The transit-oriented development will abut the Deerfield Beach Tri-Rail commuter rail station along Hillsborough Boulevard. It will include three residential buildings with 467 market-rate apartments and 82 workforce-housing units, 36,000 sf of office space, 14,500 sf of ground-level retail space, a 140-room hotel and two parking garages with 1,146 spaces.
The project architect is Dorsky Hodgson Parrish Yue, which has offices in Cleveland, Fort Lauderdale and Washington, DC. Kathleen Yonce, York Residential's regional managing director for Florida, tells GlobeSt.com that York will develop the residential space, but is seeking development partners for the office, retail and hotel components.
The residential units are expected to come on line in 2010 while the completion date for the remainder of the project has not been determined. "The phasing of the project depends on our ability to align with development partners," Yonce says.
Target rents for the residential units also have yet to be set. According to Yonce, rents for a one-bedroom unit in the area range from $1,100 to $1,150 per month.
The South Florida Regional Transportation Authority, which is Tri-Rail's operator, is concentrating on creating "live-work-play" environments surrounding rail stations. The transit-oriented developments are intended to capitalize on the growth of the Tri-Rail system. According to the authority, the Tri-Rail system had 3.5 million riders in 2007, up from 3.17 million in 2006.
"We really liked the fact that we will be able to build a lot of residential units in this area," Yonce says. In addition, the project will provide much-needed workforce housing in the area and be within walking distance to offices in the area. "There are 3,500 employees that report to work within a quarter mile of this development," she adds. "Also, this Tri-Rail station is one stop away from the Blue Lake development in Boca Raton, which has 1.6 million sf of office space."
Transit-oriented developments are becoming increasingly more popular around the country. The Center for Transit Oriented Development, which is part of the non-profit organization Reconnecting America, the number of households located near transit stations will more than double by 2030, to 16 million from the current six million.
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