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templatedata/editors/article/data/20061114_news_village_cpn
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Nov 16, 2006
Commercial Property News
SOUTHEAST
DEVELOPMENT
Online
All Systems Go for $1B Mixed-Use Florida Project
City officials have given the final go ahead for the development of The Village at Gulfstream Park, a $1 billion mixed-use lifestyle destination in Hallandale Beach, Fla. With the city's approval, project developers Forest City Enterprises Inc. and Magna Entertainment Corp. will kick off the first phase of the development next spring.
City officials have given the final go ahead for the development of The Village at Gulfstream Park, a $1 billion mixed-use lifestyle destination in Hallandale Beach, Fla. With the city's approval, project developers Forest City Enterprises Inc. and Magna Entertainment Corp. will kick off the first phase of the development next spring.
City officials have given the final go ahead for the development of The Village at Gulfstream Park, a $1 billion mixed-use lifestyle destination in Hallandale Beach, Fla. With the city's approval, project developers Forest City Enterprises Inc. and Magna Entertainment Corp. will kick off the first phase of the development next spring.
The 60-acre Village at Gulfstream Park will be located by Magna Entertainment's 255-acre Gulfstream Park racetrack, which just opened a casino on site this week. Slated for construction over a 15-year period, the entire Village at Gulfstream Park will ultimately yield 1,500 residential condos, 750,000 square feet of retail, 140,000 square feet of office space, a 500-room hotel and a 2,500-seat cinema. Additionally, a total of 225 affordable housing units will be built both on the property and in surrounding neighborhoods. Phase one of The Village will encompass 375,000 square feet of lifestyle retail and 70,000 square feet of office space at a development cost of $170 million. Forest City will serve as the property manager and will handle the leasing of the full-service office space and the retail, which will be a hybrid of full-service and triple net space.
"There is a huge demand for upscale retail in the Broward, West Palm Beach, Miami, Dade area; it is one of the most successful retail markets in the country," Forest City regional director of development William P. Voegele told CPN. "There are several upscale shopping centers, but what doesn't exist is the true open-air town center that brings in retailers not in the market or retailers that are already in the market but want to be in an open-air lifestyle center." A company official is currently in Europe to court prospective tenants. Condominium residences will be incorporated into the project according to market demands. "The condo market in Florida has changed in the last six to 8 months," Voegele noted. "There has been a slowdown in demand, so the residential component is in a state of flux. We are watching the market and waiting to introduce it. Our primary focus of the first phase is the retail." The initial phase of The Village is on schedule to debut in the fall of 2008.
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Barbra Murray, Contributing Editor
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