Originally posted July 3, 2015
An affiliate of Gaitlin Development Co. obtained a $13.265 million construction loan for a Davie retail center that will be anchored by Wal-Mart Neighborhood Market.
Miami-based City National Bank of Florida awarded the mortgage to GDC Davie LLC, an affiliate of the Fort Lauderdale-based developer headed by Franklin Gatlin III. The project at the southeast corner of Stirling Road and South Pine Island Road recently broke ground. It is called Pine Island Marketplace.
The developer paid $7.2 million on June 11 for the 11.2-acre site. The Wal-Mart supermarket will occupy 42,000 square feet in a stand-alone building another 25,000 square feet of retail will be developed in four additional buildings.
According to a flyer from the developer, the Davie/Cooper City area within three miles of the project has an average household income of $70,762, making it a good demographic for retailers.
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