Oscar Barbara’s Luxcom scored a $41.4 million construction loan for a Sunrise apartment complex on the site of a closed BJ’s Wholesale Club, marking continued redevelopment of South Florida shopping centers into multifamily projects.
Luxcom Living, the multifamily arm of Coral Gables-based Luxcom, will build six three- and four-story buildings with 235 units, in total, on the northwest corner of North University Drive and West Oakland Park Boulevard, according to the developer’s news release. The site spans 10 acres at 8083 West Oakland Park Boulevard.
The garden-style complex will offer one- to three-bedroom units, each spanning from 725 square feet to 1,371 square feet, according to the release. The complex is designed in a West Indies British Colonial style, inspired by the Rosemary Beach community in the Florida Panhandle.
This will be a market-rate complex with units that have dens, high ceilings, quartz countertops, stainless steel appliances, walk-in closets and large windows, the release states.
Centennial Bank provided the construction financing. The bank’s J.C. de Ona and Yuleisy Montalvo worked on the deal, according to a Centennial news release.
Luxcom bought the shopping plaza in 2017 from CREC and members of the Lindemann family for $12.6 million, with plans to build multifamily while retaining some of the retail components. An Aldi has opened in walking distance from the development site. Other nearby tenants are Walgreens, SunTrust Bank and restaurants.
Luxcom has developed more than 10,000 residential units and over 1 million square feet of commercial space, according to its website.
Barbara is one of several developers who are transforming South Florida shopping plazas into apartment projects, in light of a slump in some retail properties but a thriving multifamily market.
In Miami, Terra is renovating some of the retail at the Central Shopping Plaza and also developing 1,100 apartments, with the first phase the 460-unit CentroCity.
Also, Washington Prime Group has rezoned the Boynton Beach Mall to allow for up to 1,420 rental units, a 400-key hotel and retail.