Altman Plans $23M Grove East Mixed-Use Development

PLANTATION, FL-Boca Raton-based Altman Development Corp., a subsidiary of Altman Cos., will break ground in October for Grove East, a mixed-use complex consisting of 222 residential condos in eight two- and three-story buildings along with 17,650 sf of retail. Altman acquired the nearly 12.4-acre parcel at the southeast corner of Broward Boulevard and State Road for $13.5 million.

Joel Altman, chairman of the company that bears his name, tells GlobeSt.com the estimated construction cost is $22.5 million. The parcel is occupied by a shopping center that will be demolished. The site is within the boundaries of the State Road 7/US 441 Collaborative, which has initiated streetscape improvements, lighting and transportation enhancements that will affect 14 jurisdictions along the 25.6-mile 441 Corridor, and Altman says Grove East will help spur further redevelopment of the corridor. The new Hard Rock Hotel and Casino is along the same stretch, which is within a few miles of Downtown Fort Lauderdale.

The Grove East complex will include a clubhouse with a business center, a fitness center, pool, spa, playground and picnic and barbecue area. Retail tenants, according to Altman, will be a mix of neighborhood service providers along with a coffee shop. “There is a restaurant on the property, which we will retain and redo,” he says.

Condo units include studios and one-, two- and three-bedroom layouts ranging from 605 sf to 1,311 sf under air. For-sale prices are between the mid-$100,000s and the mid-$200,000s. Hollywood-based Kirschner International Realty is handling sales and will open an onsite sales center next month. Altman plans to complete Grove East in December 2006.