Developer Details 120-Acre Mixed-Use Project

The project, aimed at creating a city center in Doral, is a joint venture between Flagler and institutional investors advised by JPMorgan Asset Management–Real Estate. The venture holds an exclusive option to acquire and redevelop 77 acres within the project. An estimated project cost has not been determined due to the length of time the project is expected to take.

The project will be located at the site of the former Koger Center, which is now called Doral Center. It will include 2,840 residential units, 180,000 sf of retail space and 400,000 sf of class A office space. It will also include a three-acre park, tree-lined streets and medians and a main boulevard called Paseo Doral which will have townhouses, landscaping, fountains and shade pavilions. It will be constructed in phases over the next seven to 10 years as the market demands.

"Downtown Doral will be vital to Doral because it is creating a true city center which will allow people to live near their work, an option that Doral has been longing for," Flagler president and CEO Armando Codina says in a prepared statement.

The first phase of the project will include a 70,000-sf office condominium and two residential condominiums. The office condominium, 7950 Professional Center, will be a renovated building on the corner of NW 79th Avenue and NW 53rd Street. It will offer spaces between 900 sf executive suites to full floors of 23,000 sf. Prices will start at the mid $200s per sf. One of the condominiums will be the Cardinal, a 16-story, 205-unit building overlooking the Doral Golf Resort and Spa's White Course and Blue Monster. Units will range in size from 640 sf to 2,900 sf and prices will range from $300,000 to more than $1 million. The second residential project will be a four-story building that will feature 224 units ranging in size from 700 sf to 1,300 sf. Prices will begin in the mid $200s. Sales for both residential projects will begin later this year.

Chris Cobb, Flagler vice president of residential development, tells GlobeSt.com that all the approvals for the project are in place and developers hope to begin conversion of the office building on Jan. 1, with construction of the residential buildings beginning in the second quarter 2007. "The timing of subsequent phases of the project will be determined due to market demand and the existing tenants," Cobb says. "There are several existing office buildings on the property but most will be demolished rather than converted."