The Pointe at Middle River, a new townhome project in Oakland Park, is under construction with 11 of 40 units sold, The Real Deal has learned.
New Jersey-based homebuilder K. Hovnanian Homes is developing the waterfront townhouse project at 2900 Northeast 12th Terrace. Sales started in April, at prices from $412,000 to $515,000, or about $209 per square foot, Donald Denis, sales consultant for The Pointe at Middle River and K Hovnanian Homes told TRD.
The three-story townhomes will be built in nine buildings. So far, the first 21 units in five buildings are under construction. Three of the townhouses will be completed this month, of which two will be furnished models, Denis said.
The units are each more than 2,200 square feet, with a contemporary design. Amenities include a clubhouse with fitness center and pool.
Denis said sales have mostly targeted young professionals who are priced out of the $1 million high-rise market. The site is near Oakland Park’s “Culinary Arts District” and is two blocks from the famous Peter Pan Diner.
“This is an urban lifestyle,” he said. “You can walk to Wilton Manors and the bars and restaurants in Oakland Park.”
The townhomes require 5 percent down at contract signing, then the rest at closing. The majority of the units will be completed by at the end of October, with others in January 2017, March 2017 and the summer of 2017. The first will close this August, Denis said.
“This is more for end-users as opposed to investors,” Denis said, “and its more of a local market.”
K. Hovnanian purchased the Oakland Park vacant land for $17.75 million in 2006, Broward County property records show. The site was formerly Gibby’s Steakhouse, a landmark restaurant that closed in the 1990s.
K. Hovnanian has developed projects in South Florida for years, including the townhome projects Valletta in Boca Raton, Casa del Mar in Boynton Beach and Park Central in Royal Palm Beach, said Jane Sonet, director of sales for the Southeast Florida division of K. Hovnanian. The homebuilder has also developed the “active adult” single-family community Four Seasons at Parkland in Parkland, as well as the estate home community Sterling Ranch in Davie, Sonet said.
Three other new townhome communities are planned to launch in the next few months in Coral Springs, Palm Beach Gardens and Boca Raton, plus a new single-family community in Davie, she said.
“We’re focusing on South Florida right now,” she told TRD.