked for concessions. He noted that even though Mr. Netanel might not connect to City services before the security, the City is still heavily invested. The Mayor agreed, saying the five on the Board have to be careful in proceedings. “Exceptions on things set precedence here and others follow.”
Commissioners broke for an executive session with Interim City Attorney Will Patterson. Upon reconvening, the Vice Mayor said the Attorney recommended the resolution be taken up at the next meeting. In a 5-0 vote, the resolution was deferred to the next BOC meeting.
Mr. Netanel said today the amendment was a matter of trying to coordinate the timing of the bond with funding of the vertical. “That became problematic, so we issued the bond and here it is,” he said.
… Photo by Jim Willis, Lakeland Currents
