Sugar producer finds sweet spot in rental projects

Florida Crystals' FCI subsidiary is developing 10 apartment projects in South Florida

Jan.January 31, 2016 01:30 PM

Game room at Atlantico at Tuscany in Delray

Florida Crystals Corp., one of three sugar producers in Palm Beach County, found a sweet spot in real estate when it diversified into apartment development.

The company’s subsidiary FCI Residential Corp. held a ribbon-cutting ceremony last week to open a 322-unit apartment building in southwest Miami-Dade County called Atlantico at Kendall.

More ribbon-cutting ceremonies are planned: FCI currently is developing 10 rental apartment properties in South Florida. FCI expects to build almost 2,800 apartments at a cost of more than $500 million by early 2017.

In addition to Atlantico at Kendall, completed apartment developments in the FCI portfolio include The Park at Kendall, Atlantico at Tuscany in Delray Beach and Toscana in Margate.

Juan Porro, vice president, real estate, at FCI,  told the Palm Beach Post the completed apartments are 95 percent leased.

Porro also the Post that Florida Crystals formed the real estate subsidiary in 2012, and it began making land purchases based on its own market research.

The owners of West Palm Beach-based Florida Crystals are brothers Alfonso Fanjul and José Pepe Fanjul. [Palm Beach Post] — Mike Seemuth

Related Articles


Fanjul sugar moguls score loan for new
Palmetto Bay project

Development arm of Florida Crystals buys Palmetto Bay site: $8M

Delray apartments score $29M construction loan

Sugar tycoon lands sweet $43M loan for Miramar site

Placeholder image

Florida Crystals’ proposed inland port in Palm Beach to be planned, marketed by IDI

Palm Beach could lose planned inland port

Placeholder image

Inland port gets approval

‘Glades rehab buy draws critics