Poll
Two developers are vying to build on one of the city’s last remaining undeveloped blocks: The Oak Street parking lot – just north of NoBay Apartments.
Currently, the Lakeland Community Redevelopment Agency (LCRA) owns the space + operates it as a public parking facility, but has solicited requests from developers in search of the best candidate to redevelop the lot.
Here are a couple things that are #MustDos for this redevelopment, according to the LCRA.
✅ The project should have enough parking, as generated by the proposed development.
✅ The development team should show proof of the project’s economic sustainability.
Who are the two companies seeking to build on the lot? Catalyst Asset Management Inc. and NoBay Apartment developer Broadway Real Estate Services are the two competing contenders, both coming in with different ideas + plans as what they think would benefit downtown.
Catalyst is proposing a six-story building that houses 173 residential apartment units. The proposal by Catalyst includes an affordable component, meaning 4/5 units will be market rate. Their proposal also contains 10,000 sq. ft. for retail and commercial use, including the potential for a downtown grocery story, and a four-story parking garage. See full proposal here. (#Pro tip: Turn to page two for the project design.)
Broadway Real Estate Services’ proposal includes turning the parking lot into a four-story building with an urban multi-family facility. They would also reduce the size of the land purchased to off-set the loss of existing parking, which in turn would help create more on-street parking. See full proposal here. (#Pro tip: Turn to page 23 for the project design.)
Although we won’t know which company will take over the space for several months, (as the decision will ultimately be up to the commissioners) the LCRA will meet with the developers on June 6 to discuss their proposals.
We do know that the development will be required to show proof of economic sustainability and – since it was brought up by both groups – we’re pretty hopeful for more parking + a downtown grocery store, ourselves.
– LALtoday team (Jessica + Kaylee)
