Margate set to sell 36 acres for a suburban downtown
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