FORT LAUDERDALE—As the next wave of multifamilydevelopment gets under way in South Florida,Alliance Residential Company is diving in headfirst with the purchase of 24 acres of land in Coconut Creek.Alliance is moving quickly to build a 396-unit NAHBgreen-certified luxury apartment community on the site.

The multifamily developer broke ground on theproject last week. Dubbed Broadstone Cypress Hammocks, theclubhouse and first multifamily units are scheduled to be deliveredin the first quarter of 2013. Completion of the multifamilyproject, which is located at 5201 Hillsboro Blvd. in northernBroward County, is slated for April 2014.

“The market fundamentals are very strong and there is a pent-updemand for new product,” Michael Ging, Alliance'smanaging director of development for Florida, tells GlobeSt.com.“We will be the first to market with new product in this submarket,which should generate strong absorption during our lease-up processand will be a clear advantage over any other project being plannedin the area.