South Florida real estate projects in the pipeline for the week of April 7
Jupiter Medical Center has proposed an $110 million expansion.
The nonprofit hospital currently has 248 beds at 1210 Old Dixie Highway. It wants to build a 92-bed addition on the east side of its campus. The new five-story building would total 135,000 square feet.
In addition, a five-story parking garage would be built with 845 spaces, including 80 electric vehicle charging spaces.
Apartments planned in Goulds
Lanai Landings II LLC, an affiliate of L. Milton Construction, wants to build the second phase of its apartment complex in the Goulds neighborhood of Miami-Dade County.
Located on the 1.8-acre site at 14550 Mable St., the nine-story project would total 428,788 square feet, with 274 apartments, 2,741 square feet of retail and 371 parking spaces. Amenities would include a gym, a dog walk and a park.
The first phase of Lanai Landings, with 54 units, was completed in 2020.
Related Group seeks development deal
The Related Group’s affordable housing arm is seeking a deal with Miami-Dade County to redevelop a public housing site in West Little River.
The developer is seeking a 75-year ground lease for the 3.6-acre site at 860 N.W. 95th St. West Palm Courts and Palm Towers currently has 191 public housing units.
Related would build at least 272 apartments, with 191 affordable units and the rest either workforce or market-rate housing.
Pinnacle proposes apartments
Pinnacle has proposed an eight-story apartment complex in North Miami.
The developer, through affiliate Arch Creek Station LLC, has the 1.6-acre site at 12616 Arch Creek Road and 1486 N.E. 127th St. under contract. Totaling 435,831 square feet, the project would have 239 apartments, a 393-space parking garage and four parking spaces on the street. Amenities would include a pool, a fitness center, a dog park, a lounge, a clubroom and a coworking room.
D.R. Horton has Florida City site under contract
D.R. Horton (NYSE: DHI) has proposed a townhouse community in Florida City.
The national homebuilder has the 4-acre site on the east side of Southwest 10th Avenue/Redland Road, just south of Southwest 352nd St., under contract from Baltazar Royal LLC. It wants to rezone the land to build 58 townhouses.
Banyan Cay hotel, golf owner in Chapter 11
The 200-acre Banyan Cay hotel, residential and golf project in West Palm Beach could be sold through bankruptcy after the developer filed for Chapter 11 reorganization protection.
Banyan Cay Resort & Golf LLC filed the Chapter 11 petition in U.S. Bankruptcy Court in West Palm Beach. Gerard A. McHale, the proposed chief restructuring officer, signed the petition for the West Palm Beach-based company. It was previously managed by developer Domenic J. Gatto Jr.
Miami-based attorney Joseph A. Pack, who represents the debtor, wasn’t available for comment.
The debtor owns the 150-room Hyatt-branded hotel under construction at 2020 Banyan Resort Way, a 130-acre golf course designed by the legendary Jack Nicklaus, and development sites approved for 179 condo units, 28 single-family homes and 22 villas.
The Chapter 11 filing stays a $95.1 million foreclosure judgment won in February by U.S. Real Estate Credit Holdings, in care of Calmwater Capital.
In addition to the mortgage, the company owes $5 million in mezzanine debt to foreign investors through the EB-5 visa program. The mezzanine lender started the process of seizing its equity in the company.
“The debtors are optimistic that with debtor-in-possession funding and the breathing room afforded to debtors under Chapter 11, the debtors will be in a prime position to engage in a robust sales process for the almost-completed hotel, golf course, development site for 179 condominium units, villas, and all other real and personal property related thereto that will maximize recoveries for all parties,” McHale stated in his declaration in the case.
HE SAID IT
“The attainable housing law will immediately change the landscape of development in Florida. For the first time I can recall in state history, the state government has overridden home rule and taken away the zoning and land use powers from local government.”
Attorney Keith Poliakoff, founder of Government Law Group, on the Live Local Act, the affordable housing bill signed by Gov. Ron DeSantis
Article Link: South Florida real estate projects in the pipeline for the week of April 7
Author: Brian Bandell