(Read more on the multifamily market.)
PLANTATION, FL-Miami-based American Land Ventures is planning to break ground in the first quarter on the $84-million, 251-unit first phase of the Residences at the Fountains apartment complex on University Drive. The project will be constructed in two phases.
A 12-story tower will be constructed in the first phase, a 227-unit, 11-story tower in the second. The first phase is expected to be completed in late 2009. The project will consist of studio, one-, two- and three-bedroom units that will range in size from approximately 710 to 1,533 sf. The average size of a unit is 1,096 sf. Community amenities include a business center, lap pool, cyber café and fitness center.
Miami-based Madison Capital Group LLC served as a financial advisor to American Land Ventures in the project.
The project will be constructed at the site of an underutilized surface parking lot in Plantation's Midtown District. "The Residences at the Fountains will be a residential community integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub," says American Land Ventures principal Granvil Tracy, in a prepared statement. "The complimentary uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses."
Martorella tells GlobeSt.com that $20 million in equity financing was secured for the first phase of the project. Target rents for the complex will be in excess of $2 per sf. A start date for the second phase of construction on the project has not yet been determined. The project is located in Plantation's town center redevelopment and will be walking distance to a Barnes & Noble Bookstore, the Broward Mall and several restaurant and nightlife destinations.
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