X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.