The Real Deal Miami

Commissioners to vote on Gulfstream “condo casino”

Tower would be South Florida's only pari-mutuel casino with highrise housing

June 18, 2014 12:58PM

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Gulfstream

The Village at Gulfstream Park

South Florida is betting on its first “condo-casino” at the Village at Gulfstream Park, pending approval from Broward County commissioners today.

The proposed condo would rise 21 stories above an existing parking garage, with 182 luxury units overlooking the casino’s open-air shopping and entertainment mall, and an 11-story Pegasus statue now under construction. The condo development is the first step in a plan to bring 1,500 high-rise units, a 500-room hotel and movie theater to the Hallandale Beach casino.

Chad Beynon, vice president and senior analyst for Gaming/Leisure at Macquarie Capital in New York, told the Sun-Setinel that the condo-casino concept is “extremely unusual” but in Gulfstream’s case, “the owner is taking advantage of a situation where he can make more money on the condo side rather than putting in more stores or parking or a hotel.”

 If approved, construction would begin in the fall of 2014, and take two years to complete. [Sun-Sentinel] -Kerry Barger

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