MIAMI--The dormant Fashion Mall site in Broward County's Plantation, FL is getting a new lease on life. Developers are sharing a vision for revitalizing the mall.
Encore Housing Opportunity Fund, a subsidiary of Encore Capital Management, has submitted an initial site plan to the City of Plantation outlining its proposal for the first phase of development. The 32-acre property sits at 321 North University Drive.
"Traditional retail malls have given way to lifestyle centers with a mix of uses in a walkable setting, and that's exactly what we'll be developing at the former Fashion Mall site in Plantation,” Encore CEO Art Falcone tells GlobeSt.com. “Plantation is one of Broward's most desirable communities, but it lacks a commercial and residential heart. Our development will meet that demand, becoming a resource for nearby residents and a destination for all of Broward County.”
Once approved, the development's first phase will bring about 179,000 square feet of lifestyle-oriented retail, about 250,000 square feet of traditional and creative office space, and 295 multifamily units in an open-air, pedestrian-friendly setting. About 4,150 existing parking spaces will serve the property's residential and commercial real estate uses. An existing Sheraton Hotel will remain intact.
Encore is betting the development will become the commercial and residential heart of Plantation, which is home to nearly 90,000 full-time residents with an average household income of $66,000 per year. That's well above the Broward County average. The Fashion Mall property offers quick access to Interstate 595 and is located midway between downtown Fort Lauderdale and the community of Weston.
“We have always envisioned the Fashion Mall site as an urban center for Plantation and central Broward County, and our phase one site plan reflects that vision,” says Falcone. “Beyond creating a gathering place for the surrounding community, we're also going to meet growing market demand for easily-accessible retail, office and rental housing in the area.”
The Fashion Mall project is the latest in a series of high-profile developments by Encore across Florida. The firm and its principals are also behind Miami Worldcenter, a 27-acre development in the heart of downtown Miami; MargaritaVillage, a $750 million resort in Central Florida; Paramount Fort Lauderdale Beach condominium; and the Reunion mega-resort in Orlando, now under development.
All told, Encore owns and operates assets totaling about $2 billion in value, with investments in Miami, Jacksonville, Tampa, Los Angeles, San Diego, Sacramento, San Francisco, Dallas, Austin, New Jersey and Central Florida. The firm's current development pipeline includes residential and commercial properties valued at approximately $4 billion. The firm is changing the commercial real estate landscape of South Florida.
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