The development consists of a new luxury apartment community and the adjacent University Shoppes, which Stiles owns and is redeveloping. CLICK ON THE HEADLINE FOR MORE
Stephen Heim, CCIM, Executive Advisor of NAI Rauch Weaver Norfleet Kurtz & Co. represented the buyer, St. James Capital, LLC. CLICK ON THE HEADLINE FOR MORE ON THIS STORY
Stiles has launched construction of a new mixed-use development with numerous “green” features at the southern gateway to Plantation’s Midtown District – a positive step for Broward’s real estate market.
Stiles is developing the residential component of the project, a new luxury apartment community to be called “One Plantation,” in a joint venture with Prudential Real Estate Investors (PREI). Independently, Stiles owns and is redeveloping the commercial retail component, the adjacent University Shoppes. Located at the northwest quadrant of University Drive and I-595, this mixed-use project will add dimension to the Midtown area’s emerging live-work lifestyle.
Drivers along I-595 can see a sign of economic progress — Stiles Construction’s crane rising in the air. Stiles President Doug Eagon estimates an average of 225 construction workers will work at the jobsite each month. Completion of the residential community is expected by June 2013, and the approximate completion date for the retail center’s redevelopment is early 2014.
“We foresee continuing, strong demand for amenity-rich rental residences just steps away from shopping, dining, services and entertainment,” said Eagon. “A Stiles partnership acquired the site several years ago, recognizing its potential as a cornerstone location in the City of Plantation’s vision for Midtown. We’re pleased to partner with PREI on this venture.” The partnership has obtained $40.6 million in construction financing from PNC Bank.
The residential component, “One Plantation,” will be a gated apartment community on a 5.5-acre site, with two 12-story towers offering a total of 321 residences. Stiles Construction is building the residential complex, which is one of Broward County’s first multifamily rental communities designed to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. There will be one-, two- and three-bedroom residences, as well as a 15,600-square-foot clubhouse and a residential parking garage.
While this will be Stiles’ first “green” multifamily residential development, the Fort Lauderdale-based, full-service real estate company has an ongoing commitment to sustainability in all its projects and every aspect of its operations, Eagon said. The award-winning firm has been responsible for environmental “firsts” such as creating Broward County’s first LEED Silver-certified multi-tenant office building, and it has developed, constructed or played a key consulting role in 16 South Florida LEED projects.
“PREI shares our commitment to sustainability for this new community,” Eagon added. “We’ve incorporated ‘green’ features that will bring residents energy savings, while reducing the community’s operating costs and enhancing the ultimate value of the property.”
Cohen Freedman Encinosa architects designed the multifamily complex with convenient features such as walk-up access to the ground floor units.
Clubhouse amenities include a pool, spa, California kitchen, firepit, children’s tot lot, 4000-square-foot fitness center, and entertainment area with game rooms, movie theater and lounge. The three-story clubhouse’s roof-top sundeck will create an open-air fourth floor.
A four-story parking garage will connect to the clubhouse and serve residents in both tower buildings. It will feature a roof-top court for tennis and basketball.
The mixed-use development’s commercial component will reconfigure and renovate the existing University Shoppes retail and office center, to create a more appealing customer environment with easier access and improved traffic flow. Stiles Architectural Group designed the 65,000-square-foot renovation on a 9.5-acre site just north of the new apartment community.
The popular commercial center will remain in operation throughout the phased renovation and reconstruction period, according to Eagon. Tenants include McDonald’s, which will move to a new building within the center, plus Goodyear, FedEx, and International House of Pancakes (IHOP). Construction of the multi-phase retail renovation is expected to begin later this spring, and Stiles Realty is targeting additional local, regional and national tenants.
Stephen A. Heim, CCIM, Executive Advisor of NAI Rauch Weaver Norfleet Kurtz & Co. represented the buyer, St. James Capital, LLC, in the recent purchase of the Walgreen’s Drug Store located at 5505 NW St. James Drive, Port Saint Lucie, FL 34983.
The 14,736 SF building was purchased for $7,775,000.
The seller, St. Andrews Park II, LLC was represented by Marcus & Millichap.
Stiles Launches New Mixed-Use Development
/in News/by SFOBA STAFFThe development consists of a new luxury apartment community and the adjacent University Shoppes, which Stiles owns and is redeveloping. CLICK ON THE HEADLINE FOR MORE
Heim Closes $7.8M Sale
/in Done Deals/by SFOBA STAFFStephen Heim, CCIM, Executive Advisor of NAI Rauch Weaver Norfleet Kurtz & Co. represented the buyer, St. James Capital, LLC. CLICK ON THE HEADLINE FOR MORE ON THIS STORY