Through the pouring rain on June 4, developers Yehuda Netanel and Maggie Gallagher met with the press at the now-cleared field at the southeast corner of the intersection of Interstate 40 and Canada Road. They announced that the grading for Phase One of The Lake District had begun.
The Lake District is a $400 million retail and residential development. The development encompasses 165 acres and will contain a 10-acre lake, 150,000 square feet of retail space, 396 apartments, 75,000 square feet of office space, a hotel, two parking garages and walking trails.
The residential district will feature lofts, zero-lot custom homes and apartments restricted to residents who are 55 and older.
Yehuda Netanel is the owner of Gilad Development, the corporation that bought the now torn-down Lakeland Factory Outlet Mall property in 2005. They have now taken on The Lake District mixed-use development project.
“It’s going to be like nothing else Shelby County has seen before,” Netanel said. “This is our goal. This is what we are working towards.”
Lakeland Vice Mayor Josh Roman and Lakeland commissioners Wesley Wright, Michele Dial, and Richard Gonzales Jr. were in attendance.
“When this project is finished, it’s going to pretty much double the revenue for Lakeland, and so we are very excited about it,” Roman said. “It’s a joyous and monumental occasion today.”
He continued by saying, “This man [Netanel] and his team have taken a huge risk, not only on Shelby County but also on Lakeland. We’re here to celebrate that risk and thank him for it.”
At the presentation, construction workers lined up trucks and equipment behind the developers and commissioners while the commissioners displayed renderings and diagrams of the district.
Maggie Gallagher is the director of development for The Lake District. She said that 90% of Phase One retail space has already been leased.
Malco Theatres is planning to construct a state-of-the-art movie theater at The Lake District.Malco Vice President David Tashie told The Daily News in June 2018, “The Lake District was the ‘clear choice’ for a theater in northeast Shelby County due to a changing retail landscape that favors entertainment options within mixed-use developments.”
The Stock Market, a supermarket operated by independent retailer Jeff Burkhead, also plans to be a part of the development.
These large businesses will be joined by local retail outlets such as Memphis Barbecue Company, Gould’s Salon Spas and Hollywood Feed.
Phillip Ashley Chocolates, a chocolatier for Oscar winners, will be building a store in Phase One. “I am truly honored and looking forward to being a part of The Lake District. We are going to create a one-of-a-kind experience worthy of such an incredible development,” owner Phillip Ashley Rix said.
Residential construction will not begin until Phase Two.
The first opening of The Lake District is planned for the holiday season of 2020.
For more information, visit thelakedistrict.us.
