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.