"The Residences at the Fountains will be a residential community fully integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub," Granvil Tracy, ALV principal, stated in a release. "The complimentary nature of the uses should result in more efficient parking and traffic management, as well as returns greater than the market because of the mix of uses."

Tim Martorella, managing director of Miami-based Madison Capital, says the firm was successful in closing construction financing for ALV despite current difficult capital markets. He points to the high quality of the Fountains apartments and the trend toward urban living options in suburban settings as working in the project's favor.

Upon its expected 2010 opening, the Residences at the Fountains will offer a mix of rental units ranging from studio to three-bedroom apartments with 710 to 1,553 sf each. Featured amenities on the property will include a secure lobby, business center and lap pool, while nearby attractions are also being promoted such as Broward Mall and several restaurants and nightclubs.

"We're pretty optimistic that we can get this going," Brown says. "By the time we are finished in the next two years, hopefully the economy will improve and this project will be well received."