Tamarac Village Land {Colliers}
By Kevin Deutsch
Tamarac commissioners are scheduled to vote on whether to sell 3.47 acres of the Tamarac Village site to a developer to complete the project.
Under the proposed sale, EU International LLC would buy the city-owned land at Commercial Boulevard and Northwest 91st Avenue for $5.2 Million and construct a mixed-use restaurant, retail, and multifamily project with parking as part of Tamarac Village, according to city records.
The Boca Raton-based developer would complete the third and final phase of the project, long envisioned as an upscale, downtown-like area for Tamarac. The construction would be adjacent to the newly built Tamarac Village public park and amphitheater.
The previous developer of Tamarac Village, JKM, became the cityās partner on the project in 2015 and successfully built residential phases one and two at the site. The city terminated the ground lease with JKM last year, citing the companyās decision not to add retail and restaurants as the reason. JMK contemplated the possibility but ultimately decided it would only develop the property if it could build another multifamily residential project, city officials said.
The city ordered an analysis to gauge the potential success of commercial development in Tamarac Village and found that full-service restaurants and higher-end stores would perform well.
Commissioners will consider approval of the deal with EU International at their Feb. 14 meeting. The cityās pending selection of the developer was the result of a sealed bidding process, records show.
Last year, construction of Tamarac Villageās second phase was āsubstantially completedā and included the opening of six new multifamily apartment buildings with 190 units, city records state. The city said a new .75-acre public park with a splash pad and public art installations was ānearing completion.ā Tamarac Village also includes a new amphitheater for community events and performances.
So far, Tamarac Village has 13 completed apartment buildings with 401 units and a clubhouse, along with the nearly finished public park and public amenities, according to the city.
If the sale to EU International is approved, the company will still be required to obtain commission approval of their site plan and development agreement prior to closing on the land, records show.
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