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NORTH LAUDERDALE, FL-Cornerstone Group Townhomes, a division formed a year ago by Coral Gables-based Cornerstone Group, will begin construction of San Remo, a 185-unit townhouse development at 1945 SW 60th Ave., in September. The construction cost is just shy of $29.3 million, according to John Barr, president of the division.

City National Bank of Florida, represented by VP Glenn Parish, provided $17.5 million in acquisition, development and construction financing for the project, working with Bruce Adams, Cornerstone’s CFO.

The project consists of 27 two-story buildings each containing between four and eight units, along with a clubhouse and gallery-style entrance on approximately 14 acres that will also include a pool and poolside cabanas. There are three residential layouts at 1,175 sf, 1,377 sf, and 1,507 sf, respectively. Prices range from the $170,000s to the $280,000s. Sherrel Factor, sales manager, and Kathy Sawicki, sales associate of Cornerstone Residential Management begin marketing units this month.

“With property values and demand rising in tandem in Broward County, North Lauderdale presents an exciting opportunity for us,” Barr says. “We’re looking forward to gauging the response from buyers to a townhome community in an area of primarily single-family homes.” Completion is scheduled for December 2006.

When the townhome division was formed, Barr said, “There is a certain person who does not mind a multifamily environment, but does not want to be in a condo tower.” The townhome division is also developing Sonoma Bay and Marsh Harbour in Riviera Beach and Vista Trace in Homestead.

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