Broadway Real Estate Services, the same developer behind NoBay Village, is getting ready to build its fourth apartment complex, called Lake Lime, in the Lakeland area. This time, it’s in downtown’s Garden District. The plans call for two three-story apartment buildings on 1.33 acres north of Lime St., at the intersection of Lake Ave.
The Lakeland-based developer received unanimous approval from the Lakeland Community Redevelopment Agency (LCRA) for tax incremental financing to construct 90 one-bedroom apartments at a cost of ~$10.6 million. The LCRA’s 10-year deal states that 100% of its paid property taxes are reimbursed for the first two years. The city’s reimbursement rate will gradually decrease by 20% every two years until the developer pays the full value, making the property worth ~$483,000.
Broadway Real Estates believes that the positive economic impact of the apartments will outweigh the city’s cost, with 100+ more people being able to live in downtown.
With plans now submitted, the developer hopes to break ground at the beginning of 2020.