The affiliate of Fort Lauderdale-based Stiles Corp. originally targeted the low-visibility parcel as the site of a daycare center or possibly for automotive uses. Instead, the Stiles affiliate is replatting and rezoning the site for a mini-storage facility as part of a pending sales agreement with RCL Management Services Inc., an Aventura-based developer of storage facilities managed by Robert Lansburgh.
"We knew it wasn't going to be used by anyone other than a potential user who didn't need visibility," Robert Breslau, president of Stiles Retail Group, tells GlobeSt.com. "From a highest and best use standpoint, development of mini-warehouse facilities made the best sense because we're able to get 100,000 sf on a small amount of land. It will be a four-story structure that architecturally is being upgraded to match the shopping center."
Market demographics supported the idea of putting a mini-storage facility on the property. "With the amount of residential multifamily in the neighborhood, it's the best use of a property that has very little visibility," Breslau says.
Not including the impact of other neighboring densely populated communities, Pembroke Pines alone reported a population of 137,427 in the most recent Census Bureau count. Of 51,989 occupied residential units, the Census Bureau reported that single-family occupancy accounted for 80.2% of the total and multifamily occupancy accounted for 19.8% of the total.
Last week, the Stiles affiliate received approval from the Broward County Commission to amend the plat. The proposal now requires rezoning approval by the Pembroke Pines City Commission.
Although he couldn't talk about details of the pending sales contract, Breslau says both buyer and seller are pleased at the ability to maximize the property's value.
"It's very rare that you can put 100,000 sf of commercial space on 1.1 acres," Breslau says. "It's just indicative of the value of land in South Florida. Every acre counts. If you have an acre or two, there is likely some use for it in South Florida."
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