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Cornerstone Readies 272-Unit Multifamily Plan

NORTH LAUDERDALE, FL-Cornerstone Group Holdings will build an affordable housing development on 17 acres in an area with a limited land supply for multifamily projects. The project site is at the northeast corner of McNab and US Highway 441.

By Melissa Bogdany | Updated on August 17, 2003

NORTH LAUDERDALE, FL-Cornerstone Group Holdings Inc. is planning to develop a 272-unit community in central Broward County, where available developable land for multifamily use is at a premium.

The affordable rental housing community will be located at the northeast corner of McNab and US Highway 441. Cornerstone Group Holdings is developing the project on 17.04 acres of multifamily land it recently purchased from private investors from the local area.

The land was zoned industrial and used for a golf driving range and batting cage, but has been converted to multifamily use for the new development, according to Richard Levinson, a broker involved in the transaction. Levinson, senior associate with the Fort Lauderdale office of CB Richard Ellis Inc., represented Cornerstone Group Holdings Inc. in the land acquisition.

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