FCP, Mill Creek Team Up for Florida Project
The partners acquired a site in Broward County for $25 million and will break ground this month.
FCP and Mill Creek Residential Trust will be adding nearly 800 units to the Academical Village master plan next to Nova Southeastern University in Broward County, Fla. The two companies partnered to acquire the development site for Modera Academical Village for $25 million. John Grimaldi, vice president of development at Mill Creek Residential, told Multi-Housing News that the seller was University Associates Ltd., a partnership between The Brandon Co. and Nova Southeastern University.
The developers will soon break ground on the first phase of Modera Academical Village, which will be an eight-story apartment community offering 397 units in one-, two- and three-bed floorplans with den options. The units will be built with nine-foot ceilings, in-home washer and dryers and keyless entry.
The community’s amenities will include a pool, rooftop deck, clubhouse, dog park and spa, fitness center, outdoor dining, courtyards, coworking spaces, package lockers, electric vehicle charging stations and bike storage. The plans also call for 9,000 square feet of ground-floor retail within Modera Academical Village.
Grimaldi told MHN that construction on the first phase is expected to start immediately and has an expected completion for fall 2024. The project also calls for a second phase that will add 396 units and is expected to start construction in 2024 to have first move-ins ready in summer 2026.
Next to a megacampus
Located at 3440 SW 76th Terrace, Modera Academical Village will be located within the Academical Village master plan. When fully built out, the mixed-use development will include more than 2.5 million square feet of retail, restaurant, office, hotel and medical space.
The Modera Academical Village project will also be located adjacent to Nova Southeastern University’s megacampus. The 545-acre campus includes several education and medical institutions while also being anchored by the university. Bruce Gago, head of FCP’s Florida office, said in prepared remarks that Modera Academical Village will meet the growth that’s driven by the nearby medical and education jobs.
Both companies have been building out their respective portfolios in Florida before partnering with each other for the Modera Academical Village project. FCP has been working on a 450-unit luxury community in Laurel, Fla., along with Crescent Communities. As for Mill Creek Residential, the company completed its 350-unit high-rise community in Fort Lauderdale, Fla., after starting preleasing in August 2021, and has another development underway nearby.