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PLANTATION, FL-Locally based private equity investor US CapitalHoldings Group is planning a $350-million mixed-use redevelopmentof the former Plantation Mall property. The project, 321 North,will rise in a 33-acre site near the northwest intersection ofBroward Boulevard and University Drive.

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Existing development on the site include a largely vacant650,000-sf enclosed retail mall, a 114,000-sf office pavilion and aseparately owned Sheraton Suites Hotel, which is undergoing a majorrenovation. US Capital is owned by Gang Lu, one of China's top 50steel manufacturers.

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The 321 North project will include demolition and reconstructionof significant portions of the enclosed mall with new retail spacethat will face outward and open up onto a new main street. Newopen-air retail space and restaurants will also be constructed.When it is completed, 321 North will contain a total ofapproximately 550,000 sf of retail space, 300,000 sf to 400,000 sfof new class A office space in two buildings and 400 to 600residential units. Plans for the project have been submit to cityofficials. Pending approval, the first phase of construction of theproject is expected to begin within a year.

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321 North will be located adjacent to the Veranda project, thefirst mixed-use project in the city's master plan. 321 North willhelp anchor the north end of the Midtown district and serve as amajor component of Plantation Midtown. "The transformation andrevitalization of the Fashion Mall property is a key component ofthe visionary plans for Plantation Midtown," says Plantation MayorRae Carole Armstrong.

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Centered around a new pedestrian and vehicular main street to beknown as Plantation Avenue that will cross the property and connectBroward Boulevard and American Expressway, 321 North will containshops, restaurants, courtyards and public spaces. With access toInterstate 595, the project will serve Plantation and surroundingareas of Davie, Sunrise and Weston.

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"There really is no upscale shopping, no definitive socialgathering place in Broward County that is convenient to get to orin a concentrated downtown area," says US Capital vice presidentBrian Liu. "321 North is designed expressively for this underservedmarket."

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Firms working on the project include architecture firm ADD Inc.;San Francisco-based landscape design firm EDAW; Sun Valley,CA-based water feature design firm WET Design; retail designspecialists ID & Design International; engineering firmKimley-Horn and Associates, Inc.; and law firm GreenbergTraurig.

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