Deal in Broward sets up development with apartments, retail

A vacant property in Miramar was sold in two deals and is set to be developed with apartments and retail.

The site is at the northwest corner of Miramar Parkway and Red Road, near an exit of Florida's Turnpike. It was sold by Cleghorn Shoe Corp., a company controlled by Edmund Ansin and his Sunbeam Properties. The deal was brokered by F. Thomas Godart of Godart Florida Real Estate Development.

"It's the gateway to Miramar," Godart said. "There's a ton of employment out that way."

Boca Raton-based Altman Cos. paid $35 million for 30 acres. It plans to build 650 apartments under its Altis brand. The project will include a clubhouse, a fitness center, a yoga studio, a dog park, a pool, a co-working center, and a public park.

Altman Cos. is 50% owned by Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX). Rockpoint Group will partner with Altman Cos. on the project. The construction loan was provided by PNC Bank and Comerica Bank. The apartments should be completed by September 2021.

"We are thrilled to begin the construction process on Miramar,” said Joel Altman, chairman of the Altman Cos. “We look forward to bringing an exceptional living experience to this suburban area of Broward County where we will provide residents with a standard of living, they won’t find anywhere else in the market.”

A joint venture between Deerfield Beach-based Konover South and Dania Beach-based Master Development Partners paid $6 million for 7 acres there. They plan to break ground on a 56,600-square-foot retail center called Miramar Park Place in the first quarter of 2020.

Tenants will include Flanigan’s Restaurant and Liquors, Pediatric Associates, and a national coffee chain, the developer said. The leasing broker is Mike Mogerman of Trinity Commercial Group.

Konover South is a family-owned commercial developer led by CEO David Coppa. Master Development Partners, which was instrumental in the development of Dania Pointe, is led by Robert Shapiro and Terry Salzman.


The information contained herein was obtained from sources deemed to be reliable. However, Salzman Real Estate Advisors makes no guarantees, warranties, or representations as to the completeness or accuracy thereof.
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