Florida

Urban Network Capital, Vertical Development Break Ground on $170M Mixed-Use Residential Project in Metro Orlando

by John Nelson November 28, 2023

DAVENPORT, FLA. — Urban Network Capital Group and Vertical Developments have broken ground on Visions Resort & Spa, a $170 million mixed-use development located at 7007 Osceola Park Line Road in Davenport, a suburb of Orlando. The property will comprise 48 single-family homes, 132 multi-level townhomes, a 180-unit condo/hotel and 70,000 square feet of retail and restaurant space. Starting sales prices range from $229,000 for condo-hotel units to $879,000 for single-family homes, according to the co-developers. The townhomes are completely presold and the single-family and condo-hotel units are 85 percent presold. Visions Resort will include a 12,000-square-foot clubhouse and an amenity package comprising a pool with cabanas with a wet bar for poolside refreshments, sports courts, a meditation garden, Pilates/yoga center, a gym facility and an outdoor cross-training gym. First residential units at Visions Resort are expected to deliver in first-quarter 2025.

November 28, 2023

Development Florida Mixed-Use Southeast

PTM to Develop 500,000 SF Second Phase of Mixed-Use EDGE Collective Project in St. Petersburg, Florida

by John Nelson November 27, 2023

ST. PETERSBURG, FLA. — PTM Partners will expand EDGE Collective, a mixed-use development in St. Petersburg, with a 500,000-square-foot second phase. Phase II will feature 350 multifamily residential units in studio, one-, two- and three-bedroom layouts across two buildings, as well as 45,000 square feet of commercial and retail space and 260 parking spaces. The first phase of the development comprises a 163-room Moxy Hotel and a redevelopment of 1246 Central Avenue building, which features 16,000 square feet of office space that will be available for tenancy in early 2024 and 8,000 square feet of ground-floor food-and-beverage retail space.

November 27, 2023

Acquisitions Florida Retail Southeast

Benderson Acquires 85,000 SF Shopping Center in Delray Beach, Florida

by John Nelson November 27, 2023

DELRAY BEACH, FLA. — Sarasota, Fla.-based Benderson Development has acquired Linton Commons, an 85,000-square-foot shopping center located in Delray Beach, a city in South Florida’s Palm Beach County. Tenants at the property include RH Outlet, Guitar Center, PetSmart, Chipotle Mexican Grill and AT&T. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the undisclosed, privately held seller in the transaction. The Newmark team also procured Benderson as the buyer in cooperation with Newmark’s Bert Sanders. The sales price was not disclosed. Benderson’s portfolio in the state also includes a freestanding Publix in Pompano Beach, which was acquired in August, and a Publix-anchored shopping center in Englewood.

November 27, 2023

Development Florida Multifamily Southeast

Partnership Breaks Ground on 412-Unit Siesta Lakes Apartments in Cape Coral, Florida

by John Nelson November 22, 2023

CAPE CORAL, FLA. — A partnership comprising Shoreham Capital, Bridge Investment Group and Wynkoop Financial has broken ground on Siesta Lakes, a 412-unit apartment community in Cape Coral, a city in southwest Florida near Fort Myers. The property will include one-, two- and three-bedroom floor plans with high-end finishes and private balconies with views of a private lagoon. The ownership group, which purchased the 26-acre site within an opportunity zone at 186-264 Tierra De Pa Loop in July 2022, recently secured a $66 million construction loan for the project. The development team has also selected Curran Young Construction as general contractor for Siesta Lakes, which is estimated for completion in second-quarter 2025.

November 22, 2023

Acquisitions Florida Industrial Southeast

TruCore Investments Buys 77,845 SF Manufacturing Property in Pensacola, Florida

by John Nelson November 22, 2023

PENSACOLA, FLA. — TruCore Investments, an investment firm based in Tulsa, has acquired a manufacturing property in Pensacola, a city in Florida’s Panhandle near the Alabama border. The nearly $5 million acquisition comprises two Class B buildings totaling 77,845 square feet. The seller was an undisclosed individual investor based in California. The facilities sit on 8.1 acres at 3301 and 3329 Bill Metzger Lane within Ellyson Industrial Park. Jupiter Bach, a wind turbine component manufacturer, is the sole occupant of the two facilities, which have served as the manufacturer’s headquarters for more than 15 years. TruCore has purchased more than $130 million in Class B industrial assets in the past 24 months.

November 22, 2023

Acquisitions Florida Retail Southeast

CrossMarc Services Acquires Grocery-Anchored Shopping Center in Crescent City, Florida

by John Nelson November 22, 2023

CRESCENT CITY, FLA. — CrossMarc Services LLC, a real estate investment and advisory services based in Central Florida, has purchased Crescent City Plaza, a grocery-anchored shopping center in Crescent City, about 50 miles northwest of Daytona Beach, Fla. The property is located on 7.6 acres at 915-925 N. Summit St. Jimmy and Leo Island Properties sold the 47,945-square-foot retail center for $2.7 million. Built in 1974 and remodeled in 2019, Crescent City Plaza’s tenant roster includes Save-A-Lot and Family Dollar. The property includes a large parcel for future outparcel development. CrossMarc Services will handle leasing and management functions for the retail center.

November 22, 2023

Development Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast

Joint Venture Releases Plans, Renderings for $500M Mixed-Use Destination in Downtown Orlando

by John Nelson November 21, 2023

ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.

November 21, 2023

Development Florida Mixed-Use Multifamily Restaurant Retail Southeast

PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project in Miami

by John Nelson November 21, 2023

MIAMI — PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district. The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys. Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

November 21, 2023

Acquisitions Florida Multifamily Southeast

Covenant Capital Sells 640-Unit Multifamily Community in Tampa

by John Nelson November 20, 2023

TAMPA, FLA. — Covenant Capital Group has sold Seven Lakes at Carrollwood, a 640-unit multifamily community located in Tampa. Situated on more than 39 acres, the property features apartments in studio, one- and two-bedroom layouts and amenities including a swimming pool, fitness center and clubhouse. Monthly rental rates begin at $1,270, according to the community website. The buyer and sales price were not disclosed.

November 20, 2023

Development Florida Multifamily Southeast

Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Miami

by John Nelson November 17, 2023

MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.

November 17, 2023

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