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Lake District takes large step forward with $7.1M deal (Memphis)
An ambitious mixed-use development that once seemed like a long shot has taken a major step forward to becoming a reality.
This week, the developer behind The Lake District finished buying the properties it needs for the project’s prospective footprint in Lakeland, off of at I-40 at Canada Road. More than 132 acres of the planned 160-acre lifestyle community were acquired in this newest deal.
California-based Gilad Development Co., d.b.a. Lake District Holdings TN LLC, picked up three vacant parcels from Belz Enterprises for about $7.1 million on Thursday.
This transaction joins a $4 million purchase in 2005 of several adjacent parcels that formerly contained the Belz Factory Outlet Mall.
Lakeland Mayor Wyatt Bunker criticized The Lake District a year ago for stalling without signs of legitimate progress, though the city official has since voiced renewed confidence in the project, which is scheduled to open in 2019.
Gilad signed a big tenant earlier this summer, when Malco Theatres Inc. agreed to build a new movie theater there. Also slated for occupancy: a high-end supermarket as part of 275,000 square feet of retail; a pair of hotels; 283 single-family homes; and 525 apartment units, according to the developer.
Thursday’s purchase will make it easier for more leases to be signed, said The Shopping Center Group’s Shawn Massey, who is representing Gilad in its leasing of the retail space.
“We are able to move forward quickly now that the final purchase and all entitlements are place,” Massey said. “[Gilad president] Yehuda Nentanel has continued to show his commitment and vision to make the Lake District a reality.”
The Lake District is being marketed as “an urban village … a walkable, luxurious community with elegant water features threaded throughout its five premier districts: Inline Retail District (high-end retail, grocery), Main Street District (chef-driven restaurants and cafes), Hotel District (two modern hotels, one with lake view), Pad Sites & Office District (65,000 square feet of office space) and Residential District (assisted senior living, Downtown-style lofts and single-family homes.”