Sunrise commission OKs phase one of Metropica
City approved 370,000 sf of retail, 345 apartments, 240-room hotel and 140,000 sf of office
October 27, 2016 01:30PM
A rendering of Metropica and developer Joseph Kavana
Metropica secured approval for the first phase of the 65-acre, master-planned community in west Broward County.
The Sunrise City Commission OK’d 370,000 square feet of retail space, a 345-unit apartment building, and the rights to a 240-room hotel and 140,000 square feet of Class A office space, according to a press release. It also recently received site plan approval from the city’s planning and zoning department.
Already announced retail tenants at Metropica include iPic Theaters, Kings Bowl, True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chao, Shake Shack, Salsa Fiesta, Pisco y Nazca, Anthropologie, Free People and Kendra Scott.
In all, the $1.5 billion project will have 2,250 residential units, 650,000 square feet of office space, hotel, a public transit station, parks, and art.
Led by Joseph Kavana, Metropica Development LLC is working first on Yoo at Metropica, a 263-unit condo tower. The developer is seeking EB-5 investors to finance and live at the project. Under the EB-5 program, foreign investors can work and reside in the United States if they put at least $500,000 into a U.S. investment and create at least 10 jobs in two years.
Kavana closed on $38 million in infrastructure financing for Metropica in November 2015 and $22 million for the retail portion earlier this year.
Developers expect to complete the entire project within five to seven years. Vertical construction for Yoo is set to start in January. – Katherine Kallergis
Source: The Real Deal