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South Florida

Integra plans to redevelop Lantana shopping center

Miami-based firm paid $15M for 19-acre retail site that will be converted for mixed use

Integra Investments’ Paulo Tavares de Melo, Nelson Stabile and Victor Ballestas and Lantana Village Square at 1201 and 1301 S. Dixie Highway and 457 Greynolds Circle
Integra Investments’ Paulo Tavares de Melo, Nelson Stabile and Victor Ballestas and Lantana Village Square at 1201 and 1301 S. Dixie Highway and 457 Greynolds Circle (Google Maps, IntegraInvestments)

Integra Investments bought a Lantana shopping center with plans to redevelop the property into a mixed-use project.

The Miami-based real estate investment and development firm paid $14.8 million for Lantana Village Square at 1201 and 1301 S. Dixie Highway, and 457 Greynolds Circle, an Integra spokesperson said. Bradesco Bank provided acquisition financing.

The seller, an affiliate of Miami-based Saglo Development, paid $10.2 million for the 19-acre site in 2017, records show. Saglo previously intended to sell the property to multifamily developer Morgan Group, which had filed for a rezoning of the property to allow a five-building complex with up to 279 apartments. The deal fell through, according to published reports. 

The 165,000-square-foot shopping center was completed in 1982, and was previously anchored by a Kmart until 2019. Current tenants include Winn Dixie, Subway, West Marine and H&R Block, a Loopnet listing shows. 

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Integra intends to take advantage of Florida’s recently passed Live Local Act, which supersedes local governments’ zoning, density and height requirements for affordable housing in areas zoned for commercial or mixed-use development. The new law also affords developers with tax breaks. Integra proposes tearing down the vacant Kmart store, and replacing it with apartments, the release states. 

The firm did not provide any further details about the proposed project. 

Founded in 2006, Integra has a real estate portfolio full of projects worth $2.3 billion, according to a company statement. 

Led by Paulo Tavares de Melo, Nelson Stabile and Victor Ballestas, the firm recently purchased Perry Marina at 7005 Shrimp Road in Key West. The firm paid roughly $29.7 million for the 35-acre marina with 288 slips. 

In December, Integra bought a development site near Florida Atlantic University in Boca Raton for $12.6 million. It plans to develop 100 to 120 townhomes on 8 acres. 
In Miami, Integra is partnering with Related Group to develop a 46-story St. Regis-branded condominium with about 150 units at 1809 Brickell Avenue.