Da­nia Pointe to of­fer 600 apart­ments start­ing at $1,600

Sun Sentinel Broward Edition - - Money - By David Lyons Staff writer

As builders of the Da­nia Pointe life­style com­plex in Da­nia Beach broke ground for the en­ter­tain­ment phase of their project Thurs­day, it was con­firmed that a South Florida de­vel­oper will erect 600 ren­tal apart­ment units on the site east of In­ter­state 95.

De­signed by Mi­ami ar­chi­tect Kobi Karp, the first phase of Avery Da­nia Pointe will con­sist of an eight-story tower with 264 units. The sec­ond phase, with an­other 336 units, will not start un­til the first one is at or near completion, said Alan Losada, ex­ec­u­tive vice pres­i­dent and chief op­er­at­ing of­fi­cer of the Mey­ers Group of Co­ral Gables in a phone in­ter­view. “If the leas­ing pace goes re­ally quick ... we may ac­cel­er­ate.”

Losada said the com­pany hopes to break ground on the first phase in Au­gust.

With some units start­ing at $1,600 a month, the price point will sound at­trac­tive to ten­ants who are rou­tinely con­fronted with monthly rents for smaller apart­ments that ex­ceed $2,000 at new prop­er­ties in South Florida down­towns.

The av­er­age rent for the en­tire project “is go­ing to be about $2,100,” Losada said. “We are go­ing to be be­low the apart­ments in Fort Lauderdale. It’s get­ting crazy out there. It’s due to the con­struc­tion prices. It’s not easy to keep prices down.”

“We’re hop­ing to blaze a trail in pro­vid­ing res­i­dents with rentals they can ac­tu­ally af­ford,” Stu­art Mey­ers, chair­man and CEO of the Mey­ers Group, said in a state­ment.

Amid the fan­fare of a groundbreaking Thurs­day, Paul Puma, south­ern re­gion pres­i­dent of Kimco Realty Corp., the Da­nia Pointe de­vel­oper, said the com­pany signed a lease with the na­tional bowl­ing al­ley op­er­a­tor Bowl­mor, which will oc­cupy more than

30,000 square feet in the en­ter­tain­ment com­plex. He also said Kimco is ne­go­ti­at­ing a lease with a movie theater com­pany but that it’s too early to name the firm.

Da­nia Pointe is a 102-acre re­de­vel­op­ment project lo­cated east of In­ter­state 95 and south of the De­sign Cen­ter of the Amer­i­cas, 2 miles Fort Lauderdale-Hol­ly­wood In­ter­na­tional Air­port.

The project means Da­nia Beach is now a vis­i­tor des­ti­na­tion, and “no longer a pass-through city,” Mayor Ta­mara James said Thurs­day.

Kimco has al­ready an­nounced that two Mar­riott ho­tels, a Lucky’s Mar­ket and 18 restau­rants will be among the many com­mer­cial oc­cu­pants of the mas­sive shop­ping and en­ter­tain­ment cen­ter. One of the Mar­riotts will be a full-ser­vice ho­tel, with the other open­ing un­der the chain’s AC Ho­tel brand aimed at mil­len­ni­als. The ho­tels’ de­vel­op­ment is ex­pected to launch in 2019.

Com­pany of­fi­cials said Da­nia Pointe is the No. 1 pri­or­ity for Kimco, a pub­licly traded real es­tate in­vest­ment trust based in New Hyde Park, N.Y.

Kimco also op­er­ates the Oak­wood Plaza on the south­ern side of Stir­ling Road in Hol­ly­wood. At the cer­e­mony, Puma and Hol­ly­wood Mayor Josh Levy said the com­pany and city have in­for­mally dis­cussed a makeover for that plaza as well. The talks are in the early stages.

Kimco has said it ex­pects the ini­tial por­tions of the re­tail phase to open this fall. Con­struc­tion of the first phase of the res­i­den­tial por­tion would start in Septem­ber or October

Brand­sMart USA, TJ Maxx and Hobby Lobby, all were pre­vi­ously an­nounced as ten­ants.

More re­cent sign­ings in­clude Ad­vance Auto Parts, As­pen Den­tal, Five Be­low, Men’s Wear­house, Shoe Car­ni­val, Youfit Health Clubs, Ulta Beauty and Ver­i­zon. Restau­rants in the de­vel­op­ment’s first phase in­clude: Burger King, Firehouse Subs, First Watch, Out­back Steak­house, Padrino’s Cuban Cafe, PDQ, Star­bucks and TooJay’s Deli.


The first phase of an $800 mil­lion shop­ping and en­ter­tain­ment cen­ter in Da­nia Beach is sched­uled to open in late 2018.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.