Tag Archive for: palm beach county multifamily construction

redevelopment on a post it note_149519455_s

Multifamily giant Morgan Group could redevelop a former Kmart store in Lantana into an apartment complex.

The Town Council will consider the rezoning and site plan on the evening of July 11 for the 18.6-acre site at 1201 and 1301 S. Dixie Highway, plus 457 Greynolds Circle. It currently has a vacant 84,350-square-foot retail box that Kmart left in 2019, a 68,836-square-foot retail building anchored by Winn-Dixie and 11,765 square feet of retail for multiple tenants.

The property was acquired by Lantana SDC LLC, an affiliate of Miami-based Saglo Development Corp., for $10.2 million in 2017. However, the application states the Kmart parcel at 1201 S. Dixie Highway is under contract to Houston-based Morgan Group and is slated for redevelopment. The other two retail buildings would remain, as Winn-Dixie and some other tenants have long-term leases, according to the application.

The property was approved for “mixed use” zoning in 2019 with the potential for 279 apartments. But now that it’s clear only the Kmart parcel could be redeveloped, the property owner wants the zoning changed to permit 231 apartments on just that part of the land.

Lantana Village would have five buildings of four stories each, plus a clubhouse and a pool. There would be 442 surface parking spaces. The entrance would be from Greynolds Circle. The developer said the project would cost about $65 million to build.

With 157,413 square feet of leasable space, the units would range from 585 to 1,242 square feet. There would be 51 studio apartments, 105 one-bedroom apartments, and 74 two-bedroom apartments. In addition, the developer said it would perform renovations and façade improvements to the remaining shopping center.

“Placing a residential development within walking distance to commercial uses that conveniently serve the surrounding neighborhood, such as a grocery store, restaurants, retail, and personal services, creates a sense of community and will retain the ‘small town’ character that Lantana is known for,” the developer stated in the application.

Fort Lauderdale-based attorney Cushla Talbut, who represents the developer in the application, couldn’t be reached for comment. Miami-based MSA Architects designed the project.

While the retail market in South Florida has outperformed much of the nation, it can still be difficult to replace a big-box retailer like Kmart. Apartment rents are rising rapidly, so the land is likely worth more as multifamily than retail.

Click here to view a slideshow of the proposed Lantana Village Apartments project.

 

Source: SFBJ