Now, the Fort Lauderdale-based commercial developer, picked last year as a Developer of the Year by the National Association of Industrial and Office Properties, considers the market too weak to command the asking price. The corporation is exploring options to refinance the property and two affiliated outparcels.
"Considering the fluctuation in market and the current interest rates, we are looking at the prospect of refinancing and holding the project," Robert Breslau, president of Stiles Retail Group, tells GlobeSt.com. "But it is still our primary intent to sell." The pending decision comes as the developer negotiates with what might be considered a strong hand.
Besides an obvious leasing success, Breslau says, the project might be one of the last large retail projects allowed in this fast-growing residential area because of concurrency restrictions written into the state's Growth Management Act.
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