By: Marisa Herman Associate Editor
After years of revisions, several different commissions and a lawsuit, Edwards Cos. has officially broken ground on its $300 million redevelopment project Atlantic Crossing.
The project, which spans two city blocks downtown, is under construction beginning with the underground parking garage.
Edwards Cos. vice president Don Devere said the project will be a new hub of city life.
“Our excitement and confidence has only grown,” he said of the project.
Atlantic Crossing will feature 73,000-square-feet of retail space, 83,000-square-feet of office space as well as luxury apartments and condominiums. The project is estimated to add $2.6 million in annual tax revenues and 600 permanent jobs.
The project will span nine acres along Atlantic Avenue. It is bound by Federal Highway to the west and Veterans Park along the Intracoastal Waterway to the east.
President of Edwards Cos. Jeff Edwards called it a special site. He said building a project on two city blocks is a “once in a generation type opportunity.”
“We are ready to get started,” Edwards said. “We are excited to transform this part of Atlantic Avenue and add to the fabric of Delray.”
Edwards Cos. estimates the parking garage will take about 15 months to complete. The project will be under construction for the next five years, DeVere said.
Completion of the first luxury residential residences is anticipated for 2020, with additional park-side residential units added in 2022.
City officials were present for the groundbreaking ceremony. Mayor Shelly Petrolia and Vice Mayor Adam Frankel addressed the crowd, agreeing the project has been a long time coming.
“The entire city has been waiting for this to happen,” Mayor Petrolia said.
Petrolia was very vocal against the development for years.
Frankel called Atlantic Crossing a jewel and something the city will be proud of.
Leasing is already underway, but no tenants were divulged yet.
“Timing couldn’t be better. Atlantic Crossing is coming on line at an exciting turning point,” said Drew Barkett of Strategic Retail Advisors, exclusive retail leasing agent. “Demand has shifted dramatically, turning away from the controlled environment of enclosed malls and even lifestyle centers. Retailers and restaurateurs are looking to ‘High Street’ opportunities with a vibrant, authentic sense of place that can draw today’s shoppers and diners, and be the ‘must-see’ spot for out of towners.”
For more on Atlantic Crossing’s plans, visit www.atlanticcrossingdelray.com. For retail leasing contact Strategic Retail Advisors, Drew Barkett email@example.com 954-683-5234 or Steve Friedman firstname.lastname@example.org 954-614-0641.