A Mexican development group is banking on a surge in Hallandale Beach residential construction with plans for a new commercial center to meet residents’ demand.
Grupo Eco has begun construction on Atlantic Village, a new 32,000-square-foot retail and commercial center set to open in November 2017, developer Elias Benaim told The Real Deal.
Atlantic Village, at 801 Federal Highway broke ground earlier this month, Benaim said.
Grupo Eco is developing the project on land the group bought for $10 million from Tibor Hollo in mid-2015. The group plans to spend another $5 million to $7 million on construction.
Negotiations are underway with prospective tenants, including local restaurants, Benaim said. Lease terms are three to 10 years, at $35 per square foot to $40 per square foot, triple net. The second floor rates are $25 per square foot to $30 per square foot, triple net, he said.
A second phase of the project will be a commercial and residential development, which will break ground in 2018. The architects are SRS — Synalovksi Romanik Saye.
“We are targeting not at the high end or low end,” Benaim said. “We are trying to bring the people from Aventura who can’t afford Aventura or people from Hallandale Beach who want something different.”
The development group owns a total of 8 acres in Hallandale Beach, he said.
Grupo Eco’s first project in Hallandale Beach was the 7th Avenue Village, a 25,000-square-foot commercial center at 701 West Hallandale Boulevard. The year-old center is 80 percent leased, with such tenants as Wingstop, State Farm and T-Mobile.
Hallandale Beach, Benaim said, is the next area for organic growth. “I’m a strong believer in Hallandale.”
Developers have proposed more than two dozen condo projects for the Hollywood-Hallandale Beach market, where at least three new towers with more than 365 units have been completed, 11 new towers with more than 1,000 units are under construction and an additional 11 new condo towers with more than 3,100 units are planned.