Monday, June 10, 2019
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.
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. It’s 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.