Shovel Ready Multi-Family Development Downtown Lakeland, FL
Shovel Ready Multi-Family Development - Downtown Lakeland, FL
Marketing description
South Cedar Real Estate, Inc (SCRE), is proud to introduce an 90 unit fully permitted urban infill project consisting of one 4-story, closed corridor building with one- and two-bedroom units averaging 826 square feet, many of which will directly overlook Lake Wire. Included on the site is a two-tier parking deck and secondary structure adjacent to the resort style pool. In addition, the site is located in a Qualified Opportunity Zone (QOZ). As such, capital gains invested in the project through a QOF will be deferred until 12/31/2026.
Lake Wire/Lake Wire Apartments is situated on a 1.6-acre, seven parcel assemblage located on Peachtree St., directly south of George Jenkins Blvd. and directly north of Lake Wire. Within walking distance of the site, residents will have access to Freedom Park, a large greenspace overlooking Lake Wire, as well as a track-like sidewalk surrounding Lake Wire which stretches nearly a mile. In addition, residents will be within walking distance of the new Bonnet Springs Park development. This mixed-use development totals 180 acres and includes plans for a children’s museum, botanical gardens, anchor center with restaurant and numerous additional attractions.
Plans for Lake Wire/Lake Wire Apartments include the development of roughly 75,000 net rentable residential square feet and 10,000 square feet of common area space, including significant resident amenities. The Project has been designed to include a total of 90 units comprised of one- and two- bedroom units. The finished product will include a highly amenitized four story closed corridor building with elevator, which will be superior to other projects in the submarket.
Finishes at the Property will be “Class A” and are expected to include quartz countertops, stainless steel appliances, wood-style plank flooring in the bedroom and living areas, keyless entry and a resort-style pool.
The site will enhance the walkability of the immediate surrounding area by improving sidewalks surrounding the site. First floor units will also have direct access to the exterior, which will allow tenants immediate access to Lake Wire and the surrounding downtown attractions. We also intend to work with the City of Lakeland to enhance the landscaping located on the north side of Lake Wire. This will invite additional pedestrian traffic as well as create additional connectivity between downtown and Bonnet Springs park.
The project has been designed by Charlan Brock Architects and Langan Engineering, in partnership with Impact Development Management.
Investment highlights
Permits fully approved by the City of Lakeland and paid for by the current developer.
City has also agreed to tax incremental financing equal to a 75% reimbursement of property taxes for five years after C.O.
City of Lakeland agreed to provide grant of $775,000 through reimbursement of construction costs.
The projected cap rate at stabilization for this Class A Multifamily product is 7%-7.5%; 200 basis pts; higher than the current market rate for an equivalent product.
Estimated construction timeline of only sixteen (16) months and stabilization within four (4) months.
Strategically located within Lakeland’s core development area, offering exemption from numerous impact fees.
Capital gains invested into the project through a QOF will obtain a tax deferral through 12/31/2026.
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