Related buys Water Tower Commons dev site in Lantana

Plans for master-planned rental community had stalled under previous ownership

Miami /
Nov.November 06, 2018 05:30 PM

Jorge Perez and rendering of Water Tower Commons

UPDATED Nov. 7, 10:55 a.m.: An entity tied to Jorge Peréz’s Related Group and Rockpoint Group just bought a portion of the development site for Water Tower Commons, a master-planned rental community in Lantana initially proposed nearly three years ago.

The company, Lantana I Owner LLC, paid $14.76 million for 16 acres of the 73-acre site located at the northeast corner of West Lantana Road and Andrew Redding Road. The developers broke ground on the first phase of the project with the backing of a $52.2 million construction loan from Regions Bank, records show.

Plans call for a 360-unit market-rate rental development with a completion date of 2020, according to a press release. The site was also approved for more than 340,000 square feet of commercial space.

Lantana Development, a partnership between Kenco Communities’ Ken Endelson and Wexford Capital, is the seller. It paid $15.6 million for the former A.G. Holley State Hospital site in 2014.

Jay Bailyn of the Bailyn Group represented both sides of the deal.

Water Tower Commons was initially approved by Lantana’s town council in 2015, but sat in limbo due to a number of delays and rejected variances. Walmart, which would have been the development’s first tenant, pulled out of the project.

The development is in line with Related’s push to invest in more multifamily assets. This summer, Related and Rockpoint Group launched a new division within Related focused on acquiring value-add multifamily properties in Florida. The firm has about 4,000 multifamily units in its development pipeline.

Rockpoint, a private equity firm and investment adviser, has also joined Related on condo projects that include Brickell Heights and Residences by Armani Casa.

Correction: A previous version of the story misrepresented the number of acres Related purchased. 


Related Articles

arrow_forward_ios
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Related’s Jorge Pérez and Jon Paul Pérez with 1785 Northeast Fourth Street (Related Group, Google Maps)
Related pays $48M for affordable senior housing complex in Boynton Beach
Related pays $48M for affordable senior housing complex in Boynton Beach
Ricardo Vadia, Jon Paul Perez, and Oscar Rodriguez with District 225
Developers score $76M construction loan for Airbnb-branded condos in downtown Miami
Developers score $76M construction loan for Airbnb-branded condos in downtown Miami
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Wynwood in Miami (Google Maps, iStock)
Here are the residential projects planned for Miami’s Wynwood
Here are the residential projects planned for Miami’s Wynwood
arrow_forward_ios

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

Loading...