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

FORT LAUDERDALE, FL-The Boca Raton-based Altman Cos. plans to develop the Satori, an Asian-inspired, four-building condo complex on six acres at 1111 E. Sunrise Blvd. adjacent to 91-acre Holiday Park, which is public recreational land. Satori will contain 279 residential units, an 8,000-sf clubhouse and 13,000 sf of retail space.

Joel Altman, chairman and CEO, declined to disclose the all-in cost or an estimated construction cost for the development he describes as “an urban village. The sell-out will be approximately $130 million,” he says, and the sales office will open in four weeks. Locally based Premier Sales Group is handling sales and marketing under the direction of Laurie Ingber, Premier’s co-owner.

The residential units will range in size from 900 sf to 1,600 sf under air. “Pricing for the largest units is in the high $500,000s,” Altman says, “and prices for the smaller units begin in the high $200,000s.” The architect is Miami-based Mouriz Salazar & Associates. Altman says the land was acquired over the past three years. Demolition of the existing buildings is scheduled by year’s end with groundbreaking in the first quarter of 2007. He expects to deliver 18 months after breaking ground.

Other Altman Cos. South Florida developments include the mixed-use Symphony condo complex here, the Astor in Delray Beach, Sapphire on Fort Lauderdale Beach and Harborage Yacht Club in Stuart.

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