BSD Capital is planning a two-tower, mixed-use project on a Davie development site the firm acquired for $16 million.
An affiliate of Hollywood-based BSD Capital, led by co-CEOs Guy Levintin and Sharon Sharaby, acquired a 4.8-acre property with a 41,000-square-foot office building at 4491 South State Road 7, records and real estate database Vizzda show.
The buyer partially financed the purchase with a $2 million loan from the seller, Tri-County Development Group, an entity managed by Laurence Leavy in Fort Lauderdale. The building was completed in 1989, the same year Tri-County bought the site, records show. The previous sale price is not listed in the deed.
BSD Capital has a pending site plan application for The Core Residences, which will consist of two 24-story buildings with 744 apartments, 51,000 square feet of retail and 29,000 square feet of offices, Levintin told The Real Deal. His firm is also seeking a zoning change that would allow for the construction of the high-rises on the property, Levintin added.
“We got staff approval,” he said. “We are waiting [to get on the agenda for a] city commission meeting.”
The existing three-story building, which offers executive suites, will remain in use during construction of the first high-rise, Levintin explained. “We are trying to stabilize the office space to generate income during the entitlement phase,” he said. “We can develop one side without demolishing the office building.”
The development site is adjacent to The District in Davie, a planned $1 billion mixed-use project with 1,254 apartments and 36,000 square feet of retail and restaurants, developed by El-Ad National Properties.
BSD Capital is a commercial real estate development and development firm with 12 projects in Broward County and central Florida, the company’s website shows. Last year, BSD Capital completed Koosh Living, a 231-unit apartment building in Dania Beach, near the Seminole Hard Rock Hotel & Casino in neighboring Hollywood.
The firm is also developing several projects on State Road 7 near The Core Residences site, Levintin said. BSD Capital is converting a former car dealership at 426 North State Road 7 into a kosher food hall with 18 dining spots, and is developing a Wyndham-branded hotel with 100 kosher rooms at 5350 North State Road 7.
Nearby, BSD Capital is also planning LS Residences, a mixed-use project with 96 condominium units, 140 luxury hotel rooms, and 40,000 square feet of retail space.
