UPDATED, Oct. 30, 10:10 a.m.: The Altman Companies and its partner Rockpoint Group closed on a 30-acre development site in Miramar for $35 million, and at the same time sold a portion of the land to a joint venture for $6 million.
Altman, led by chairman Joel Altman and CEO Jeff Roberts, acquired the plot of land on the northeast corner of Miramar Parkway and Red Road, said Thomas Godart, managing director of Godart Florida Real Estate Development. The company simultaneously sold 6.7 acres of that site to a joint venture between Master Development Partners and Konover South.
Altis, a 650-unit apartment project, will be built on Altman’s land, which is part of the 2,200-acre district known as the Miramar Regional Activity Center. PNC Bank and Comerica Bank are the construction lenders. Altman and Rockpoint broke ground on the development on Tuesday, according to a release.
Cleghorn Shoe Corp., led by the Ansin family, sold the site to Altman. Godart brokered both deals.
The Altman project will consist of Altis Miramar West, with 320 garden-style apartments, and Altis Miramar East, with 330 apartments. Some of the apartments on the ground floor will have attached garages, and the Altis development will feature a main clubhouse and linear park.
Altman first sought to rezone the property from rural uses to mixed-use development last year.
Master Development Partners and Konover South will develop about 56,000 square feet of retail space that will include outdoor dining and community space, called Miramar Park Place. The joint venture partners plan to break ground on the retail center in the first quarter of 2020. Tenants will include Flanigan’s Restaurant and Liquors, Pediatric Associates, a national coffee chain, and other service retail. It’s expected to open in the second quarter of 2021. Mike Mogerman of Trinity Commercial Group is handling leasing.
The multifamily component will include resort-style pools, fitness centers with spin and yoga studios, and dog parks and dog spas. Units at Altis Miramar West will average 1,062 square feet, and 941 square feet at Altis Miramar East. The project will also have a co-working center, theater room and indoor bike storage. Altman and Rockpoint plan to completed the apartment communities by September 2021.
Apartment construction has been booming in South Florida, but some say the market is beginning to slow down.
“The kinds of projects that are going to get done today are these kinds of projects,” Godart said, referring to the Altman development. “This is one of those locations that stands out. This is known as the gateway to Miramar.”
Earlier this year, FCI Residential closed on a $54.1 million construction loan for Catalina at Miramar, an apartment project between Flamingo Road and Red Road just south of the Homestead Extension of the Florida Turnpike.
A developer also recently scored a $42 million U.S. Housing and Urban Development loan to start construction of Boardwalk 280, a 280-unit garden-style apartment complex in Miramar near the planned American Dream Miami mall.
An earlier version of this story misidentified Master Development Partners.