"There is such a housing shortage in South Florida," he tells GlobeSt.com, "that prices keep rising. This has been the longest, hardest run of development I've ever seen and, in this area, there is still good, strong housing demand." Orchid Grove will contain 385 three-story townhouse units and 96 flat-over-flat, two-story condominium units, all in clusters of four-, five- and six- unit buildings, according to Piazza.
The condo buildings will line the perimeter of the property, which will be surrounded by a landscaped walking/jogging path, contain parks throughout and a three-acre lake with two bridges leading to an island at its center. Orlando-based Evans Group is the designer and architect of the community.
Flats range in size from 1,100 sf to 1,200 sf, and townhouses range from 1,600 sf to 2,700 sf. Originally priced to sell for between $200,000 and $450,000, under Piazza's revised pricing, he says, "the condo flats will begin at $220,000, and townhouse units will range from about $250,000 to $475,000."
Coscan acquired the land, an aged shopping center site and two outparcels, from three sellers for an aggregate of about $17 million, he says. "We're in the highly desirable area east of I-95, close to the beach and the commercial areas of Fort Lauderdale and Boca Raton." He expects a mix of buyers including young married couples, families, young empty nesters and some retirees.
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