A new mixed-use project is in the works in Plantation, replacing the 70’s-era American express building with both residential units and retail space. Developers TM Real Estate Group, out of Coconut Grove, will present the proposal for Plantation Midtown Square in front of the development review committee on March 14th. Plans currently call for 480 mid-rise apartments, 117 townhouses, 10,000 square feet of retail and 11,540 square feet of restaurant space.
According to a recent article from The Real Deal, the developers plan to keep the existing three-story garage, building two apartment buildings on the east and west sides of it. The townhomes, which will be for sale, will have either two or three bedrooms and two-car garages. They anticipate a window of about 6 months to tear down the existing building before construction can begin. The completion date is estimated in about four and a half years.
TM Real Estate Group bought the property in April 2014 for $33.5 million, knowing that American Express was on its way out. After unsuccessfully trying to lease the building, the group decided that rezoning and developing the property was a likely alternative. While they are still open to negotiating a lease with any potential tenants, plans for Plantation Midtown Square are moving forward.
The apartments will be luxury units designed with young professionals in mind, as well has those just starting families. There will be a good mix of two and three bedroom floorplans. While the developers anticipate a slow moving project, they are optimistic that the mixed-use development will be successful. Other developers, such as Lennar, are also flocking to the Plantation area, having identified it as a very desirable location.
For more information about new developments and available properties in, and around, Miami, contact Oceanica Real Estate at (786) 270-1743 or firstname.lastname@example.org.