April 29, 2019
Menin Development scores $30M construction loan for Delray food hall
By Menin Development scores $30M construction loan for Delray food hall
Menin Development scores $30M construction loan for Delray food hall
The mixed-use project will total 120K sf
Delray City Market rendering and Craig Menin
Menin Development scored a $29.8 million construction loan for its planned food hall project near downtown Delray Beach.
Menin secured the loan from City National Bank of Florida. The Delray Beach-based real estate firm, led by Craig Menin, is planning to build a 120,000-square-foot mixed-use project that will include a 30,000-square-foot food hall. Delray City Market, will be south of Atlantic Avenue at 33 Southeast Third Avenue.
Menin Development’s four-story building will also feature a 3,000-square-foot rooftop garden and a three-story, 200-space garage.
Delray City Market plans to have 30 vendors with each spanning about 400 square feet of ground-floor retail space. Menin also plans to include a brewery on the mezzanine level with an indoor/ outdoor beer garden.
Menin bought the site from the Morton Group in 2018, which had planned to build a 48-unit boutique condo project. Interiors at the condo project were to be designed by tennis star Venus Williams, but the project never broke ground.
Menin has bought and sold a number of properties in Delray Beach. In December, Menin Development bought a 48,800-square-foot retail and office building at 110 East Atlantic Avenue. Last year, Menin Development sold the PGA Plaza in Palm Beach Gardens for $88 million.
Delray Beach is becoming one of the most attractive destinations for new development. In December, National Realty Investment Advisors launched sales for Ocean Delray, its newly planned 19-unit boutique condo development in Delray Beach, its first oceanfront condo project in Delray Beach in 30 years.
In January, a joint venture led by 13th Floor Investments, Key International and CDS International bought the former Office Depot headquarters in Delray Beach for $33 million, with plans to redevelop the property into one of the biggest projects in the city’s history.
View Source: https://therealdeal.com/miami/2019/04/29/menin-development-scores-30m-construction-loan-for-delray-food-hall/