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Lakeland CRA board approves purchase of 514 West First Street parcel for Memorial Boulevard assemblage
Summary
The City of Lakeland Community Redevelopment Advisory Board approved a $50,000 contract to buy a 3,446-square-foot vacant parcel at 514 West First Street to assemble multiple parcels for the Memorial Boulevard redevelopment corridor.
The City of Lakeland Community Redevelopment Advisory Board on March 20 approved staff's recommendation to enter a contract to purchase a vacant parcel at 514 West First Street for $50,000, with a 120-day due-diligence period and a closing deadline of on or before July 3, 2025.
The parcel, described by staff as 3,446 square feet (about 0.08 acres) and zoned C-1 (mixed commercial corridor), is one of multiple small lots the CRA is assembling along Memorial Boulevard to support future redevelopment. Project manager Jonathan Rodriguez said the purchase is part of an assemblage the CRA expects to use for strategic infill and to attract a developer.
Staff told the board that the $50,000 purchase price was negotiated based on broker opinion of value and appraisal ranges produced for adjacent, larger parcels; the city did not order a separate appraisal for this specific lot. Rodriguez said earlier appraisals of assembled parcels informed the negotiation and that staff uses broker opinions of value for smaller vacant parcels unless the price falls outside an expected range.
Board members asked for clarifications about the assemblage. Staff said the overall project includes 10 parcels owned by about six owners; depending on prior purchases and contracts, the count of parcels already acquired or under contract was described differently by participants during the discussion. Staff said that after this purchase they would hold a subset of the 10 parcels and continue outreach to remaining owners as part of the Memorial Boulevard economic development study and community input process.
The board voted to recommend the purchase to the City Commission; the motion passed. Staff said the purchase funds will flow through the CRA special projects acquisition line items for Midtown and the Northwest neighborhood.
The item will be forwarded to the City Commission acting as the CRA at its March regular meeting for final approval.
