Parkstone Capital to build mixed-use apartment project in Plantation

248-unit development will cost up to $55M

Miami /
Jul.July 05, 2018 10:30 AM

Renderings of Wood Stone Plantation

Parkstone Capital is moving forward with plans to build a 248-unit apartment complex in Plantation.

The private equity firm, based in Mt. Kisco, New York , recently received site plan approval from the Plantation City Council to develop a 10-acre site on North State Road 7 into a $50 million to $55 million project with six apartment buildings and a two-story, 1,500-square-foot clubhouse.

Wood Stone Plantation will have 108 one-bedroom units, 106 two-bedroom units and 34 three-bedroom units. Rents will range from about $1,200 to $3,000 per month, according to Still Hunter III of CBRE in Fort Lauderdale.

Parkstone purchased the property in a foreclosure sale in February 2016. The site, at 311 and 339 North State Road 7, just north of Broward Boulevard, had been on the market for a long time, said John Voigt, the developer’s attorney.

Some nearby residents spoke out against the project because they didn’t want residential development on a commercial site, but Voigt said that commercial developers didn’t find the site attractive because of poor access.

Parkstone will demolish the three vacant commercial buildings to make way for the new development.

Also in Plantation, developer Art Falcone is working on redeveloping the former Fashion Mall property into Plantation Walk, a $350 million development with 700 apartments, 200,000 square feet of retail stores and restaurants, and office space.

Earlier this year, Mill Creek Residential closed on a Plantation development site and secured construction financing for a 330-unit apartment complex at 1240 South Pine Island Road.


Related Articles

arrow_forward_ios
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
Azora Exan’s Juan Jose Zaragoza (left), Fernando Perez-Hickman, Beth Azor and Plantation Crossing at 2140 West Sunrise Boulevard (Azora Exan, Beth Azor)
Azora Exan pays $22M for Aldi-anchored retail center in Plantation
Azora Exan pays $22M for Aldi-anchored retail center in Plantation
8000 West Broward Boulevard, Mall
Lender pays $43M for Broward Mall in foreclosure auction
Lender pays $43M for Broward Mall in foreclosure auction
Brick & Timber's Glenn Gilmore and Jesse Feldman with 215 NW 24th Street (LinkedIn, Brick & Timber, Google Maps)
Lease roundup: Brick & Timber, UBS nab tenants
Lease roundup: Brick & Timber, UBS nab tenants
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
PulteGroup's Andrew Maxey and renderings of the project online (PulteGroup, LinkedIn, Getty)
Pulte buys Plantation site for 86-townhome development
Pulte buys Plantation site for 86-townhome development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...