Federal Realty proposes 308-unit apartment complex at Shops at Pembroke Gardens

Federal Realty Investment Trust proposes a 308-unit apartment project on a portion of its Shops at Pembroke Gardens.

The North Bethesda, Maryland-based firm wants to build the project on a 2.7-acre parking lot at the 40-acre shopping center at 527 Southwest 145th Terrace in Pembroke Pines, according to filings to the city. The Pembroke Pines Planning and Zoning Board will vote on Thursday on Federal Realty’s requests for zoning map changes and zoning text changes.

The project will consist of studios and one- to three-bedroom apartments. Forty-four apartments will be for households earning no more than 120 percent of the area median income. The units will remain at workforce rents for at least 30 years.

Broward County’s annual AMI is $96,200, according to the Florida Housing Finance Corporation. To qualify for one of the units at Federal Realty’s project, a one-person household can earn up to $96,840, a two-person household can earn up to $110,640 and a three-person household can earn up to $124,440.

Led by Donald Wood, Federal Realty bought the Shops at Pembroke Gardens in 2022 for $180.5 million. The shopping center has 75 tenants, including Sephora, Anthropologie and The Cheesecake Factory.

In Miami, Federal Realty partnered with Grass River Property and Comras Company to redevelop CocoWalk.

South Florida developers are transforming malls and shopping centers into mixed-us projects, often by adding multifamily.

In Cutler Bay, Electra America and the Toledano family’s BH Group plan 4,395 apartments as part of their Southplace City Center project at 20505 South Dixie Highway. The partners are renovating the existing Southland Mall and also plan a 150-key hotel, 60,000 square feet of medical offices, 150,000 square feet of retail outparcels and a community amphitheater.

Easton Group wants to build a multi-story complex with 450 to 500 apartments on the site of the shuttered Sears at 1625 Northwest 107th Avenue at Miami International Mall in Doral.

Aimco drops $64M for mixed-use dev site in Fort Lauderdale’s Flagler Village