PALM BEACH GARDENS, FL-The retail section and first phase of the 60-acre Downtown at the Gardens mixed-use development under way here nears completion and is scheduled to open Nov. 1. Anchor tenants are a 68,000-sf, 16-screen Cobbs Theater and 42,000-sf Whole Foods Market.
The 338,100-sf lifestyle entertainment center being developed by locally based Menin Development Cos. is bordered by a 20-acre lake and landscaped park, which includes a children's play area and entertainment stage. Among the other preleased tenants are New York-based Strip House Restaurant, California-based Yard House, Atlanta's the Grape, Seattle-based Sur La Table and Scottsdale, AZ-based RA Sushi. Locally known City Kitchen, Casablanca, Too Jays, Johnny Rockets, Max's Grille, Sloan's Ice Cream, Starbuck's and Addison Gallery are also on the tenant roster.
"We're obtaining an appropriate mix of nationally known restaurants and specialty retailers unique to this area," Robert Jacoby, Menin's VP and COO, tells GlobeSt.com. He declined to disclose the construction cost of the center and the anticipated percentage of retail preleasing, except to say, "leasing is going very well, and we'll be substantially leased at the opening. We may hold back some space in order to obtain the right mix."
The retail section will be joined by at least two residential condos. The 166-unit Landmark at the Gardens, being developed by Delray Beach-based Home Devco Corp. broke ground 50% pre-sold. Units begin in the $500,000s. Toronto-based Kolter Property Co. announced plans for Garden Point, a 241-unit condo and townhouse complex, with prices beginning in the $300,000 range.
Menin also owns a parcel to the south of the retail area that currently can accommodate 225,000 sf of office space. Jacoby says development of this parcel calls for an alteration in the DRI (determination of regional impact), which he says is more complicated, but, in effect, a re-zoning that requires approvals at the city and state level. "So, our plans are, for now, just alternative ideas," he says. Among those alternatives is hotel and/or residential development. "There's very strong residential demand here," he adds, "more than can be accommodated by the residential projects already in the area or under way."
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