Monday, June 05, 2006

Altman Cos. Eyes Grove East Construction

PLANTATION, FL-Construction will begin within two months on Grove East, a 220-unit condominium complex on 12 acres at the southeast corner of Broward Boulevard and State Road 7.

The complex, which is being developed by Boca Raton-based the Altman Cos., will contain eight two- and three-story buildings with studio, one-, two- and three-bedroom units that will range in size from 605 to 1,311 sf. Prices start from the high $200,000s. The site will also contain 30,000 sf of office space and 17,650 sf of retail space. The architect on the project is Miami-based Tseng Consulting Group Inc.
The development is part of the State Road 7/US 441 Collaborative, an alliance of 17 cities in Broward County that have united to revitalize the State Road 7/US 441 corridor, which runs from Miami Dade to Palm Beach counties. The corridor, a focal point for commercial investment, thrived until the 1990s when strip malls became vacant and property values declined. The collaborative was formed in the late 1990s.

Altman Cos. president Jeff Roberts tells that Altman responded to a request for proposals issued by Plantation several years ago for the site, where a shopping center is located. Altman was named the developer for the site and purchased it for $13.5 million. “Our vision as to how to develop that corner was very similar to the city’s,” Roberts says.

Demolition of the existing shopping center is about 50% complete. There are two existing tenants on site, Bank of America and Miami Subs, which are located in space that will be renovated. Although Altman began selling the condos in January--185 have been sold--the company has not yet begun marketing the retail space. “We felt it was better to wait until the project was further along,” Roberts says.

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