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

Jul.July 16, 2016 12:00 PM

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

Related Articles


Ex-Margate commissioner convicted on corruption charges tied to rent breaks

IMC Equity pays $45M for Margate shopping center

Victoria Park development with 30 homes sells out

Developer proposes replacing part of a Margate shopping center with apartments

Developer sues Margate CRA over rejected proposal to build new downtown

13th Floor proposes resi project on Margate golf course

Delray firm clears site in downtown Stuart for apartment development

Margate rejects proposed apartment development, may face litigation