A local developer is betting on small suites to sell a Hallandale Beach office project, as the vacancy rate rises in Broward County.
Four West Developers, a partnership between Alejandro Chaberman, Asher and Arie Abadi and Jonathan Eisenband, is planning an eight-story, 360,000-square-foot condo and retail development at 400 West Hallandale Beach Boulevard that will cost $85 million to build, a news release states.
The project, called Square Hallandale, will have suites ranging from 250 square feet to 1,800 square feet, units will start at $199,000, or about $800 per square foot. Buyers will have the option to occupy, lease or resell their units.
Four West plans to market the suites to small business owners and commercial investors priced out of office submarkets in Aventura and Miami, the release states.
Fortune Development Sales, the brokerage arm of Edgardo Defortuna’s Fortune International Group, is handling marketing and sales.
Four West paid $8 million for the development site in 2024, records show. The developer plans to begin construction later this year.
The project’s 18,000 square feet of amenities will include a terrace with pickleball and padel courts, a social lounge, and a fitness center with a cold plunge pool, sauna and studio. It will also have 18,000 square feet of ground-floor retail space.
Broward’s office vacancy rate hit the mid-teens at the end of last year, according to Newmark. Average asking rents pushed into the low $40s per square foot, cheaper than Miami-Dade but high enough that some smaller users are looking for alternatives to traditional leases, Newmark found. Brokers say tenants are gravitating either to high-quality, amenity-rich buildings or deeply discounted second-tier spaces.
Chaberman is an active developer in Hallandale Beach. His other firm, Kadima Developers, is planning Seven Park, a $70 million, eight-story mixed-use project with 121 condos and 4,500 square feet of ground-floor retail. Kadima purchased 12.2 vacant acres around the Big Easy Casino at 831 North Federal Highway for $31.1 million in December. The firm plans to develop a master-planned community with apartments, condos, retail, entertainment and warehouses.