Tilling fallow ground
Key Points(5)
- <strong>Lauderdale Lakes CRA remain optimistic about developing vacant city property</strong> By Dr.
- Rose The Lauderdale Lakes lot that once housed the popular Bazaar Flea Market, once a center for small retailers and new migrants, has been sitting fallow for decades, with one city project after another falling on barren soil.
- But now city officials hope to change this, with a renewed Community Redevelopment Agency (CRA) project – even if it mean lowering their asking price.
- The move follows recent failures to procure a sale, despite a two-year contract with Trammell Crow to market the property, after their lackluster plans to set up a shopping mall and self-storage complex fell through.
- “But the CRA is pressing on to ensure this property is sold, although this could mean we may not realize the $5 million asking price for the property,” says the city’s CRA director, J.
Lauderdale Lakes CRA remain optimistic about developing vacant city property
By Dr. Garth A. Rose
The Lauderdale Lakes lot that once housed the popular Bazaar Flea Market, once a center for small retailers and new migrants, has been sitting fallow for decades, with one city project after another falling on barren soil. But now city officials hope to change this, with a renewed Community Redevelopment Agency (CRA) project – even if it mean lowering their asking price.
The move follows recent failures to procure a sale, despite a two-year contract with Trammell Crow to market the property, after their lackluster plans to set up a shopping mall and self-storage complex fell through.
“But the CRA is pressing on to ensure this property is sold, although this could mean we may not realize the $5 million asking price for the property,” says the city’s CRA director, J. Gary Rogers
With renewed efforts, the city has announced a call to prospective developers for a suitable project. The proposals must be submitted by September 8.
Rogers says the agency is looking for “well-planned, potentially viable projects,” and believes the agency should receive “at least three strong ideas.”
Although not citing a specific preference, Rogers says a residential development could be suitable for a 3-400 residential unit, which would, under the right conditions, attract the $5 million the city originally asked for. He also believes such a project would meet, “albeit temporarily, the employment generating goals of the city.”
Tamarac commercial contractor Mervin Henny agrees about the residential potential.
“There’s strong market demand for rental apartments in this Broward region, especially from Millennials,” says Henny. “A large multi-apartment development would ease this demand, and be profitable to the developers.”
