The P\u00e9rez family\u2019s Related Group and Isaac Toledano\u2019s BH Group are seeking to downsize a planned mixed-use development in Plantation.<\/p>\n
The developers will present a revised plan for significantly reduced Plantation City Center<\/a> to the city council Wednesday, the South Florida Business Journal reported<\/a>. Related and BH initially received approval in 2024 for the project slated for the 16.8-acre site at 8601 West Sunrise Boulevard. The plans included 512 residential units, nearly 25,000 square feet of commercial space and 833 parking spaces.<\/p>\n The revised plans call for just 385 residential units, a reduction of 25 percent. The plans also scale back the retail space to 12,100 square feet and parking spaces to 610, the outlet reported.\u00a0<\/p>\n The residential units will include 16 for-sale townhomes, 180 one-bedroom apartments, 150 two-bedroom apartments and 39 three-bedroom apartments, The project will reserve 10 percent of rental units for people making up to 120 percent of area median income.<\/p>\n The developers tapped Arquitectonica for the design, which includes a four-story building, three three-story apartment buildings and townhouses, and amenities including a pool, gym and pickleball courts.<\/p>\n Related and BH bought the development site for $13 million<\/a> in 2023. The firms are frequent collaborators and have billions in the pipeline across South Florida.\u00a0<\/p>\n Earlier this month, they secured a $360 million construction loan<\/a> for Icon Beach Waterfront Residences, their two-tower planned Hollywood condo project. In March, they landed $200 million in construction financing<\/a> for their planned Ritz-Carlton Residences, West Palm Beach.<\/p>\n The pivot comes amid a softening multifamily market in South Florida. A pandemic boom triggered a flood of new construction apartments into the market that created an oversupply of units that is now suppressing rent growth. Other developers are recalibrating their multifamily strategies as well.<\/p>\n Some are looking to offload apartment complexes<\/a>, but data from CoStar shows South Florida multifamily deal volume dropped 26 percent<\/a>, year-over-year, in the first quarter.\u00a0<\/p>\n \u2013\u2013 Kate Hinsche<\/p>\n","protected":false},"excerpt":{"rendered":"The P\u00e9rez family\u2019s Related Group and Isaac Toledano\u2019s BH Group are seeking to downsize a planned mixed-use development…\n","protected":false},"author":2,"featured_media":249664,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[77428,11692,109353,2152,249,251,250,27997,109354,85350,45871],"class_list":["post-249663","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-arquitectonica","tag-bh-group","tag-costar","tag-development","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news","tag-isaac-toledano","tag-perez-family","tag-related-group","tag-residential"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/249663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=249663"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/249663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/249664"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=249663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=249663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=249663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}