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MIRAMAR, FL-The city selects a joint-venture partnership between New York City-based Rockefeller Group Development Corp. and Kimco Developers Inc. of New Hyde Park, NY to develop Miramar Town Center, a 54-acre mixed-use neighborhood here. On condition of anonymity, a person familiar with the plan tells GlobeSt.com the estimated construction cost for the 40 acres applicable to the JV is in excess of $100 million.

The city retains 14 acres of the development site on which a new city hall was completed in 2004 and construction of a library, cultural arts center and parking garages will begin. The JV is purchasing the remaining 40 acres from the city. Edgar Jones, senior director of RGDC's Miami-based Florida operations, tells GlobeSt.com, "the land acquisition is expected to close within the next 30 to 60 days," and declines to reveal a projected price for the land.

The master-planned town center will encompass approximately 135,000 sf of retail space, 45,000 sf of office space, 347 residential apartment units, 133 townhouses and 17 additional residential units especially designed for work-at-home professionals, along with a community recreation center, two parking garages and a mass transit hub.

The partnership "is a complex fabric," Jones says, explaining that Kimco will develop the retail segment, RGDC will handle the mixed-use buildings and Miami-based Lowell Homes will serve as the team's residential developer. "We are selling the residential portion to Lowell," Jones says. "We've established an excellent working relationship with city officials since we began actively developing in Miramar several years ago."

Miramar Mayor Lori Mosley says, "A genuine town center was a keystone of Miramar's visioning process for nearly a decade and now it's soon to become a reality."

RGDC is an operating entity of Rockefeller Group, which is a subsidiary of Mitsubishi Estate Co. Ltd. of Japan. Kimco Developers is a subsidiary of Kimco Realty Corp., which owns, operates and has interests in 773 neighborhood and community shopping centers aggregating approximately 113 million sf throughout 42 states, Canada and Mexico.

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Rockefeller Group, Kimco JV To Develop $100M Town Center

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