Large, colorful horizontal signs and vertical banners promoting The Lake District (TLD) have been placed at Canada Road south of I-40 today (10.24.17).
The banner signs on decorative poles approach the road to the planned development on either side and say “Life. Elevated.” The large signs depicting the 160+-acre development are on the south side of the entrance road, visible from north and south, and proclaim “Get the News. Not the Gossip” along with TLD URL. Additional banner signs and a large rectangular sign are to be placed facing I-40.
https://www.thelakedistrict.us/ Website for the project.
Yehuda Netanel with Gilad Development, the company in Woodland Hills, CA developing TLD, said the much anticipated demolition of the Lakeland Factory Outlet Mall will begin at 1:30 p.m. Wednesday (10.25.17) and is open to the public.
He said, “Plans for the current vacant building include the development of a multi-use property known as The Lake District, a walkable community that will feature various high-end districts including big box retail, a Main Street for shopping, dining and community events, a residential neighborhood, senior living and a hotel district with two hotels.”
Mr. Netanel added, “What was once considered by some Lakeland residents a pipedream is now a few steps closer to reality with the area’s largest development in Shelby County set to begin. With major development projects like this, we always anticipate bumps in the road. However, you can’t measure how many bumps in the road you come across. You measure how many bumps in the road you overcome. We cannot and have not let these bumps get in the way of our long-term goal. Our path forward begins now! We are here and ready for demolition on October 26,” said Mr. Netanel.
He said the development is one of, if not the largest mixed-use urban village development in Tennessee. “Originally conceived as a 35-acre development, it has since grown dramatically in scale. As part of our commitment to investing in the community, The Lake District has been designed and will be built with 100 percent local talent from regional contractors, builders, craftsmen and suppliers,” Mr. Netanel explained.
The Lake District was greeted with much fanfare when it was presented to Lakeland citizens in April 2016. But plans by Mr. Netanel to develop the property span many more years. In an August 2016 statement, he said, “I have been working on The Lake District for over eight years. The original 35 acres mall site was purchased in 2007. The recession and the Tanger Outlet Mall made it impossible to develop the original site. The current version of the 160-acre Lake District demonstrates beyond words the commitment myself and my team have made to see a quality game changer development the community in Lakeland can be proud of.”
He added, “My personal $5 million and 11 years of relentless work is also a testament to our commitment.”
The threat of loan foreclosure loomed in September but was kept at bay. Mr. Netanel said at the time, “Our original lender has been good to work with and was able to grant us extensions over the years. In the last year they have been acquired by a large finance institution company that was just interested in seeing the loan repaid within a short period of time.”
A TIF (Tax Increment Financing) for up to $39 million for infrastructure was approved for the project last year and a year’s extension was granted in May to January 2019 by the Lakeland Industrial Development Board (IDB) and the Board of Commissioners. https://www.lakelandtn.gov/documentcenter/view/6243 – link to TIF.
In September, the IDB approved a resolution for a development contract with TLD. Part of that agreement was demolishing the annex by December and the main mall building by April 2018.
Mr. Netanel noted the current project has been in the works almost two years and has faced more than its share of setbacks. “But the team at Gilad Development has continued to push the project forward. This is an important project to both us at Gilad and the community of Lakeland. We know how important this is for everyone, and our goal is to make that vision a reality,” said Mr. Netanel. “Countless hours have been spent to refine, amend, improve and revise all of the design elements needed to bring The Lake District to life.”
In describing TLD, Mr. Netanel said there will be several districts built around a 10-acre lake:
- Big Box Retail District featuring a variety of popular brands. Also on site will be a locally focused 70,000 square-foot grocery store.
- Main Street District will feature multiple lakefront restaurants with alfresco dining for stunning lake views and a 1,194 seat theatre. All are welcome to enjoy the leisure activities offered on the lake as well, such as paddle boating.
- Hotel District will feature two modern hotels: one that will be visible from the highway, and one with lake views.
- Residential District will feature a variety of structures ranging from assisted senior living to Downtown-style lofts and 360 single family homes.
- Office and Outparcel District, features 14.5 acres of space with 15 pad sites.
For additional information, contact Maggie Gallagher at maggie@gilad-inc.com or 901-229-9690.
… Photos by Jim Willis, Lakeland Currents.
