$100M Tao Reaches 50% Pre-Construction Sell-Out

SUNRISE, FL-Tao, a 296-unit condominium development on an 8.3-acre lakefront parcel the corner of N. Flamingo Road and Pink Flamingo Lane, is more than 50% sold-out. One-, two- and three-bedroom units range from 1,000-sf to 1,868-sf, two-story, ground-floor townhouses.

The prices are averaging between $355 per sf and 360 per sf, according to Jim Rosewater, project director and a partner in Weitzer/Kislak Sawgrass LLP, the joint-venture developer of the project. Unit prices began in the high $300,000s, and the largest are priced in the mid $700,000s.

The partners are Davie-based Weitzer Communities and J.I. Kislak Inc., which is based in Miami Lakes. The JV acquired the vacant land across from the 2.1-million-sf Sawgrass Mills Mall from Mills Corp. for $8.7 million in December 2004. Rosewater tells GlobeSt.com the estimated construction cost for Tao, not counting the land acquisition, is "not fully determined, but about $100 million."

Tao consists of two 26-story towers in a "resort setting," he says. It will have a pool, spa, putting green, fitness center, barbecue area and children's playground. He believes the quick sell-out is because, "while we're not inexpensive, the prices in the downtown beach areas of Fort Lauderdale and Miami are through the roof at $500 per sf or more for small units without views. We're an urban hub in a suburban area with urban amenities within walking distance."

Miami Beach-based Kobi Karp is the architect, and Moss Construction Managers, based in Fort Lauderdale, is the general contractor. Miami-based Fortune International Realty is handling the sales and marketing, and the on-site sales center will open in September. Groundbreaking is scheduled for fourth quarter of this year, and Rosewater says completion will be approximately 20 months later.