Former Kmart site could be home to apartments instead of a new Walmart
A planned Walmart never happened, but Oakland Park could be getting a new apartment building.
A 297-unit luxury rental apartment project calls for three buildings that rise five stories and one building that rises three stories. The plan has been proposed to Oakland Park City Hall.
The land at 12.5-acre site at 670 E. Oakland Park Blvd. was once a Kmart, which closed in 2014. Walmart acquired the property in 2012 for $11 million. After years of delays, Walmart finally got the green light to open in Oakland Park in late 2016 as a Walmart Supercenter.
But earlier this year the company reversed course, saying “Oakland Park is a very different place today than it was in 2012.”
The Arkansas company listed it for sale in March. A selling price was not included in the listing. A spokeswoman for RAM Realty, which is in charge of the project, said the sale will be finalized after the final city approvals, which are expected in late 2020.
Construction is expected to take two years.
The apartments will have an average size of 900 square feet. Building amenities will include a pool, outdoor kitchen and fire pit, a dog park, a bocce court and community herb garden.
Rents have not yet been announced.
The plans are expected to be discussed at a development Review Committee city meeting in January.
No Walmarts or Walmart neighborhood markets are located within Oakland Park.
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.2 billion of capital. Ram and its predecessor entities were founded in 1978. The Company is headquartered in Palm Beach Gardens, Florida, and has offices in Charlotte and Chapel Hill, North Carolina.
Kelly Owens Alchemy Communications Group firstname.lastname@example.org office: 561.935.9953 x. 101 mobile: 561.222.4958
Jennifer Stull Ram Realty Advisors email@example.com office: 561-630-6110