$325M South Fla. Mixed-Use Community Receives Approvals

By Erika Schnitzer, Associate EditorDelray Beach, Fla.—CDS International Holdings Inc. has received approvals for its Atlantic Plaza II, a planned $325 million mixed-use community that will transform two city blocks in Delray Beach, Fla. Sitework for the initial phase of the project is slated to begin this summer.  The 8.5-acre site will include 197 apartments and townhomes, 132,000 square feet of retail space, 106,000 square feet of Class A office space and subterranean parking for more than 1,000 cars. CDS International Holdings originally owned the existing Atlantic Plaza retail center on the east side of the site and planned the project with extensive community input. The current shopping center “doesn’t fit the needs of the community,” Bill Milmoe, president of CDS International Holdings, tells MHN. Designed by Boca Raton, Fla.-based Vander Ploeg & Associates, the new community will take advantage of the urban infill location, with six three to five–story buildings. Milmoe adds that the mixed-use project will redevelop the area, bringing to market the area’s first Class A office space.Despite the site being comprised of entirely new construction, “We have taken quite a bit of time meeting with homeowners associations and various city boards to bring in and blend the architecture with the existing community. Delray prides itself in being a village by the sea,” explains Milmoe.Infrastructure work, which is slated to also begin this summer, is projected to take approximately 18 months, with development to occur in three phases over the next five to seven years. The site, which is located at the intersection of Atlantic Avenue and Federal Highway and adjacent to the Veteran’s Park along the Intracoastal Waterway, is at “what we call the 50-yard line of downtown Delray,” notes Milmoe. “It has a unique beach component and a downtown component.”The development will offer residences, which are all currently planned to be for-sale units, featuring one-, two- and three-bedrooms.However, Milmoe acknowledges that the market may change, as the first residences probably will not be delivered for another five years. “We are building not for the current market, but for the next market,” he explains. “We are optimistic that there will be pent-up demand at that time.” In addition, he adds,  “This is a location product. It’s not like building your basic mixed-use product. It’s a very unique center point between downtown and the beach, along the Intracoastal Waterway.”