Related, Brookfield & Michaels Developers Vie for $500M Margate City Center Project
by Traded MediaShare
Florida
Mixed Use
The city of Margate, Florida, is on the brink of a transformative development as three prominent developers—Related Group, Brookfield Properties, and Michaels Organization—compete to redevelop a 45-acre site at the intersection of Margate Boulevard and State Road 7. This ambitious project aims to revitalize the area into a bustling city center, featuring a mix of residential, retail, and civic spaces. The Margate Community Redevelopment Agency (CRA) is set to decide on the winning proposal on March 12, 2025, marking a significant milestone in the city's evolution.
In this article, we'll examine each proposal in detail, highlighting its unique offerings and financial commitments and exploring its potential impact on Margate's future.
The Proposals:
Related Group's Vision:
- Residential Units: 800 market-rate apartments totaling 693,000 square feet.
- Unit Mix:
- 72 studios
- 336 one-bedroom
- 324 two-bedroom
- 68 three-bedroom
- Unit Mix:
- Retail Space: 87,000 square feet.
- Civic Space: 80,000 square feet designated for city hall and other uses.
- Public Amenities: A two-acre public park.
- Financial Terms:
- Annual Rent: $100,000 with a 5% increase every five years.
- Additional Payments: 50% of the net operating income from retail.
- Total Estimated Payments over 50-year lease: $606.3 million.
- CRA Funding Request: $19 million.
- Estimated Project Cost: $264.4 million.
Related Group emphasizes creating mixed-use projects that enrich neighborhoods through innovative design and memorable experiences.
Brookfield Properties' Plan:
- Residential Units: 911 apartments totaling 844,660 square feet.
- Unit Mix:
- 441 one-bedroom
- 398 two-bedroom
- 72 three-bedroom
- Unit Mix:
- Retail Space: 40,000 square feet.
- Public Amenities: Inclusion of a park (size unspecified).
- Financial Terms:
- Annual Rent during Construction: $100,000.
- Post-Construction Rent: 3.25% of effective gross income for the first phase; 5.25% for subsequent phases.
- Total Estimated Rent over 99-year lease: $805.6 million.
- CRA Funding Request: $30 million.
- Estimated Project Cost: $304 million.
Brookfield's proposal highlights extensive green spaces, walkable streets, outdoor dining terraces, playgrounds, and performance areas, aiming to create a central town square with well-known retail stores.
Michaels Organization's Ambitious Proposal:
- Residential Units: 2,415 units totaling 2.53 million square feet, with a significant portion dedicated to affordable housing.
- Retail Space: 2.26 million square feet.
- Civic Space: 65,000 square feet allocated for a new city hall and library.
- Public Amenities: Inclusion of a park (size unspecified).
- Financial Terms: Specific terms were not disclosed.
Michaels Organization proposes constructing a new city hall with a grand civic plaza, a retail and concert pavilion, and a mixed-use Village Green surrounded by retail spaces.
Shaping Margate's Future:
The redevelopment of Margate's city center represents a pivotal opportunity to transform the area into a vibrant, mixed-use destination. Each proposal offers unique elements that could redefine the city's landscape and appeal. As the Margate CRA prepares to make its decision on March 12, 2025, stakeholders and residents anticipate a project that will enhance the local economy and enrich the community's quality of life. The chosen development will play a crucial role in shaping Margate's future, potentially serving as a model for suburban revitalization in the region.
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