ground on the project last week.
FORT LAUDERDALE—As the next wave of multifamily development gets under way in South Florida, Alliance Residential Company is diving in head first with the purchase of 24 acres of land in Coconut Creek. Alliance is moving quickly to build a 396-unit NAHB green-certified luxury apartment community on the site.
The multifamily developer broke ground on the project last week. Dubbed Broadstone Cypress Hammocks, the clubhouse and first multifamily units are scheduled to be delivered in the first quarter of 2013. Completion of the multifamily project, which is located at 5201 Hillsboro Blvd. in northern Broward County, is slated for April 2014.
“The market fundamentals are very strong and there is a pent-up demand for new product,” Michael Ging, Alliance’s managing director of development for Florida, tells GlobeSt.com. “We will be the first to market with new product in this submarket, which should generate strong absorption during our lease-up process and will be a clear advantage over any other project being planned in the area.
The South Florida Metropolitan Statistical Area and is home to about 5.5 million residents. The region also boasts the highest concentration of employment and commerce in the southeastern United States. Ging says the property is located within an established upper-end submarket where no new multifamily communities have been built in more than 10 years.
Broadstone Cypress Hammocks will offer an “Old Florida” architectural style with metal roof accents and stacked stone exterior building detail, blending into the mature wooded preserve conservation areas surrounding the property. With the creation of two large on-site lake features, nearly every apartment home in the community will offer views of a lake or the wooded preserve.
“Our location in Coconut Creek is on the southern border of Boca Raton and the eastern border of Parkland, which are two of the most desirable housing markets in southeast Florida,” Ging says. “Everything in the submarket is now 10 years old or older. The prior generation of Class A product is outdated and there is a need for an updated version of class A luxury rental product with superior finishes and a much more elaborate community amenity program.”
As part of the multifamily community’s pursuit of green certification, homes will incorporate a variety of green features, including Energy Star appliances, programmable thermostats, tinted windows, and energy-efficient air conditioning systems and lighting fixtures. The multifamily community will also offer 72 attached and 56 detached garages, as well as additional storage opportunities.
“Without a doubt, the most challenging aspect of building in this current cycle has to do with financing,” Ging says. “The equity investors are being very selective when it comes to new development activity. It seems that development equity capital is very limited. Construction debt is more readily available and the terms have improved significantly over the last year.”