The Real Deal Miami

Parkstone Capital to build mixed-use apartment project in Plantation

248-unit development will cost up to $55M
By Hortense Leon | July 05, 2018 10:30AM

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.