Broward County Suburb To Consider Millions In Incentives Toward Hotel Demolition, Redevelopment
The city of Plantation could award incentives to a developer to demolish a hotel and replace it with a mixed-use project.
The board of the cityās Community Redevelopment Agency (CRA) will consider the $2.235 million forgivable loan for Wells Real Estate Investment on June 7. The West Palm Beach-based developer would utilize the funds to purchase and demolish the Plantation Inn at 375 N. State Road 7.
According to the application, Wells Real Estate Investment has the 75-room hotel under contract from Plantation-based Plantation Hospitality Group for $12.2 million. It was built on the 31,744-square-foot site in 1970.
According to the city staff report, the site of the Plantation Inn hosted 32 arrests and 121 incident reports to police so far this year ā far more than any other hotel in the city.
The proposed loan agreement states that the $2.235 million loan would be forgiven in full, without interest, after the developer purchases the property and completes demolition of the hotel.
The Plantation Inn site would be combined with two neighboring parcels Wells Real Estate Investment already owns to create a mixed-use project. It owns the 31,935-square-foot medical office building at 4100 S. Hospital Drive and the 5,102-square-foot office building at 4050 N.W. Third Court.
According to the application, the $70 million project would consist of 118 residential units inclusive of 15% workforce housing, 36,000 square feet of medical office space, a 124-room Marriott-branded hotel and 350 covered parking spaces.
Janalie Bingham JosephĀ at Wells Real Estate Investment couldnāt be reached for comment.
The city also has interest in redeveloping the property because it wants to spur more economic activity next to the former Plantation General Hospital, which HCA Healthcare (NYSE: HCA) closed and relocated to Davie. HCA still operates an emergency room in the former hospital building, but it doesnāt use most of the campus. According to the city staff report, HCA is considering plans to build a new free-standing emergency department facility of about 11,000 square feet closer to State Road 7.
Source: SFBJ
