August 2021
South Florida Market Update
Broward County
An affiliate of Miami-based the Related Group obtained an $84 million construction loan for the RD Las Olas apartment tower in Fort Lauderdale.

Bank of America provided the mortgage to RD East Las Olas LLC, managed by executives at the Related Group. It covers the 1-acre site at 201 and 227 S. Federal Highway.

The project was approved for 46 stories with 352 apartments, 3,200 square feet of retail, 453 parking spaces, and a 10th-floor amenity deck with a clubroom, a health club, a pool and a spa.

The city of Oakland Park is seeking developers to build on a 4.1-acre property that currently houses its City Hall.

The city previously approved a plan to move its City Hall into the Sky Building, a project by Miami-based NR Investments that will also include apartments and retail space. That has freed up the city’s property on the east side of Dixie Highway, between Northeast 36th Street and Northeast 38th Street, for development. The city estimated the value of the development site at $9 million.

Oakland Park issued a request for qualifications for developers for the property. It also secured a willing selling statement from the owners of two acres next door, so a developer could ultimately control six acres there.

An agricultural site in Davie where plant nurseries are operated could be redeveloped into apartments.

The town’s planning and zoning board on Aug. 10 will consider the land use and rezoning applications for the 30.1-acre site at 8220-8260 S.W. 48th Court plus 4891, 5077 and 8260 S.W. 82nd Ave. It’s located south of Griffin Road and east of Pine Island Road.

By rezoning the property to residential with eight units per acre, that would boost the density of the site from 96 units 254 units.

Miami-Dade County
A 300-unit apartment complex has been proposed on agricultural land in the Princeton neighborhood of southern Miami-Dade County.

Princeton Gardens Apartments LLC, managed by Gonzalo De Ramon of Miami Lakes-based Onyx Housing Group, filed a pre-application with county officials for the 9.11 acre property at 24000 S.W. 127th Ave. The site, which has one single-family home but is mostly cropland, is under contract from Princeton Land Investments LLC, managed by Christopher G. Korge in Coral Gables.

Plans for Princeton Gardens Apartments call for a six-story building with 144 units plus six buildings of three stories each with another 156 units. There would be a pool, a playground, and a basketball court.

An apartment building in Miami’s Wynwood has converted into short-term rentals under the new-to-market Sentral brand.

Denver-based Sentral launched in 10 locations across the country July 20, including Sentral Wynwood. The 175-unit building at 51 N.W. 26th St. was previously known as the Bradley Wynwood.

Residents can opt for a traditional monthly rent or pay by the night for up to 29 days.

The 29N project would be one of the largest developments in Wynwood at 964,693 square feet.

The Wynwood Design Review Committee will consider on July 12 plans for the project at 95 N.W. 29th St. L & L Carpe Wynwood Holdings, a joint venture between New York companies L&L Holding Co. and Carpe Real Estate Partners, has nine parcels there under contract, combining for three acres. It’s directly east of the Gateway at Wynwood office building, which is currently under construction.

Palm Beach County
A plant nursery west of Boynton Beach could be rezoned as industrial, potentially leading to redevelopment.

Las Farms of the Palm Beaches LLC, managed by Lois and Andrew Soowal in Deerfield Beach, filed a land use amendment with Palm Beach County officials for the 6.95-acre site at 9437 S. State Road 7. It’s a few blocks north of Boynton Beach Boulevard.

It’s currently zoned “agricultural” and has a plant nursery with a 3,713-square-foot office building. The application calls for rezoning it to “industrial," with only light industrial uses. Heavy manufacturing, uses that create lots of noise, operate 24/7 or use hazardous or toxic chemicals would not be permitted.

A trio of neighboring warehouses in West Palm Beach sold for a combined $34 million.

The three deeds cover Landmark Commerce Center I and II, plus Landmark Square at 1100, 1300 and 1500 N. Florida Mango Road, west of the Okeechobee Boulevard exit of Interstate 95. They total 193,662 square feet, so the price equated to $165 per square foot.

The sellers were D.C.M. & Associates, managed by Bruce A. and Stephane P. Malasky in West Palm Beach. The buyers were Alliance 1100 N Florida Mango, 1300 N Florida Mango and 1500 N Florida Mango, all managed by M. Brett Hamilton, an executive at commercial real estate firm Alliance Partners HSP in Bryn Mawr, Pennsylvania.

In one of South Florida’s biggest residential deals of the year, the newly completed Residences at Uptown Boca west of Boca Raton sold for $230 million.

Boca Raton developers Giles Capital Group, Rosemurgy Properties and Schmier Property Group, along with Greenwich, Connecticut-based Wheelock Street Captial, sold the 456 apartments at 20940 Uptown Ave. to Atlanta-based multifamily investor Cortland.

The price equated to $504,389 per unit, one of the highest apartment valuations of the year in South Florida.

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460 NW 40th Ct, Oakland Park, FL 33309
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1900 Hollywood Blvd
Hollywood, FL 33020
5,533 SF at $16 per SF NNN
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Small Business Grant Program
The DeMarco Real Estate Group™ with RE/MAX 5 Star Realty is proud to give back to our local community. We are now accepting applications for our annual Small Business Grant Program. This $15,000 grant shall be awarded to a small business that is relocating or opening at a new business location.

Please visit our Website for a full list of eligibility requirements and application deadlines.
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John DeMarco, CCIM