The Real Deal Miami

Construction begins on Davie rental development

The joint venture behind PARC 3400 expects to open it in the spring of 2017

March 19, 2016 01:00PM

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Rendering of PARC 3400 in Davie

Rendering of PARC 3400 in Davie

Construction has started on a 259-unit rental apartment development in Davie called PARC 3400, expected to open in the spring of 2017.

The developer is a joint venture of Giles Capital Group, FSG Holdings and Rosemurgy Properties, which own the eight-acre construction site at 3400 Davie Road.

PARC 3400 is designed as a cluster of four apartment buildings, each five stories tall, with one-, two- and three bedroom units. The apartments will have granite countertops, walk-in closets, washing machines and dryers, impact-resistant windows, and private balconies and patios.

The Davie development’s common-area amenities will include a clubhouse and swimming pool, 84 parking spaces for bicycles and car-charging stations.

“The challenge was that the site plan that was approved was not what we envisioned for the site,” Rick Giles, CEO of Giles Capital Group, told Multifamily Housing News (MHN). “We felt that there were improvements that had to be made, and it takes a lot of time to start the approval process all over. However we were focused on getting it right.”

The construction site originally had approval for 217 units, “and we successfully got 259 units approved, thus lowering our land cost per unit,” Giles told MHN. [Multifamily Housing News] — Mike Seemuth

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