Image: CBRE Group, Inc.
The city of Margate has been working with a national development company to create a downtown for Margate. The planned “Margate City Center” would sit on land known as the Margate Community Redevelopment Agency (MCRA).
The agency is a special area that receives almost $40 million of tax money to purchase land in Margate, upgrade the parks and streets, and plan for growth.
The MCRA has been in charge of 1,320 acres that includes parts of State Rd. 7, Atlantic Blvd., Rock Island Road and Southgate Blvd.
The MCRA was founded in 1996 with an agreement between the city of Margate that ends in 2026. It has asked for more time to build the Margate City Center, so it has requested a 20-year lease extension.
So far, Margate city government officials have decided not to give the agency an extension. The city wants to use the money to build affordable housing.
MCRA is hopeful it can work out a deal to build a downtown for Margate.
–Original reporting with facts from MargateNews.net and public records.
