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DevelopmentFloridaMultifamilySoutheast

PMG Tops Out 42-Story Society Las Olas Apartment Tower in Downtown Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — PMG, along with general contractor John Moriarty & Associates, has topped out the second phase of Society Las Olas, a 42-story apartment tower located at 140 S.W. 42nd St. in downtown Fort Lauderdale. The 563-unit community is situated in Fort Lauderdale’s historic riverfront district and will offer a mix of traditional apartment layouts and a small cluster of co-living options where residents can rent by the bedroom. Designed by FSMY Architects + Planners, Society Las Olas will also feature 1,625 square feet of ground-floor retail space and amenities including a coworking hub with private meeting rooms, pool deck with a yoga lawn and a large fitness center. PMG plans to deliver the tower in early 2026. Phase I of Society Las Olas was delivered in 2020 and sold in 2021. PMG received $226 million in construction financing for Phase II in July 2023.

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DevelopmentFloridaLoansSeniors HousingSoutheast

JLL, HJ Sims Secure $134.3M Bond Financing for Seniors Housing Development in Orlando

by John Nelson

ORLANDO, FLA. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private and six companion units. Amenities at the community will include a fitness center, theater, library, business center, art studio, dog park, game rooms, a beauty salon and an outdoor pool area. Vitality Senior Living will operate the community. JLL Securities and HJ Sims, in collaboration with JLL Capital Markets’ seniors housing team, acted as co-underwriters and arranged the fixed-rate financing, which comprises tax-exempt senior series 2025A bonds with a final maturity of 40 years.

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AcquisitionsFloridaRetailSoutheast

Plaza Advisors Brokers Sale of Publix-Anchored Shopping Center in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Plaza Advisors has brokered the sale of Paradise Place, a 72,961-square-foot shopping center located on an 8.5-acre site in West Palm Beach. Built in 2003, the center was 98 percent leased at the time of sale to tenants including Publix, Sage Dental, Dunkin’ and Goodwill. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, Collett Capital, in the transaction. Forge Capital Partners purchased Paradise Place for an undisclosed price.

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DevelopmentFloridaHospitalitySoutheast

Gencom Begins $100M Overhaul of Ritz-Carlton Key Biscayne Miami Resort

by John Nelson

KEY BISCAYNE, FLA. — Locally based Gencom has begun the $100 million overhaul of The Ritz-Carlton Key Biscayne, Miami resort. The 13-story, 275,000-square-foot hotel is located on a 17-acre site at 455 Grand Bay Drive on Key Biscayne, a barrier island situated south of Miami. Originally built in 2001, the property offers 420 guestrooms and 600 feet of direct beach access. The design team for the resort’s first major renovation includes Hart Howerton (master), Design Agency (public spaces) and Chapi Chapo Design (guestrooms). The overhaul includes new exterior paint and façade elements, a new glass façade in the lobby, redesign of the spa and a new restaurant that will join the existing lineup of eateries that will be refreshed: RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s and Key Pantry. Amenities that will be overhauled include the resort’s swimming pools, fitness center, The Club Lounge and the Cliff Drysdale Tennis Center, which is the largest tennis facility of any Ritz-Carlton resort. Gencom, which co-developed the hotel, expects the renovations to conclude by the end of the year.

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Starlife Group Launches Vertical Construction for 14-Story Mixed-Use Development in Hollywood, Florida

by John Nelson

HOLLYWOOD, FLA. — Starlife Group has launched vertical construction on 21 Hollywood, a 14-story mixed-use development located in Hollywood. Designed by Miami-based architect Kobi Karp, the project will feature 200 apartments and 10,000 square feet of ground floor retail space. Starlife Builders, a subsidiary of Starlife Group, serves as 21 Hollywood’s general contractor. The project broke ground in December 2024 and completion is slated for late 2026/early 2027.  Amenities at the property will include a business center with 16-foot ceilings, coworking spaces, private conference room and a fitness center with a dedicated yoga and Pilates room. Additional offerings consist of a children’s play area, dog park and dog spa, dual cinemas and an 85-foot infinity pool that serves as the centerpiece of the outdoor space.  

