Stiles sells site of planned Sunrise mixed-use project

GL Homes bought the vacant land for $1.1M per acre

Miami /
Oct.October 15, 2019 01:30 PM
Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles Corp. sold 29 acres in Sunrise for $34 million where it had planned to build a mixed-use project with more than 750 residential units.

Sunrise-based GL Homes bought the vacant land off West Sunrise Boulevard for $1.1 million per acre, records show. Sawgrass Tech Land Associates, which is tied to Stiles Corp., sold the property.

GL Homes secured a $13.6 million loan from City National Bank of Florida to finance the acquisition, records show.

Stiles had paid $15.6 million for the property in 2005, records show.

Fort Lauderdale-based Stiles planned to build 750 residential units, 750,000 square feet of office space, and 50,000 square feet of commercial space on the property as part of a project known as Westerra. Stiles also planned 1.6 acres of park and open space at the development.

Stiles Corp. and GL Homes did not immediately respond to a request for a comment.

GL Homes focuses on building homes across the east and west coasts of Florida. It has three communities in Boca Raton, including Berkeley Collection, a 57-home community with prices starting in the $850,000’s, according to its website.

Sunrise is home to Sawgrass Mills, which is owned by Simon Property Group and is one of the most valuable malls in the country owned by real estate investment trusts. According to a report last year, the mall brings in $1,149 per square foot and is worth $4.1 billion.

The west Broward city is also home to American Express’ regional headquarters. Nearby, Joseph Kavana’s Metropica Development LLC is building the $1.5 billion Metropica project. It will include a hotel, 2,250 residences, 485,000 square feet of retail space and 650,000 square feet of office space.


Related Articles

arrow_forward_ios
Morgan Group, partners plan 452-unit Sunrise rental development with affordable housing
Morgan Group, partners plan 452-unit Sunrise rental development with affordable housing
Morgan Group, partners plan 452-unit Sunrise rental development with affordable housing
GL Homes President Misha Ezratti and 9275 Beaujolais Ave in Delray Beach (Ezratti via Lila Photo, Google Maps)
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
A rendering of the planned 235-unit garden-style complex in front of the current vacant retail site at 8083 West Oakland Park Boulevard (Luxcom, Google Maps)
Oscar Barbara’s Luxcom scores $41M construction loan for Sunrise apartments
Oscar Barbara’s Luxcom scores $41M construction loan for Sunrise apartments
GL Homes President Misha Ezratti & Palm Beach County Agricultural Reserve (LILA PHOTO via GL Homes, County government of Palm Beach County, Wikimedia Commons)
GL Homes scores a win with plan to build on preserved farmland
GL Homes scores a win with plan to build on preserved farmland
Bo Boulenger, president and CEO of Baptist Health South Florida and renderings of the planned hospital at 12401 W. Oakland Park Blvd. (Baptist Health South Florida)
Baptist Health beats out rival bid for Sunrise site of its first hospital in Broward
Baptist Health beats out rival bid for Sunrise site of its first hospital in Broward
Miami-Dade County hit with lawsuit over West Kendall resi project approval
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Shops at Beacon Lakes trades for $108M, marking biggest retail deal in at least 4 years
Shops at Beacon Lakes trades for $108M, marking biggest retail deal in at least 4 years
Shops at Beacon Lakes trades for $108M, marking biggest retail deal in at least 4 years
Grant Cardone (Photos via Ray Kachatorian)
Grant Cardone said he closed on his biggest multifamily deal – and it’s all in South Florida
Grant Cardone said he closed on his biggest multifamily deal – and it’s all in South Florida
arrow_forward_ios

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

Loading...