202,000 SF Development Site Up For Grabs In Hallandale Beach

Jul 10, 2018 No Comments by

Avison Young’s Florida Capital Markets Group has been exclusively retained to market and sell The Element, a development site zoned for 202,380-square-feet of hospitality, office, or mixed-use with retail space rising up to 20 stories at 804 South Federal Highway in Hallandale Beach.

Ideally positioned in front of the Gulfstream Park and Casino, the property represents a unique opportunity for an investor or developer to acquire an asset at the center of Hallandale Beach’s redevelopment plan.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Senior Associate Brian de la Fé; will lead the marketing and disposition of the property on behalf of the seller, SMIR 3001 LLC.

 

“Hallandale Beach is in the midst of a prodigious transformation with the city’s redevelopment plan to create a pedestrian-friendly urban atmosphere with over 5,000 residential units as well as large-scale mixed-use development to serve the influx of new residents,” said Crotty. “The property, being at the heart of Hallandale’s redevelopment project, provides investors a rare opportunity to purchase an asset that is directly aligned with the area’s inevitable growth and positioned to capitalize on the unlimited potential it offers.”

Aventura’s high barriers to entry and lack of developable land have pushed the core of new developments northward. According to recent reports, Hallandale Beach has an office vacancy rate of 7 percent as the market continues to grow in popularity as an alternative to its neighbor, Aventura. This growth can be attributed to the city’s adoption of a master zoning plan which encourages and incentivizes use within the regional activity center (RAC) corridor where favorable zoning and land values have contributed to a surge in development interest.

 

“The Aventura and Hallandale Beach submarkets continue to represent high demand and low opportunity for mixed-use space,” continued Crotty. “The amenity-rich environment, drawn from its adjacency to the Gulfstream Park and Casino and Aventura’s shopping and retail district, diverse demographics, and ease of access allows for enterprise to better serve their workforce and client base. With limited new supply online in a highly desirous market, The Element is perfectly poised to serve the area.”

Strategically situated on South Federal Highway, a major commercial thoroughfare, The Element sits just about a mile from the famed Aventura mall. The property also benefits from excellent connectivity for commuters, as it is located less than 1.5 miles from Interstate 95 and positioned between two of the country’s largest airports (Miami International and Fort Lauderdale-Hollywood International).

 

 

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Broward County Multifamily, Broward County Office, Broward County Retail, Industry News, Multifamily, NA, Office, Retail
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