The Real Deal Miami

Margate set to sell 36 acres for a suburban downtown

New Urban Communities has a conditional deal to buy the land for $10 million and redevelop it

July 16, 2016 12:00PM

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Clock tower near Margate city hall

Clock tower near Margate city hall

The Margate Community Redevelopment Agency (CRA) conditionally agreed to sell 36 acres for redevelopment as a downtown area.

Since 2004, the City of Margate has spent more than $30 million to acquire the 36 acres around the intersection of State Road 7 and Margate Boulevard.

The CRA signed a contract July 12 to sell the land to real estate development company New Urban Communities for $10.04 million.

A condition of the sale agreement requires New Urban to obtain building permits prior to closing for construction of a mix of residences, retail stores and hotel rooms, among other developments.

New Urban plans to build 968 apartments, a hotel, an amphitheater, a parking garage, and retail stores and restaurants spanning 100,000 square feet.

The suburban downtown development also would encompass a community center, a waterfront promenade, and a canoe and kayak launch. Construction, expected to start late next year, could take as long as seven years to complete. [Sun-Sentinel] — Mike Seemuth