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AcquisitionsDevelopmentFloridaOfficeSoutheast

Bradford Allen Acquires 18-Story Office Tower in Downtown West Palm Beach, Plans $10M Renovation

by John Nelson

WEST PALM BEACH, FLA. — Bradford Allen Investment Advisors has acquired One Clearlake, an 18-story office tower located at 250 S. Australian Ave. in downtown West Palm Beach. The Chicago-based buyer plans to invest $10 million to fully renovate the 221,661-square-foot property to include a new roof, updated elevator system and fitness center, reimagined tenant lounge and a newly constructed conference center. Additionally, Bradford Allen plans to build four move-in-ready spec suites on one floor that will be ready for delivery by the fourth quarter. Situated near South Florida’s Tri-Rail and Brightline rail services, One Clearlake was originally built in 1986 and is LEED Gold- and Energy Star-certified. Christian Lee, Amy Julian, Andrew Chilgren, Tom Rappa, Matthew Lee and Sean Kelly of CBRE’s National Office Partners of Florida represented the seller in the transaction. Bradford Allen will provide asset and property management services at the property, while Jon Blunk and Laurel Oswald of TCRE will handle leasing negotiations. The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February.

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DevelopmentFloridaLeasing ActivityRestaurantRetailSoutheast

Kitson & Partners Welcomes New Tenants at Shops at Yellow Pine Shopping Center in Southwest Florida

by John Nelson

PUNTA GORDA, FLA. — Kitson & Partners has begun opening the first wave of retailers at The Shops at Yellow Pine, a 120,000-square-foot shopping center located within the master-planned community of Babcock Ranch in Punta Gorda. Situated north of Crescent B Commons, a Publix-anchored shopping center, The Shops at Yellow Pine comprises three multi-tenant buildings and two standalone outparcels along Cypress Parkway. Five Guys, Marshalls, Ace Hardware, Five Below and Hope Chiropractic are already open at the center, while Panera Bread, Jersey Mike’s Subs and Verizon Wireless are expected to open in June. Several more tenants will follow later in the year, including Carvel; Papa Johns; Yummy Thai and Chinese; HomeGoods; Ulta Beauty; Aesthetics Lounge & Spa; Fountain Pools; Tipsy Nail Salon; Seymour Orthodontics; Tampa General Hospital (TGH) urgent care and medical services; and seafood and steak restaurant Oar & Iron Raw Bar & Grill, which will occupy its own building overlooking Sunset Lake. Additionally, outdoor seating areas will be available for use throughout the development, which is slated to open this summer.

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DevelopmentFloridaMultifamilySoutheast

ANF Delivers First Phase of Parks at Delray Development in Delray Beach, Florida

by John Nelson

DELRAY BEACH, FLA. — ANF has delivered Phase I of Parks at Delray, a 43-acre mixed-use development located at 2100 S. Congress Ave. in Delray Beach. ANF worked on behalf of the ownership group, which comprises 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. The first phase of Parks at Delray, which ANF topped out in September 2023, includes 420 one-, two- and three-bedroom apartments ranging in size from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging in size from 1,670 to 1,770 square feet. Designed by MSA Architects, the community’s resort-style amenities include a clubhouse, fitness center, pool, social lounge and green spaces. When fully built out, Parks at Delray will feature 747 multifamily units, approximately 10 percent of which will be designated as workforce housing.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

National CORE to Develop 144-Unit Affordable Seniors Housing Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities will include a community room, cybercafe, swimming pool, fitness room, community garden and a pickleball court. Residents will have access to computer training, daily activities and free assistance with light housekeeping, grocery shopping and laundry through AGPM, National CORE’s property management partner. KeyBank Community Development Lending and Investment has provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction and originated a $7.4 million Freddie Mac Forward commitment for permanent financing, which will be funded upon stabilization of the community. Florida Housing Finance Corp. has committed $22 million to the project in the form of a Multifamily Mortgage Revenue Note, as well as $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4 percent LIHTC …

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AcquisitionsFloridaGeorgiaNorth CarolinaRetailSoutheast

Marcus & Millichap Facilitates 10-Property Portfolio Sale of Dollar General-Leased Stores in the Southeast

by John Nelson

ATLANTA — The Taylor McMinn Retail Group of Marcus & Millichap in Atlanta has brokered the sale of a 10-store portfolio in North Carolina, Georgia and Florida. Each store is triple-net leased to Dollar General for an average lease term of 13 years remaining. The undisclosed seller was an institution and the buyers were all individual private investors who paid an average of 97 percent of list price, according to Don McMinn of the Taylor McMinn Retail Group. “This portfolio sale showcases our team’s ability to achieve above-market pricing by leveraging our track record, network and platform in spite of challenging market conditions,” says McMinn.

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