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PLANTATION, FL-Locally based private equity investor US Capital Holdings Group is planning a $350-million mixed-use redevelopment of the former Plantation Mall property. The project, 321 North, will rise in a 33-acre site near the northwest intersection of Broward Boulevard and University Drive.

Existing development on the site include a largely vacant 650,000-sf enclosed retail mall, a 114,000-sf office pavilion and a separately owned Sheraton Suites Hotel, which is undergoing a major renovation. US Capital is owned by Gang Lu, one of China's top 50 steel manufacturers.

The 321 North project will include demolition and reconstruction of significant portions of the enclosed mall with new retail space that will face outward and open up onto a new main street. New open-air retail space and restaurants will also be constructed. When it is completed, 321 North will contain a total of approximately 550,000 sf of retail space, 300,000 sf to 400,000 sf of new class A office space in two buildings and 400 to 600 residential units. Plans for the project have been submit to city officials. Pending approval, the first phase of construction of the project is expected to begin within a year.