WILTON MANORS, FL—Recently formed Ascend Properties broke ground earlier this week on its second residential project the —Metropolitan—a 179-unit rental apartment development here.
The Boca Raton-based firm headed by real estate veterans Dean Borg, Richard Finkelstein and Michael Wohl, began construction earlier this summer on Pointe 100, a planned 100 new single-family home development. Ascend states that the two new luxury in-fill projects are valued at $100 million.
“Both Metropolitan and Pointe 100 were originally off-market opportunities which we secured in large part due to our reputations and established industry relationships,” says Borg, principal and co-founder of Ascend Properties. “In both cases, our history for successful performance and our legacy of achievement were key to closing these deals.”
Both projects are adaptive reuse ventures. The Metropolitan is being built at a site of a former mobile home park that was damaged by Hurricane Katrina. Located at 1224 NE 24th Street, it is only three blocks from restaurants and retail shops of Wilton Drive. Ascend Properties acquired the property and worked in tandem with Wilton Manors officials on development plans to position it as an anchor for the revitalization of Dixie Highway and the eastern gateway to the city's Wilton Drive business district, company officials state.
The Metropolitan will feature studio, one-, two- and three-bedroom apartments featuring resort-style amenities, including an arts park and a dog park.
Pointe 100, the team's second in-fill development currently under construction, is centrally located on the big lake within the Boca Pointe Country Club, which consists of 3,800 residences in Boca Raton. The site was the former location of a large but obsolete fitness facility.
“Extraordinary opportunities for repurposing properties in prime locations, such as Boca Pointe, rarely become available,” said Finkelstein. “Pointe 100 is an exceptional opportunity for redevelopment. It's a prized jewel in one of South Florida's most desirable communities.”
Prior to the formation of Ascend Properties, Borg, Finkelstein and Wohl participated in the development of a number of luxury estate home communities, including Addison Reserve and Stone Creek Ranch in Delray Beach, The Oaks in Boca Raton and Mirasol in Palm Beach Gardens.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
