MMG Equity Partners scored site plan approval and $6 million in tax incentives for its planned Residences at Plantation Square.
The eight-story, 307-unit multifamily project at 8190 West Sunrise Boulevard is part of MMG’s 10.4-acre Plantation Square mixed-use development.
The Plantation City Council granted approval to the developers at its Wednesday meeting, clearing the latest hurdle for MMG, which previously secured a land use change and rezoning for the 5.5-acre site in April.
As part of the agreement reached with the city, 123 units will be reserved for workforce housing, with 77 units set aside for households making up to 80 percent of the area median income and 46 for those making up to 120 percent of the area median income, a press release shows.
The firm acquired the Residences at Plantation Square site for $3.5 million in 2022, according to property records. The planned apartment building will replace a Bank of America branch currently on the site.
Residences at Plantation Square will have studios and one- to three-bedroom units, the release shows. The design team includes Miami-based MSA Architects. Amenities will include a clubhouse, co-working spaces, fitness center and pool, according to the release.
The $6 million in tax incentives are a property tax rebate to be paid out over 19 years.
MMG Equity is led by managing partners Gabriel Navarro, Marcel Navarro and Martin Pico. Navarro family patriarch Jose Navarro is known for founding the Navarro Discount Pharmacy chain, which he brought to South Florida from his native Cuba. He sold the chain to CVS Caremark in 2014, according to published reports.
The firm bought the Plantation Square shopping center property for $12 million in 2021, according to property records. It recently completed a $4 million renovation of the 69,000-square-foot complex, the release shows. Elsewhere in South Florida, MMG is planning a mixed-use development in West Kendall with 38 townhomes and 24,500 square feet of retail. The firm won approval for the project in February.
