South Florida’s $1.5B Sunrise Project Is Coming to Light
CPE takes a close-up look at one of the nation’s largest mixed-use projects currently under construction: Metropica. KGH International and The Trillist Cos. are developing the 65-acre project.
By Laura Calugar
South Florida’s favorable tax environment coupled with a relatively affordable cost of living and diverse economy, all contribute to the area’s reputation as a burgeoning market. The example of West Broward, a corridor with an intense business activity that is likely to reshape the real estate landscape in northern Miami, is illustrative.
The city of Sunrise, a suburb of Fort Lauderdale, is in the middle of the massive transformation as it houses Metropica, a 4 million-square-foot mixed-use project that is expected to steal Sawgrass Mills’ thunder—currently the state’s second most popular attraction after Disney. Metropica is a 65-acre, $1.5 billion master planned development that ranks as one of the nation’s largest under construction mixed-use communities. The project includes 2,250 units within eight residential towers, 550,000 square feet of office space, its own Central Park and 80,000 square feet of entertainment space, and 400,000 square feet of retail accommodations.
Located at 1800 N.W. 136th Ave., close to South Florida’s major highways, including interstates 75, 95, 595 and the Florida Turnpike, Metropica is less than 15 minutes from Fort Lauderdale Airport and less than a half hour from Ft. Lauderdale’s beaches, Boca Raton and Aventura. American Express, HBO Latino, AT&T, Magic Leap and Universal Music are just a few of the companies that have their corporate headquarters in the area.
Development firms KGH International and The Trillist Cos. are behind this mammoth project through their entity, Metropica Development LLC. The two companies teamed up with Oppenheim Architecture + Design, YOO Studio, CI Design and EDSA to plan the luxurious urban community. Moreover, the developers already appointed CBRE as the exclusive leasing advisor for one of the upcoming office buildings.
Metropica Development Vice President of Development Erick Collazo confirmed iPic Theaters, Dance With Me, Anthropologie, Kendra Scott, Noire The Nail Bar, Genuine Pizza, Sugarboo & Co., Urban Outfitters, CityWorks, City Perch Kitchen and Bar, Sparkles Fine Gifts and Cru Food & Wine Bar have all signed leases for different spaces within the community.
Remodeling South Florida
The first 28-story tower, which topped off a year ago, is slated for full completion in early 2019, with only a few units still available for purchase. “The prices for Metropica One range from $450,000 to $1,5 million,” CEO Joseph Kavana told Commercial Property Executive. The developers are now preparing to begin work on the initial commercial/retail component. Delivery of the entire Metropica complex is scheduled for 2021.
“Our carefully curated development offers the best value proposition that is the first of its kind in the western corridor of South Florida. With leading national corporations making this region their home, Metropica is a legacy project that is unmatched in the market and with urban accessibility in the heart of the suburbs, the development is created to meet the demand for those looking to move west,” Collazo said.
Metropica is certainly not the only project that will transform South Florida. Construction is underway on the first phase of Dania Pointe, an open-air lifestyle community in Dania Beach that will span more than 100 acres. Developers Turnberry Associates and LeFrak are turning the former site of a toxic waste dump into SoLe Mia, a $4 billion megaproject. The first phase broke ground in July 2017, when work began on two 17-story towers totaling 400 units. Miami Worldcenter is another $4 billion development underway, spearheaded by Falcone, Motwani and Kodsi. The list could go on, marking this area of Florida one of the busiest in the country.
Images courtesy of Metropica Development