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Gateway Development Group, which will be tasked with construction of the long-anticipated project, has begun collecting details and working with village officials as they get ready to begin transforming the parking structure into a condominium complex.
This will be the third time a developer has attempted to renovate the location. The previous developer, WCI, was heavily invested in a collapsing Florida real estate market five years ago, and was forced to file for Chapter 11 bankruptcy before it could break ground on the project.
Fareri Associates, which was selected by village trustees to continue the project last month, will use the same exact plan set forth by WCI in 2007 that has already been approved by all necessary boards and committees.
Although the village plans to seek “empty nesters,” residents have expressed concern that by adding 50 one and two-bedroom condominiums to the small village, they run the risk of placing more stress on the school district, which is already compensating for increasing enrollment.
Other concerns include the traffic that will be generated by construction vehicles, and the general noise pollution created by such a large-scale project. Gateway is currently establishing truck routes and details in an effort to minimally inconvenience residents during the project, which may take years.
According to officials, before ground can be broken, the soil that the development will be housed on needs to be decontaminated. Before construction begins, as many as 20,000-square-yards of contaminants will need to be removed from the soil, which used to be the home of industrial buildings and a power plant. To accommodate the parking garage, there may also need to be additional excavation to remove thousands of yards of rock.
Ground is expected to be broken at some point in the spring. Presently, Gateway continues to evaluate its various options, and plans to continue collaborating with village officials to ease the transition for residents.
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