What if your favorite store came to downtown Lakeland? Better yet, what if you could live right next to that store? 156,900 sq. ft. of retail, commercial + residential space have been proposed by a developer for two city-owned lots, adjacent to the former Greyhound bus station.
To break it down, a significant amount of Lakeland’s downtown land is owned by the Lakeland Community Redevelopment Agency (LCRA), Lakeland Downtown Development Authority (LDDA), and the City of Lakeland. The lots at 313 + 321 N. Massachusetts Ave. are no exception, so a “for sale” sign went up a month ago and proposals were requested. Metaphorically, speaking.
FURC1 LLC is the only developer (so far) that has expressed interest in buying the 0.40-acre site and modeling it after former 1913 landmark, Hotel Thelma – which once hosted Cleveland Indians while baseball spring training was held at Adair Field in the 1920s. The proposed exterior facade would pay tribute to Lakeland’s past.
Their plan is to develop mixed-use buildings in phases over the next few years. The details can also be seen in these illustrations.
Phase I:
- 6,800 sq. ft. of ground-floor commercial space.
- 20,400 sq. ft. of flex space to be used for residential and live/work.
- 2,000 sq. ft. of residential space.
- All will be leased at market rates and will have an estimated taxable value of $4,672,000.
Phase II + III:
- 127,000 sq. ft. of space for commercial + residential uses.
- Altogether, this project will have an estimated taxable value of $25,104,000.
A sale price has not yet been determined, but the LCRA has been given 90 days to sell the land and have a sale agreement by Aug. 20. The price will be negotiated as part of the agreement between the future developer and the city.
Quiz
