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
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