Altman Cos. Bringing 2 Communities to South Florida
- Oct 31, 2019
The Altman Cos. is expanding its Altís-branded apartment communities with two new developments in Miramar, Fla., that will feature a total of 650 upscale residences upon completion in September 2021. Altís Miramar East, with 330 apartments, and Altís Miramar West, with 320 residences, will be part of a larger master-planned development built on one of the last remaining garden development sites in Broward County.
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The firm partnered with Rockpoint Group to buy the two sites for a total of $26.5 million. The Altman Cos. also sold 7 acres for $6 million to Konover South LLC, in partnership with Master Development Partners, to develop Miramar Park Place, a 56,600-square-foot upscale retail center that will be close to both of the residential developments. In addition to closing on the land transactions this week, The Altman Cos. also closed on a construction loan for the Altís developments from PNC Bank and Comerica Bank and held a groundbreaking ceremony.
Altís Miramar West, situated on 14 acres, will have ultra-luxe garden-style apartments with an average unit size of 1,062 square feet. Altís Miramar East will feature mid-rise buildings with an average unit size of 941 square feet and set on nearly 10 acres. Both communities will feature energy efficient appliances, designer kitchens, spa-inspired baths, and private balconies. Some residences will have attached garages. The properties will have resort-style heated pools surrounded by pavilions and cabanas, fitness centers with spin and yoga studios, dog parks and dog spas. The communities will also feature a co-working center with private conference rooms for residents working from home, a private theater room and an indoor, air-conditioned bike storage room.
Konover South CEO David Coppa said in a prepared statement construction is expected to being in the first quarter of 2020 on the retail center. He said it is slated to include a Flanigan’s Restaurant and Liquors, Pediatric Associates, a national coffee chain plus neighborhood services when it opens in the second quarter of 2021.
Also located at the northwest corner of Red Road and Miramar Parkway in Miramar, the Altís communities are convenient to the Florida Turnpike and Interstate 75; employment centers, including the 6 million-square-foot Miramar Park of Commerce; and shopping entertainment districts, including The Shops at Pembroke Gardens, a 400,000-square-foot retail center. The apartment communities will be separated by a public park featuring pedestrian and bike trails, picnic areas and connections to the Miramar Town Center.
Among The Altman Cos.’ South Florida properties are Altís Boca Raton and Altís Pembroke Gardens. Central Florida communities include Altís Wiregrass Ranch in Wesley Chapel, Fla.; Altís Promenade in Lutz, Fla.; and Altís Grand Central in Tampa, Fla. The firm has several properties under construction or in the pipeline in Florida including Altís Preserve in Tampa; Altís Lake Willis in Orlando, Fla.; and three in the Miami metro area.
BBX Capital Real Estate, a division of BBX Capital Corp., currently owns 50 percent of The Altman Cos. Nearly a year ago, Altman sold Altís Shingle Creek in Kissimmee, Fla., a 356-unit luxury community near Orlando, to Starlight U.S. Multi-Family.