The Real Deal Miami

BBX brings on Altman to develop piece of Hialeah community

Partners expect to deliver new units by early 2017
January 05, 2016 03:45PM

A rendering of the Altis at Bonterra apartments in Hialeah

A rendering of the Altis at Bonterra apartments in Hialeah

BBX Capital Corp. has partnered with the Altman Companies, a Boca Raton-based builder of multifamily homes, to help develop a piece of the upcoming Bonterra community in Hialeah.

The two companies entered into a joint venture and will develop Altis at Bonterra, a 14-acre apartment community with 314 units.

It will be located at the northwest corner of the 128-acre Bonterra community, which sits between Northwest 97th Avenue and I-75.

Apartments at the community will come in one, two and three-bedroom configurations that average 1,063 square feet. Their features will include granite and marble countertops, energy star appliances and contemporary cabinets, according to a news release.

The two companies expect to deliver Altis at Bonterra by early 2017.

Seth Wise, president of BBX Capital's real estate division

Seth Wise, president of BBX Capital’s real estate division

This is the third community BBX and Altman have partnered on, with previous projects including: Altis at Kendall Square with 321 units in Miami, and Altis at Lakeline with 354 units in Texas.

BBX recently sliced off a 36-acre chunk of Bonterra for the Lennar Corp., which paid $24 million for the land and is planning to build its own selection of homes there. BBX still controls 92 acres of the Bonterra project. When completed, the housing development will have 1,171 houses and apartments — including the Lennar portion.

The company and its partner CC Homes recently began construction on a third of the community. — Sean Stewart-Muniz