X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

PLANTATION, FL-Miami-based American Land Ventures is planning to break ground in the first quarter on the $84-million, 251-unit first phase of the Residences at the Fountains apartment complex on University Drive. The project will be constructed in two phases.

A 12-story tower will be constructed in the first phase, a 227-unit, 11-story tower in the second. The first phase is expected to be completed in late 2009. The project will consist of studio, one-, two- and three-bedroom units that will range in size from approximately 710 to 1,533 sf. The average size of a unit is 1,096 sf. Community amenities include a business center, lap pool, cyber café and fitness center.

Miami-based Madison Capital Group LLC served as a financial advisor to American Land Ventures in the project.

The project will be constructed at the site of an underutilized surface parking lot in Plantation’s Midtown District. “The Residences at the Fountains will be a residential community integrated in the neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation’s core economic hub,” says American Land Ventures principal Granvil Tracy, in a prepared statement. “The complimentary uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses.”

Martorella tells GlobeSt.com that $20 million in equity financing was secured for the first phase of the project. Target rents for the complex will be in excess of $2 per sf. A start date for the second phase of construction on the project has not yet been determined. The project is located in Plantation’s town center redevelopment and will be walking distance to a Barnes & Noble Bookstore, the Broward Mall and several restaurant and nightlife destinations.

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?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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.