$300 Million Atlantic Crossing Breaks Ground In Delray Beach

May 13, 2018 No Comments by

Spanning two city blocks, the $300 million Atlantic Crossing mixed-use development designed to transform the east end of Downtown Delray Beach’s nationally recognized Atlantic Avenue retail and dining district broke ground May 10.

Representing the largest private investment in the city’s history, this venture by the Edwards Companies of Columbus, Ohio, is bringing first-of-its kind high quality retail and restaurant space, Downtown’s first Class A office quarters, and new luxury residential choices to the heart of the city. Fifth Third Bank is providing the senior loan, arranged by Matthew Williams, Senior Managing Director, Newmark Knight Frank.

A number of leases already are in process for the 73,000-square-foot retail component and 83,000 square feet of office space, with the initial space coming online in fourth quarter 2019. The plan, which also includes more than 300 luxury apartments and condominiums, encompasses a nine-acre site along Atlantic Avenue, bounded by Federal Highway (US1) to the west and the City’s Veterans Park along the Intracoastal Waterway to the east. The site was assembled over more than a decade by Carl DeSantis, CDS Holdings.

Downtown Delray Beach offers “one of the strongest retail scenarios in the country,” according to Robert Gibbs, nationally known retail consultant and author of a 2017 Shopability study commissioned by the City’s Downtown Development Authority. Gibbs found the Downtown can support 434,000 square feet of new retail, generating $221 million in retail sales, and pegged Delray Beach as one of the nation’s Top 10 Downtowns, with the potential to become a Carmel by the Sea or Nantucket. He also cited Downtown Delray’s walkability score — 92 out of 100 – as a draw for today’s best retailers.

 

Jeff Edwards, President of the Edwards Companies, said, “From the outset, we viewed Atlantic Crossing as a rare opportunity—and our confidence has only grown over the six years the project has been in design and review. We’re excited to create a new hub of city life here.”

He noted that for the first time, mid- to large companies seeking corporate caliber, large floor plate office space will be able to choose Downtown Delray Beach.

Edwards Companies has engaged CBRE for office leasing.

 

 “Timing couldn’t be better. Atlantic Crossing is coming on line at an exciting turning point,” according to Drew M. Barkett of Strategic Retail Advisors, exclusive retail leasing agent. “Demand has shifted dramatically, turning away from the controlled environment of enclosed malls and even lifestyle centers.  Retailers and restaurateurs are looking to ‘High Street’ opportunities with a vibrant, authentic sense of place that can draw today’s shoppers and diners, to be the ‘must-see’ spot for out of towners.”

Atlantic Crossing’s commercial components include ground floor retail and restaurant space with 560 linear feet of exposure along famed Atlantic Ave.  Above the retail, the Class A office space introduces 20,000-square-foot floorplates to the Downtown market. Overall, the Atlantic Crossing plan, including the residential components and generous public spaces, has a five-year build out and is projected to generate $2.6 million in annual tax revenues and 600 jobs.

In line with Downtown Delray’s eclectic feel and walkability, each of Atlantic Crossing’s six buildings has a different architectural design. All parking is hidden, below ground or in a garage wrapped by residences, and convenient valet service is provided. Completion of the first luxury residential residences is anticipated for ­­­­­­­­­2020, with additional parkside residential units added in 2022.

 

“The Delray market is highly desirable, but has lacked new, high quality retail and restaurant space. Atlantic Crossing is an opportunity to curate a lively mix of ‘best-in-class’ tenants with the cachet, uniqueness and synergies to create a true-to-Delray dynamic,” Barkett said.

 

 

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