Work is proceeding on the Margate City Center project.
At the September 9 Community Redevelopment Agency (CRA) meeting, the board passed a resolution approving Brookfield Holdings’ final concept design for the Margate City Center project.
When complete, the new mixed-use development is projected to produce $1.7 billion in economic impact through lease payments and tax revenue over the life of the project.
Margate is projected to gain $562 million in new tax revenue, creating a significant long-term funding source for public services.
The project will generate $250 million in ground rent and lease payments to the CRA, providing a revenue stream. It will create a destination for Margate that generates economic activity, attracts visitors, and supports local businesses.
According to city information, the first phase may include 350 residential units, stores, restaurants, and a pavilion for large events. The plan includes pickleball courts, park areas with a dog park, a children’s play area, and space for general recreation. Also, a presentation at the meeting said there will be a large parking garage for residents and visitors.