The planned development of Lakeland Town Square (LTS – formerly called Lakeland Commons) has hit a weather snag. But developer Vince Smith says with better conditions, tremendous progress will be visible.
“We continue to work through the virus but the rain totals have been incredible,” Mr. Smith said Friday (3.20.20). “I would guess that we are at least 90 days behind schedule. If the weather gets better, you will see tremendous progress.”
The development on 42 acres at 9868 U.S. Highway 70 and the southwest corner of Seed Tick Road got underway in August 2019.
Phase 1 is to open the end of this year. However, Mr. Smith said continued rain may change that time frame. “Most likely,” he said when asked about the opening date for Phase 1. “If we don’t have a road in by June 1, we will not make 2020 opening.”
The first phase is to consist of eight lots which comprise six commercial outparcels, retail space and 150 townhomes/flats, said Mr. Smith. Work associated with the Phase 1 Development Contract includes mass grading the site, constructing two connector roads, improvements to Highway 70 and Seed Tick Road, sanitary and storm sewer facilities and all utilities associated with the lots. Additionally, private infrastructure will be installed for Lot 1.
Apartments, townhomes, retail, clubhouse and a community pool are planned for the $48.9 million project.
Commissioner Wesley Wright spoke with Mr. Smith Friday. “He said the businesses that have committed to LTS are, so far, still on board. Leasing activity dropped off this week. He believes the risk right now is for small mom and pops that they are going endure losses and take a bit longer to expand after the Coronavirus ceases.”
Commissioner Wright said Mr. Smith believes the liquidity of the banks is fine. “The real estate market might be hit because some who have after so many months lost considerable portion of their savings might be hesitant to build new $500-$600K homes,” Commissioner Wright said of his conversation with Mr. Smith.
“What is really hurting LTS is the rain. They have had pipes sitting for a month that they cannot put into the ground. Vince thinks after several months for COVID-19 to flush out of the system, that we will all come back stronger and ready for work.”
Carson Claybrook, vice president of retail brokerage services with Cushman Wakefield, is the broker handling the sales and leasing. He can be reached at cclaybrook@commadv.com or 481-4214.
… Photos by Jim Willis, Lakeland Currents
