The Pérez family’s Related Group and Isaac Toledano’s BH Group are seeking to downsize a planned mixed-use development in Plantation.
The developers will present a revised plan for significantly reduced Plantation City Center to the city council Wednesday, the South Florida Business Journal reported. Related and BH initially received approval in 2024 for the project slated for the 16.8-acre site at 8601 West Sunrise Boulevard. The plans included 512 residential units, nearly 25,000 square feet of commercial space and 833 parking spaces.
The revised plans call for just 385 residential units, a reduction of 25 percent. The plans also scale back the retail space to 12,100 square feet and parking spaces to 610, the outlet reported.
The residential units will include 16 for-sale townhomes, 180 one-bedroom apartments, 150 two-bedroom apartments and 39 three-bedroom apartments, The project will reserve 10 percent of rental units for people making up to 120 percent of area median income.
The developers tapped Arquitectonica for the design, which includes a four-story building, three three-story apartment buildings and townhouses, and amenities including a pool, gym and pickleball courts.
Related and BH bought the development site for $13 million in 2023. The firms are frequent collaborators and have billions in the pipeline across South Florida.
Earlier this month, they secured a $360 million construction loan for Icon Beach Waterfront Residences, their two-tower planned Hollywood condo project. In March, they landed $200 million in construction financing for their planned Ritz-Carlton Residences, West Palm Beach.
The pivot comes amid a softening multifamily market in South Florida. A pandemic boom triggered a flood of new construction apartments into the market that created an oversupply of units that is now suppressing rent growth. Other developers are recalibrating their multifamily strategies as well.
Some are looking to offload apartment complexes, but data from CoStar shows South Florida multifamily deal volume dropped 26 percent, year-over-year, in the first quarter.
–– Kate Hinsche
