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West Broward Multifamily Is On A Roll

Back to the Suburbs | Edition 2 
West-Central Broward Multifamily Projects

CapasGroup Realty Advisors is pleased to announce Back to the Suburbs,” a new series of articles focusing on the significant development pipelines that are emerging in suburban communities throughout South Florida. In this second edition of our “Back to the Suburbs” series of articles, we examine a recent trend that has refocused multifamily developers on the suburban markets of west-central Broward County. To see Part 1 of our series – Suburban Mixed-Use is Booming, please click here.


Broward Multifamily Developers Hoping to Attract New Residents

While most of South Florida’s recent multifamily development activity has been concentrated in and around the region’s central business districts, the west Broward communities of Sunrise and Plantation are experiencing a surge in new multifamily project announcements.  The new multifamily development pipeline summarized herein represents the most significant residential development activity these communities have experienced in more than a decade.

  • Broadstone at Plantation has been announced by Alliance Residential Company. The 250-unit garden-style project located at 6901 West Sunrise Boulevard in Plantation is positioned approximately 1.3 miles west of the Florida Turnpike. Construction has commenced on this project.
  • Alliance Residential also plans to develop 280 apartments at 8200 Peters Road, just west of University Drive in Plantation. The site is being acquired from Temple Kol Ami Emanu-El located next door to the property.
  • AMLI Residential acquired a site located at 8021 Peters Road in Plantation where they plan to build 286 apartments.
  • Invesca Development Group recently won approval from the Plantation City Council to develop Strata Townhomes. The 147-unit project will include two-bedroom and three-bedroom units starting in the mid-$200,000’s. The property is located at 4350 West Sunrise Boulevard.
  • Mill Creek Residential is looking to acquire a 6.3-acre site at the Cornerstone Corporate Center in Plantation and plans to build a 330-unit apartment project consisting of three apartment buildings and a parking garage. The property is currently zoned for office, so it would require a zoning change to allow for mid-rise residential development. The property address is: 1240 South Pine Island Road in Plantation. Mill Creek will not close on the site until approvals are in place for development.
  • Camden Property Trust is looking to develop Midtown 24 Phase II which is located behind the new retail in the Fountain Shops. The site has already been acquired and the plans call for 227 apartments. The property address is 7700 SW 6th Street.
  • The Richman Group is now leasing its Portico rental apartment community at 1955 NW 136th Avenue in Sunrise, immediately west of the Sawgrass Mills Mall. Portico is a lakeside 417-unit project with an amenity package consisting of a quarter-mile walking path along the lake, kayaks and canoes and a resort-style pool.
  • In addition to these stand-alone communities, three planned mixed-use use developments in west Broward promise major multifamily components.
    • The former Plantation Fashion Mall site was purchased by Encore Capital Management and will include 700 apartments.
    • Metropica, a master-planned community in Sunrise that is currently under development will include 1,900 residential units.
    • The Urban Land Institute along with a panel of real estate experts recently examined the land surrounding the BB&T Center in Sunrise to formulate a master plan for the area. The panel recommended at least 1,000 rental apartments to compliment the rest of the plan. These three projects will add at least 3,600 units to the area when they are all completed.

 

Why This Area is Poised for Growth

So what’s driving this surge in west-Broward multifamily development?  The common threads among the projects summarized above include:

  • All can be categorized as infill locations with very good visibility, accessibility and proximity to employment;
  • Several offer surprisingly appealing suburban walkability;
  • Both Sunrise and Plantation are relatively affluent communities, with reported median household incomes of $58,614 and $66,740, respectively. This enables developers to achieve the prices and rents necessary to support feasibility.

A Sustainable Future

Whereas the current development cycle began with developers and their capital partners targeting South Florida’s coastal and urban submarkets, certain suburban markets appear to be back in favor. The West-Broward communities of Plantation and Sunrise are proving to be excellent suburban development markets.  Both are fully mature cities offering developers the infrastructure, employment and community amenities necessary to help new multifamily projects thrive.

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Published October 2016 by CapasGroup Realty Advisors

 

 

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