Menin Development scores $30M construction loan for Delray food hall

The mixed-use project will total 120K sf

Miami /
Apr.April 29, 2019 03:30 PM
Delray City Market rendering and Craig Menin

Delray City Market rendering and Craig Menin

Menin Development scored a $29.8 million construction loan for its planned food hall project near downtown Delray Beach.

Menin secured the loan from City National Bank of Florida. The Delray Beach-based real estate firm, led by Craig Menin, is planning to build a 120,000-square-foot mixed-use project that will include a 30,000-square-foot food hall. Delray City Market, will be south of Atlantic Avenue at 33 Southeast Third Avenue.

Menin Development’s four-story building will also feature a 3,000-square-foot rooftop garden and a three-story, 200-space garage.

Delray City Market plans to have 30 vendors with each spanning about 400 square feet of ground-floor retail space. Menin also plans to include a brewery on the mezzanine level with an indoor/ outdoor beer garden.

Menin bought the site from the Morton Group in 2018, which had planned to build a 48-unit boutique condo project. Interiors at the condo project were to be designed by tennis star Venus Williams, but the project never broke ground.

Menin has bought and sold a number of properties in Delray Beach. In December, Menin Development bought a 48,800-square-foot retail and office building at 110 East Atlantic Avenue. Last year, Menin Development sold the PGA Plaza in Palm Beach Gardens for $88 million.

Delray Beach is becoming one of the most attractive destinations for new development. In December, National Realty Investment Advisors launched sales for Ocean Delray, its newly planned 19-unit boutique condo development in Delray Beach, its first oceanfront condo project in Delray Beach in 30 years.

In January, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million, with plans to redevelop the property into one of the biggest projects in the city’s history.


Related Articles

arrow_forward_ios
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso)
River Oaks picks up Delray Beach shopping center for $26M
River Oaks picks up Delray Beach shopping center for $26M
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...