What’s up in the real estate market


By: Jeff Perlman Editor in Chief
Boca based developer plans town in Plantation
Boca Raton based Encore Capital Management, headed by Art Falcone, has unveiled an ambitious plan to redesign the former Fashion Mall in Plantation into a new urbanist style town center.
Encore Capital purchased the former 37-acre Fashion Mall property on University Drive at auction for $37.7 million in April 2015.
The firm has announced plans to spend $300 million tearing down much of the existing complex to create a walkable small town.
“We want to use looks from different cities,” Falcone told Plantation city officials recently.
The unnamed project will have 224,104 square feet of commercial and retail space, 247,305 square feet of office space, including an existing office building, and 700 apartment units. The residential units, in four buildings, will be built in two phases, with around 350 units built in phase I and another 350 units in phase II. Two of the apartment buildings will have some ground-floor retail.
West Boca Apartments Sold
The Arbor Oaks apartment complex in West Boca sold for $77 million to a California-based company.
Arbor Oaks Apartments, an affiliate of Houston-based LSR Communities, sold the 360 unit garden-style apartment complex near U.S. 441 to Arbor Oaks Apartments Property Owner, an affiliate of Los Angeles-based JRK Property Holdings. Berkadia Commercial Mortgage provided a $58.6 million loan to the buyer.
The price equates to $213,889 per unit. It last traded for $39.15 million in 2009. The deal shows solid price appreciation in the busy West Boca market.
Moves and new uses downtown
The iconic Green Owl will be moving from its long time East Atlantic Avenue location across the street to new digs on 4th Avenue if they receive permission from a series of advisory boards.
The move will accommodate the possible opening of a proposed “Capital One Café,” a new concept that combines a financial center with café offerings such as coffee.
Both the move and the new use have made application to the city’s planning department and will go before the Site Plan Review and Appearance Board.
The Green Owl is a local staple and a favorite haunt of longtime residents.
The building they have occupied for decades was purchased last year by Menin Development for just under $20 million. The deal included the George Building, home of Huber Drugs and offices above ground floor retail.
In other land use news:
Local insurance agency Weekes & Callaway, founded by former Delray Mayor Leon Weekes, is growing. The agency plans a 3,500 square foot addition at its headquarters at 3945 W. Atlantic Avenue.
Sofa District Offices: Located at 101 Southeast First Street is seeking a 10,000 square foot increase in building size.
“5th Avenue Square” located in the 300 block of Southeast 5th Avenue is seeking to build 10 two-story townhomes.
“The 301” located at the southeast corner of Southeast Third Street and Southeast First Avenue is seeking permission to replace a commercial building with a four story mixed-use building with 45 residential units and 4,494 square feet of office space.
St. Vincent Ferrer Church and School: The church is on George Bush Boulevard is seeking to remove portable classrooms and add a new two-story addition to the school building.