Mill Creek Residential plans to build 300 apartments in Plantation
Site plan filed with planning department calls for three four-story buildings and a parking garage
April 08, 2016 03:00PMBy Hortense Leon
1240 South Pine Island Road
Mill Creek Residential is planning to build a 300-unit multifamily development in Plantation, as demand for Broward housing rises.
The firm, which specializes in luxury apartment development and management, has filed plans with the city for the development at the 58-acre Cornerstone Corporate Center at 1240 South Pine Island Road in Plantation.
Yet, before Mill Creek can develop the 6.26-acre-parcel for the project, the owner of the land, PG-Plantation CS Three LLC, which is affiliated with PNC Bank, has to overcome a number of hurdles. According to the city, the proposed development is not consistent with Plantation’s land-use plan for the area. The land is currently designated commercial: Cornerstone Corporate Center is already home to five office buildings with a total of 672,400 square feet and a full-service Renaissance Hotel.
A report presented to the review committee for Plantation’s planning, zoning and economic development department on March 22 spelled out all of the objections to Mill Creek Residential’s plan. Among them, the project does not include neighborhood amenities, such as a grocery store, the report noted.
The issues have not stopped Mill Creek from trying to capitalize on the need for rental housing in Plantation. In fact, said Still Hunter, senior vice president, investments at Marcus & Millichap in Ft. Lauderdale, “The big trend today is for multifamily developers to build housing near employment.”
Plus, Hunter said, the site “has crazy visibility from I-595 and is in the center of Broward County.” The presence of Westfield Mall, DHL and other large businesses nearby means that the development will be within walking distance to employment for many new residents, he said.
Boca Raton-based Callum Parrott, Mill Creek Residential’s executive managing director for the Southeast region, declined to comment to The Real Deal about the Cornerstone multifamily project.
The site plan filed with the planning department for the proposed apartment community calls for three four-story buildings and a parking garage. The company already has a number of developments in the Miami-Fort Lauderdale area, including Modera Coral Gables, Modera Douglas Station in Miami and Modera Pembroke Pines.
While Mill Creek’s proposed rental rates are not yet known, Gayle Easterling, planner with the City of Plantation’s planning, zoning and economic development department said, “In the area where (Mill Creek) wants to build, we have one-bedroom apartment with 700 square feet going for $1500 a month and a three-bedroom apartment runs close to $2000 a month.”
The project is expected to go back to the planning department’s review committee on May 24th, Easterling said.
Source: The Real Deal