Since May 2024, the new owner of The Lake District, Toronto-based investment group TIG Romspen, has been working diligently to catch up on the mixed-use development located at Canada Road and I-40. Romspen, originally the lender for the project under previous developer Yehuda Netanel, took control of the site after an auction on May 14, 2024, on the courthouse steps in downtown Memphis. With no other bidders, Romspen assumed ownership and immediately began collaborating with city officials to establish a new development agreement with the City of Lakeland, including revisiting the existing Tax Increment Financing (TIF) arrangements.
Romspen’s initial focus has been ensuring the success of the retail tenants already operating in Phase One of the development. To oversee daily operations at the retail center Romspen hired well-known Memphis-based company Cushman & Wakefield | Commercial Advisors. Karmen Whicker, Senior Asset Manager with Cushman & Wakefield | Commercial Advisors, said the summer was spent getting acquainted with the tenants and property management needs. “When the owners hired us, the first thing we needed to do was get to know the tenants, learn what they’ve done since opening, and how we can support them,” Whicker told Lakeland Currents.
TIG Rompspen has also partnered with Cushman & Wakefield | Commercial Advisors for the sale of available out parcels adjacent to I-40. That move should produce new positive momentum for The Lake District after many previous deals like Malco Movie Theater, Marshall Steakhouse and a hotel never came to fruition due to COVID and a lack of funding. However, Landon Williams, senior vice president of capital markets at Cushman & Wakefield | Commercial Advisors recently told The Daily Memphian there was positive momentum lately. “We are actively looking for concepts that fit well within the larger Lake District puzzle,” he said. Mr. Williams also said they were working on essential site work to prepare for future phases of the mixed-use development.
Lakeland Mayor Josh Roman agrees on the progress being made. “The new owners and management company have been moving swiftly to get TLD in a position to accelerate the marketing, attract quality tenants and fix outstanding issues. It really feels like they are creating some momentum,” he said.
Another concern for locals has been the fate of the townhouses and the single family home residential phases. Several townhouses were built under Netanel but they currently sit vacant on the back side of the property. Romspen was not the lender for this part of the project; that was backed by Seattle-based Capital Builders, who also foreclosed on the residential development. In a rare comment, Capital Builders Chairman and Founder Curt Altig told Lakeland Currents, “While we don’t generally comment on active projects, I can say we are in talks with a serious developer. If they move forward, we could see immediate activity on the site.”
In regards to the apartments planned on the project, which would have retail on the first floor with upscale apartments above, Romspen has not made a decision if they want to proceed with the apartment plans that were previously approved. Michael Walker, Lakeland City manager, told the Lakeland Board of Commissioners at a previous BOC meeting that some modifications to that plan might be proposed but they have been assured it would not be for more apartment units.
As for the retail portion, Whicker confirmed that new retailers continue to express interest in leasing space at The Lake District. Even the City of Lakeland itself is considering leasing space for additional staff and a Shelby County Sheriff’s office.
“We know there’s still a lot of work to do, but things are heading in a positive direction,” Whicker said.
To learn more about The Lake District shopping and restaurants you can click here.
