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
GL Homes' Dick Norwalk and Miami-Dade County Mayor Daniella Levine Cava (GL Homes, Miami-Dade, Third District Court of Appeals)
Court ruling throws wrench in GL Homes’ Calusa project
Court ruling throws wrench in GL Homes’ Calusa project
(Photo Illustration for The Real Deal with Getty)
New Urban Communities plans houses in Sunrise for middle-income buyers
New Urban Communities plans houses in Sunrise for middle-income buyers
TJX Companies' Carol Meyrowitz and a rendering of the Homesense store (TJX Companies)
Homesense to open first store in Southeast at Sawgrass Mills
Homesense to open first store in Southeast at Sawgrass Mills
Lyon Living CEO Frank Suryan Jr. and 4108 Pine Island Road in Sunrise (Lyon Living, Courtyards at Sunrise)
Lyon Living Pays $33M for Sunrise apartment complex
Lyon Living Pays $33M for Sunrise apartment complex
A photo illustration of the Sunrise on the Green Condominium Residences at 4001 North University Drive in Sunrise (ApartmentFinder, Getty Images)
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
A map highlighting both the entire Arden home community and the portion that GL Homes bought with GL Homes President Misha Ezratti (GL Homes, Google Maps)
GL Homes pays $28M for homesites at Arden near Wellington
GL Homes pays $28M for homesites at Arden near Wellington
Nuveen Real Estate CEO Mike Nuveen and the Oasis at Springtree apartment complex at 3551 Northwest 85th Way in Sunrise (Nuveen Real Estate, Apartments.com, iStock)
Nuveen buys Sunrise apartment complex for $44M
Nuveen buys Sunrise apartment complex for $44M
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
arrow_forward_ios

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

Loading...