Commission Will Discuss Possible Deal With Summit Real Estate Holdings
LAKELAND, FL (November 26, 2019) – On Monday, December 2nd, the Lakeland City Commission will discuss the possible purchase and sale agreement with Summit Real Estate Holdings, LLC for 1.29 acres of City owned property located at 117 N. Massachusetts Avenue. The item will first be discussed during the Real Estate & Transportation Committee during Monday’s Agenda Study session scheduled at 10:30 a.m. The item will go to a vote during the 3 p.m. City Commission meeting.
City Manager Tony Delgado said, “The property once housed the City’s fire station and jail facility but it has been vacant for decades as we waited for the right development to take place.” He added, “Summit Consulting proposes to construct a $50 million nine story Class A office facility with integrated parking accommodations for at least 450 spaces for their corporate headquarters.”
The purchase agreement price for the land is $2.5 million with a $100,000 deposit. Summit Real Estate Holdings requires a 90-day inspection period with the right to extend through two (2) 30-day extension options. As part of the deal, the City of Lakeland will contribute $2.5 million to the construction of the parking structure with contracted spaces for downtown visitors to use on nights and weekends. There is no tax increment financing associated with the sale and annual property tax on the completed project is estimated to be in excess of $200,000. The project is estimated to be completed within 18-months and the 90-day inspection period will commence upon execution of the agreement.
Monday, December 2nd Meeting Schedule
10:25 a.m. – Municipal Boards & Committees (CC Conf Rm)
10:30 a.m. – Real Estate & Transportation Committee (CC Conf Rm)
11:00 a.m. – Canvassing Board Meeting (CC Conf Rm)
11:05 a.m. – Agenda Study (CC Conf Rm)
1:00 p.m. – Utility Committee Meeting (CC Chamber)
3:00 p.m. – City Commission Meeting (CC Chamber)
For additional information about the City of Lakeland, visit www.lakelandgov.net. Citizens are also invited to follow the City on Facebook, Twitter, Instagram, YouTube, Vimeo, Snapchat and Nextdoor. Citizens can find the City of Lakeland on these social media platforms by searching lakelandgov.
The City of Lakeland was incorporated in January 1885 and has grown to become one of the largest inland communities in Florida. With a current population over 100,000, Lakeland continues to grow. It has been designated a Standard Metropolitan Statistical Area by the US Census Bureau for over 30 years. With tourist attractions and gulf beaches only an hour away, Lakeland continues to capitalize on its ideal central Florida location along the I-4 corridor. The City owns and operates Lakeland Electric, the third-largest publicly owned utility in Florida and it was one of the first to offer power in the Sunshine State over 110 years ago.
For additional information about the City of Lakeland, please explore lakelandgov.net.
Citizens are also invited to follow the City on social media.