A handful of South Florida developers paid $68M for 170 acres where they plan to build a $1B mixed-use development spanning 12 blocks in Broward County.
Courtesy of Rosemurgy Properties, 13th Floor Homes, Schmier Property Group and Giles Capital Group
Mainstreet at Coconut Grove is set to rise on 170 acres in Coconut Creek.
A partnership of 13th Floor Homes, Rosemurgy Properties, Schmier Property Group and Giles Capital Group plans to break ground on Mainstreet at Coconut Creek by the end of the year, it announced Monday.
Lennar Corp. purchased a piece of the development for $40.4M through a land bank company and intends to develop townhouses, condos and villas on its property, which is west of Lyons Road and between Wiles and West Sample roads, the South Florida Business Journal reported.
The seller was Johns Family Partners LLP, a spokesperson for the buyers confirmed to Bisnow. The Johns family operated a farm on the land for more than a century.
The project is expected to be built in multiple phases but eventually bring 80K SF of grocery-anchored retail, 792 apartments, 414 townhomes, 148 villas and 296 condos.
The developers plan to build four blocks of green space that will include children’s play areas, a splash pad, a dog park, a performance space, public art and a parking garage. They are also reserving space for civic use, with potential for it to be a new fire station.
Miskel Backman LLP oversaw the project’s entitlement and approval process. Nelson Mullins represented the developers in the closing transaction and the buyer’s $18.85M financing was provided by CIBC Bank USA.
SALES
A Delaware bankruptcy judge approved the $22.5M sale of the Miami Seaquarium lease from The Dolphin Co., also known as Leisure Investments Holdings LLC, to Terra Group, led by David Martin, NBC Miami reported.
Terra agreed to take over the lease in September and released plans that include a conservation and research center, a wet slip marina and a dry dock facility. The vision also features a waterfront wellness venue, marine-themed retail, food and beverage concepts and a public baywalk.
The 32-acre park at 4400 Rickenbacker Causeway has been a Miami staple since 1955. The temporary closure will eliminate more than 120 jobs, the South Florida Business Journal reported.
The Dolphin Co., which operates 30 other parks worldwide, is working with an animal transfer consultant to transport the mammals to new homes over the coming months, Axios reported.
CONSTRUCTION AND DEVELOPMENT
Developer The Integral Group and contractor ANF Group delivered the 99-unit affordable senior housing Wellspring Apartments in Opa-locka, according to a release.
The 81K SF development at 14803 NW 27th Ave. has 67 units for residents earning 50% of the area median income and 32 units for residents earning 60% of AMI. Amenities include a computer and library room, a gym, a terrace and a community center with a kitchen.
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The world’s first pickleball stadium, The Fort Pickleball Complex, has completed construction in Fort Lauderdale, according to a release.
The 10-acre site has 43 courts within the 93-acre Snyder Park at 891 SW 34th St.
The collaboration between the city of Fort Lauderdale and My Park Initiatives features 14 weatherproof courts, a pro shop with an outdoor bar, locker rooms, 4K SF of event space and a recreational beach area.
Miller Construction Co. completed the construction of the complex alongside a team of Architectural Alliance, Architectural Alliance Landscape, KAMM Consulting, ACcord Engineering, WGI and Brizaga.
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Witkoff Group and PPG Development began vertical construction on The Residences at Shell Bay, according to a release.
The Auberge-branded condo building is set to rise 20 stories with 108 units starting at $2M. The Kobi Karp-designed development is integrated into Shell Bay Club, a private members club with an 18-hole golf course and a 48-slip marina.
FINANCING
Crescent Heights landed a $238M Freddie Mac loan to refinance the Forma Miami multifamily development in Edgewater, according to a release.
The 588-unit project features studios, one-, two- and three-bedroom residences ranging between 485 SF and 1,980 SF and more than 85K SF of amenities. Edgewater’s first Whole Foods Market also occupies 50K SF of the project, which was delivered in 2024 at 2900 Biscayne Blvd.
A Walker & Dunlop team of Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Michael Stepniewski and Michael Ianno arranged the loan, which was provided through Freddie Mac’s lease-up program.
Courtesy of Savills
Seacoast Banking Centre at 3001 PGA Blvd.
LEASES
Nason Yeager Gerson Harris & Fumero renewed and expanded its lease at the Seacoast Banking Center at 3001 PGA Blvd. in Palm Beach Gardens, according to a release.
The law firm expanded its 18K SF lease to nearly 24K SF at the three-story building. Built in 2006, the property sold for $30M in January to an entity tracing to Andiamo Capital Corp., according to property records provided by Vizzda.
CBRE’s Chris Smith represented the landlord. A Savills team of Lawrence Epstein and Michael Wenick represented the tenant.
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CP Group and DRA Advisors completed more than 266K SF of new leases and renewals at the Boca Raton Innovation Campus, the landlords announced.
Allstar Recruiting Locums LLC, a healthcare staffing firm, signed a 42K SF lease, doubling its footprint in a relocation from Deerfield Beach. A Cushman & Wakefield team of Ryan Nunes and Alan Kleber represented Allstar.
EchoTwin AI also agreed to move to 2K SF at BRIC for its first office outside of San Francisco.
Home warranty provider Clinch Home Services also inked a 32K SF lease for the campus and was represented by Ryan Nunes and Alan Kleber of Cushman & Wakefield.
Modernizing Medicine renewed a 127K SF lease, represented by a Cushman & Wakefield team of Ryan Nunes and Alan Kleber. Everglades University renewed for 52K SF, represented by JLL’s Zach Wendelin and Adam Bernstein, and financial services company Newtek renewed its nearly 8K SF lease.
PEOPLE
New York-based Adirondack Capital Partners is opening a Miami office and named Brittany Feinberg as partner to lead it.
Feinberg, who formerly worked at investment sales firm Eastdil Secured, will be responsible for serving investors, family offices and developers in retail, multifamily and mixed-use transactions across Florida — the first being the sale of a $30M, 16-acre waterfront development site in Sarasota.
She is bringing nearly 10 years of capital markets experience and more than $10B in debt and equity transactions under her belt in retail, office, hotel, industrial and multifamily into ACP’s new office at 927 Lincoln Road in Miami Beach.
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Momentous Sports, a sports and real estate investment platform backed by former NFL quarterbacks Tim Tebow, John Elway and Blake Bortles, named Samir Yajnik as managing director of investments, according to a release.
Yajnik will lead fund strategy, investment allocation and governance while overseeing the diligence team and partnering with portfolio companies and real estate projects to boost value creation for the Fort Lauderdale-based firm.
He started his career at Swerdlow Group and later worked at NewStar Financial, GE Capital, Satori Collective and Encore Capital Management.
Yajnik has more than 20 years of real estate, private equity and capital markets experience and more than $2B in acquisition transactions in hospitality, multifamily, retail and mixed-use properties.