Ireland Cos. Gets $22 Million For Davie Plaza Renovation

The family-owned Ireland Companies received a $22 million loan from City National Bank of Florida for the renovation of the Town and Country Shopping Center in Davie.
Ireland is set to reposition Town and Country as a destination retail center with the addition of Hobby Lobby and Whole Foods as anchor tenants, according to City National’s written statement announcing the transaction.
The new anchor tenants are scheduled to occupy the space left vacant by Kmart in 2012 later this year.
Ireland developed the shopping center on the southwest corner of University Drive and I-595 during the 1970s.
“The commitment by Hobby Lobby and Whole Foods serves as evidence of the desirability of the location and the growing strength of the retail market in South Florida,” said Gary Fitzgerald, City National’s executive vice president of real estate banking.
After many years of operating as a declining retail center, the plaza began drawing  attention again in December 2011 with the grand opening and continued success of Cowboys Saloon and Grill, a 12,000 square foot country western nightclub.
 
 
 
Source:  The Real Deal