Local real estate experts are stunned by the sheer size of the project. CLICK ON THE HEADLINE FOR MORE
U.S. Capital Holdings Group (USCHG) broke ground on the project in January with a multi-million-dollar renovation of the office building. CLICK ON THE HEADLINE FOR MORE
It’s like nothing that’s ever been built in South Florida.
Known as Metropica, the “city within a city” would have more than 2,000 condos, 300 townhomes and enough commercial space to hold 11 Walmarts.
The massive, $1.5 billion project — nearly double the size of neighboring Sawgrass Mills — would create the cornerstone of Broward County’s new “Western Downtown.” Construction could start as soon as January, said Michael Moskowitz, an attorney for Metropica developer Joseph Kavana.
It will take an estimated 10 years and 5,000 construction workers to build the mammoth development.
Local real estate experts were stunned by the sheer size of the project.
“My mouth has dropped,” said Jack McCabe, a real estate analyst in Deerfield Beach. “[The developer is] talking about 2,000 more condos in Sunrise and these aren’t even waterfront.” In Broward County alone, 4,000 condo units are either under construction or have been announced for near future development, McCabe said. “[The developer is] talking about 50 percent more than that in just one project,” McCabe said. “I’m surprised as hell. It’s almost like he wants to build a city within a city. With over 2,300 units, there would be 5,000 people living there.”
Jonathan Kingsley, an executive with the commercial real estate services firm JLL, can think of no other project like it in South Florida. “It’s an extremely ambitious concept,” Kingsley said. “There was a mixed-use project announced in Aventura, but not to this scale.”
This week, Broward commissioners gave the developer permission to build on an additional 9 acres of wetlands on the 50-acre parcel. In return, the developer will dedicate $1 million to create 20 acres of wetlands at Long Key Nature Center in Davie.
Once built, Metropica would generate an estimated $22 million a year in taxes, with $5 million going to Broward County, Moskowitz said.
“This is a phenomenal project that’s going to make that western part of Broward a major retail center and residential area,” Moskowitz said. “It fits in perfectly with the mall that’s already there. In terms of building, the real estate downturn is gone. Interest rates remain low. And the need for new housing is still high.”
Like many projects, Metropica was delayed by the Great Recession, Moskowitz said. “For all the time we’ve waited, this is the perfect time for them to hit the ground running and build what they’ve wanted to build for the past 15, 20 years,” Sunrise Commissioner Joey Scuotto said. “I’m happy it’s finally coming. It’s going to be a nice draw. It’s all good. They want to build condos, office space, restaurants and cafes.”
Kavana will soon meet with Sunrise officials to finalize plans for the project, Moskowitz said. “Just because he has approval for the maximum doesn’t mean he’ll build that,” Moskowitz said in an interview. “Their goal is to break ground on the first phase of development in January 2015.”
County Commissioner Martin Kiar, who represents the area, said officials in neighboring Plantation have told him they don’t want another Tao, the 26-story twin condo towers in Sunrise east of the mall. “Plantation residents have been telling me they don’t want another eyesore like Tao,” Kiar said. “That’s why it was important to me to make sure they build lower buildings. And now they have more land to build on because we released the 9 acres.”
Kavana is selling a 7-acre parcel on the west side of Northwest 136th Avenue to a developer who has plans to build Portico, a cluster of five- and six-story apartment buildings with a total of 417 units. The Portico project may break ground as soon as August and open within two years, said Maria Sanchez, development director for the Richman Group of Florida in West Palm Beach.
Kavana, founder and CEO of K Group Holdings Inc., has owned the Metropica parcel since 1994. The Uruguay-born developer has been involved in several international real estate projects, including YOO Punta del Este in Uruguay and YOO Nordelta in Buenos Aires. Kavana has lived in Miami since 1980 and was involved in several local projects, including Jacaranda West in Plantation and Chapel Trail in Pembroke Pines.
His latest venture has been in the making for 20 years, his attorney said.
“Once it’s done, if it does to come to fruition, it would create a big economic boon for our community,” Kiar said. “I’m excited about this project. We’ve been working on this for so long.”
Metropica By The Numbers*
Size: An estimated 4 million square feet, nearly double the size of Sawgrass Mills
Height: Up to 18 stories
Condo units: 2,083
Townhouse units: 300
Office space: 785,000 square feet (roughly the size of 7.3 Walmart stoes)
Retail space: 485,000 square feet (roughly the size of 4.5 Walmart stores)
*Numbers are based on initial plans
Source: SunSentinel
US Capital Holdings LLC, a leading private equity investor and developer of 321 North, has hired Jennifer L. Moran as Director of Leasing.
“Jen’s extensive contacts and experience will add to the momentum building at 321 North as we continue to develop leasing activity,” said Mr. Wei Chen, CEO, US Capital Holdings LLC.
US Capital will soon submit a revised site plan for all of 321 North to the city of Plantation to revitalize the former Fashion Mall. Moran is a key member of the planning process for the multi-million-dollar project and responsible for negotiating leases for retail, dining and entertainment tenants at the project, which is already underway.
“321 North will transform central Broward County,” Moran said. “Area residents will enjoy the same top quality of dining, retail and entertainment offerings that they now have to drive to Las Olas or Aventura to experience.”
Moran has managed commercial leasing in South Florida for more than 13 years. She was previously a partner and broker at Fabian Realty, handling commercial and residential leasing, and investment properties. Before that, Moran was director of leasing at Schmier & Feurring Realty, responsible for new business development, and leasing and landlord representation for more than 1.1 million square feet. As leasing manager for Turnberry Associates, Moran was involved in the specialty leasing at Aventura Mall.
She is a member of International Council of Shopping Centers (ICSC), Industrial & Office Properties (NAIOP), Commercial Real Estate Women (CREW) and University of Florida Real Estate. In addition, Moran has been honored by CoStar as a “Power Broker”.
Massive Mixed-Use Project Planned For Western Broward
/in News/by SFOBA STAFFLocal real estate experts are stunned by the sheer size of the project. CLICK ON THE HEADLINE FOR MORE
321 North Names Director Of Leasing
/in News/by SFOBA STAFFU.S. Capital Holdings Group (USCHG) broke ground on the project in January with a multi-million-dollar renovation of the office building. CLICK ON THE HEADLINE FOR MORE