The Real Deal Miami

Water Tower Commons wins approval from Lantana

Plans call for more than 300,000 sf of retail space, offices, and 1,000 residential units

December 17, 2015 05:15PM

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An early rendering of the Water Tower Commons

An early rendering of the Water Tower Commons

Plans for Water Tower Commons, a proposed mixed-use shopping plaza in Lantana, will move forward after the developers won site plan approval from the town council.

The project is to be developed by a partnership between Lantana Development LLC and Wexford Capital.

The 73.3 acre parcel at 1199 Lantana Road lies on the former site of the A.G. Holley Hospital, which was purchased from the state of Florida by Lantana Development in 2014. Palm Beach County property records show the group paid $15.6 million for the site.

Plans for Water Tower Commons include more than 300,000 square feet of retail space. Proposed tenants include a grocery store, pharmacy, restaurants, bank and fitness center, among others, according to a release. Office space will also be available. Future plans also include more than 1,000 residential units on the north side of the property.

“The retail market has expressed very strong interest in Water Tower Commons, and we’ve been hard at work lining up the right tenant mix for this major project,” said Ken Endelson, Vice President of Lantana Development, said in a statement.

The non-functional water tower at the center of the site will serve as an historic marker and signature of the project, the developer said. It will be renovated and will feature lighting to spotlight the structure in the evening.

Lantana Development said it is also contributing $2.5 million to the town of Lantana to help replace public sports facilities that were once located on the site.  The developers will also be funding improvements to Lantana Road and nearby side streets to mitigate the increased traffic that the project will generate.

In June, Lantana Development asked for a $1.29 million refund from the state because the property has less land than advertised. However, state officials contended that while the advertised acreage was an estimate, the Lantana property was sold under “as is, where is” terms, according to the Sun Sentinel.

Lantana Development, a partnership between Southeast Legacy and Wexford Capital, acquired the deed to the land last August from Southeast Legacy, which was the top bidder for the property advertised by the state as 79.2 acres, the Sun Sentinel said. 

In September, a joint venture between Wexford Capital and Aria Development Group sold the London Arms, a historic hotel-turned-affordable housing complex in Miami Beach, for $12.3 million. Ina Cordle and Sean Stewart-Muniz