by Matt Wright
According to Yehuda Netanel, developer of The Lake District, an additional 27,580 of retail square footage is being added to the 175 acre mixed-use project. Mr. Netanel told Lakeland Currents the decision for additional retail stems from a desire of local retailers to be part of the project. In 2022, groundbreaking will begin on another 38,000 square feet for retail and restaurants along Lake Main Street, the road running along the large lakes in the development.
The additional square footage for Phase One will take the place of the Malco Movie theater which was originally planned for the development. Due to the COVID-19 pandemic, Malco is no longer looking at expansion plans. The location for the expanded retail is located between the Stock Market Grocery Store and the Villa Castrioti restaurant and the townhomes which are currently under construction.
The developer said there is more request for retail than they currently have available which he believes is a testament to the type of retail they are offering. “We are seeing a big demand for local retailers and locally grown companies as compared to the big national chains,” Mr. Netanel said. “We believe there is a shift in what kind of retail people want. People want unique and special and not the same retail you see all over the country.”
Mr. Netanel pointed out the switch from a Malco Movie Theater to the additional retail space will also have a greater economic impact. “The benefit to the city is better because retail produces more local tax revenue than a movie theater,” he said.
No companies have been announced for the additional retail space but Mr. Netanel expects to share some news in the near future. “We don’t mention names until a deal is imminent or a lease has been signed but hopefully we will release something soon,” he said.
