A commercial real estate group is asking Belleview and Marion County officials to provide a series of incentives to support a new, $71 million development that would feature restaurants and a big box retailer like Walmart, Costco, Target, or something similar.
During Tuesday’s meeting of the Belleview City Commission, Leaders Real Estate shared details about a new commercial development proposed at the intersection of U.S Highway 441 and SE 119th Place in Belleview.
In addition to a big-box retail store, the development would also feature a gas station and approximately 22,500 square feet of additional retail and restaurant space. The project would also have a dedicated area for a future phase of multi-family development.
“This project represents a significant private investment in Belleview,” reads a letter from Leaders Real Estate to the city. “This new commercial hub will provide essential services to Belleview residents, keeping commerce in Belleview, while attracting new businesses and consumers to the area.”
As part of the development, the group says they would help create a “signalized intersection at U.S. Hwy 441 and SE 119th Place, enhancing traffic flow, increasing accessibility to the site and nearby residential areas, and improving overall safety.”
According to Leaders, the development would potentially create 400 new jobs and would generate $155,000 in estimated annual sales and property tax revenue in Belleview, and $520,000 in Marion County.
To ensure the “financial feasibility of the project,” the company says it needs to secure “$2,500,000 in contributions and incentives from the city and county.” The incentives would come in the form of “waiving of permitting and impact fees, grants, and/or property tax abatements.”
“Based on preliminary estimates, the project is expected to incur approximately $1,360,300 in permitting and impact fees (excluding fees used to pay third-party reviewers). Of this total, approximately $1,040,500 is attributed to City permitting and impact fees, and around $319,800 is associated with County impact fees,” reads the letter from Leaders.
The company estimates that the first phase of development, which will primarily focus on site work, will cost over $14 million.
The second phase is estimated to cost $57 million and would call for the vertical construction of the big-box retail and commercial parcels.
In total, the company expects to spend over $70 million to develop the land.
“We believe this project will be a catalyst for economic growth in Belleview, and we look forward to working collaboratively with the City to bring it to fruition,” reads the letter from Leaders.
In an email to Ocala-News.com, Leaders indicated that the tenants of the development are not yet ready to publicly announce their plans.
After hearing a lengthy presentation during Tuesday’s meeting, commissioners directed city staff to research a potential incentives package in order to move forward with a decision on the project.