MIAMI—There's plenty of talk about luxury condos, multifamily rentals and even affordable housing, but one developer is focused on another residential proposition: single-family homes. Central Communities just made a strategic Broward County Bet.
Central purchased a 33-acre infill site in Broward County for $7.1 million on which to build its newest single-family home community. The wholly-owned affiliate and homebuilding division of 13th Floor Investments is fully approved to build 225 homes there.
“As concerns over affordability in the region loom and homebuyers increasingly come off the sidelines looking to buy, demand for new construction in the single family home market is on the rise,” Michael Nunziata, division president of Central, tells GlobeSt.com. “There are few communities to speak of that can provide new homes at attainable prices to those who live and work here."
The community is located in central Broward County south of Commercial Boulevard and east of the Florida Turnpike—two of Broward County's primary transportation arteries. This project follows the success of Central's neighboring Central Parc, and reinforces the ongoing demand for affordable new housing product near South Florida's employment centers.
“As homebuyers increasingly come off the sidelines, they will continue to seek new homes close to city centers,” says Nunziata. “This most recent acquisition was a natural extension as we continue to meet this strong pent up demand for quality built new homes at attainable prices.”
Like Central Parc, the community will feature amenities like a cabana and pool facility with a covered terrace. Recreational areas will also include a fenced tot lot and a walking trail that will wrap the community with lush landscaping. The City of Tamarac also recently completed a park at the main entrance to the community, which will increase the available green space for future residents.
Central is currently building and developing two additional communities, Central Parc and Central Parc South. The communities offer about 490 single-family homes. Central Parc launched pre-construction home sales in June 2014 and has sold 150 homes to date—over half of the 253 homes in the community. Central Parc South is currently in the site development stage with sales expected to commence in the first quarter of 2016.
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