Work is nearly ready to get underway on the second half of the $100 million Lakeland Town Square project at U.S. 70 and Seed Tick Road in Lakeland.
Project developer Vince Smith gave an update on progress Thursday, June 23, to the Lakeland Economic Development Commission/Industrial Development Board.
The recently completed $42 million Phase 1 includes 138 flats and 21,200 square feet of commercial space, as well as amenities like a clubhouse and pool for residents.
“We are full, full, full in the flats,” Smith said. “And the retail is full, with the exception of one small 2,100-square-foot space.”
He expects Phase I retail and restaurants to begin opening by August and continue through the fall.
Phase 1 tenants include Margaritas Mexican Grill & Bar, The Exercise Coach, Carrington Oaks Coffeehouse, Fields Financial Services, Lilly Day Spa and The Owners Box sports bar and grill.
“And we’re about to sign a lease for a very small space, but a great space. It’s a bakery called Dough Ray Me,” Smith said.
Construction is underway on a convenience store and gas station, and one outparcel has been sold and will include a freestanding liquor store with a bar and grill.
“I believe he’s been through site plan and architectural review and should hopefully start building maybe in the next 90 days,” Smith said. “It’s a really, really nice building. I think it’s going to be great.”
Smith touts Lakeland Town Square as the first vertically integrated mixed-use center in Shelby County, blending residential, commercial and entertainment spaces while promoting pedestrian traffic.
He feels like after years of challenges related to the project, it is finally hitting its stride.
“It’s coming along nicely,” he said. “Our costs have just exploded, but we’ve also had some new appraisals, (and) we’re going to refinance the first phase with some permanent financing.”
The second phase, which is similar to the first, is being appraised at about $60 million due to the rising costs of materials and labor.
The higher appraisals have pushed the value of the TIF (tax increment financing) from $12 million to more than $21 million, which is to be used for infrastructure.
Smith estimates the sales tax generated for Lakeland from the project will top $400,000 annually.
The innovative design of the project comes from Lakeland-based Renaissance Group.
Phase 2 will include more commercial space than Phase 1, with 37,500 square feet, along with 102 more flats and 50 townhomes.
“I’m excited to see Phase 1 reach this level of completion and can’t wait for the businesses and restaurants listed to open,” EDC/IDB member Jeremy Burnett said. “I’m also looking forward to Phase 2 to begin going vertical. We (the IDB) have invested significantly in this project, and I am looking forward to seeing the benefits of that investment.”
He would like to see the traffic light planned for U.S. 70 and Seed Tick Road completed sooner rather than later.
Three outparcels remain for sale at the site, and Lakeland EDC/IDB member Angie Grooms suggested a possible use.
“(The) location would be amazing for a Railgarten or a Loflin Yard or something like that,” she said.
Smith sees Arlington, Lakeland and Covington as probably the biggest beneficiaries from Blue Oval City being built in Haywood County. His project is already benefitting, as 40 of the flats are being leased by Walbridge, the general contractor for Blue Oval City.
“They wanted 100, but we didn’t have that many (yet),” Smith said.