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Commercial
South Florida

Developer proposes replacing part of a Margate shopping center with apartments

Alliance XVI LLC wants to build a 240 rental apartments on 8 acres of the shopping center's 18-acre footprint

Rendering of planned partial redevelopment of a shopping center at 5203 Coconut Creek Parkway in Margate
Rendering of planned partial redevelopment of a shopping center at 5203 Coconut Creek Parkway in Margate

A Miami-based developer proposed demolishing part of a shopping center in Margate to make way for a rental housing complex with 220 apartments.

Alliance XVI LLC acquired the shopping center at 5203 Coconut Creek Parkway in Margate for $12.3 million in 2015

The proposed project would reduce the size of the shopping center from 190,000 square feet to 120,000 square feet.

The apartment complex would rise on an eight-acre section of the shopping center’s 18-acre footprint.

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Robert Cambo, a spokesman for Alliance XVI, said one tenant of the shopping center already has vacated its space there, and three others have agreed to move elsewhere.

The apartment complex would include four buildings, each four stories tall, with a combined total of 24 units with three bedrooms, 80 with one bedroom and 116 with two bedrooms.

A community clubhouse and a swimming pool would be among the common-area amenities.

The size of the apartments would range from 756 square feet to 1,210 square feet, and monthly rents would start at $1,100, according to Cambo.

Plat and site-plan approvals for the apartment project by Margate’s Development Review Committee are pending. [Sun-Sentinel] – Mike Seemuth

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Commercial Real EstateDevelopmentMargate