“There is an availability gap in that price range, no doubt about it,” said Christopher Longsworth, CEO of Invesca.
Most of the new construction across South Florida targets well-to-do buyers, many of whom are coming from outside Florida and the U.S. Even some new townhome developments are out of reach for first-time buyers, with prices above $300,000.
“Even though we may be transitioning to more of a buyer’s market, this project should do very well,” said Jack McCabe, a housing analyst in Deerfield Beach.
Plantation-based Invesca also is developing Koi Residences & Marina, which features 46 three- and four-story waterfront villas east of Dixie Highway on the south side of Atlantic Boulevard.
Prices at Koi range from $439,000 to $669,000, and the project is more than 90 percent sold, the developer said. Invesca plans to launch a 92-unit second phase, Ethos, in April.
Strata at Plantation is at 4350-4450 W. Sunrise Blvd. The city approved the project in February, and Invesca expects to start construction this summer.
Amenities include three parks, fitness trails, a resort-style pool, spa, fitness center, a billiards room and a volleyball court. The developer hopes to obtain an environmental designation from the U.S. Green Building Council.
Invesca is building on more than 13 acres of the 24-acre site, said Gayle Easterling, senior planner for the city of Plantation. The balance of the site will be redeveloped later, with residents preferring a commercial use, Easterling said.
The townhomes will be built on land that has housed eight nondescript buildings, mired by low vacancies and maintenance problems in recent years, she said.
“The neighborhood is very happy to see that property redeveloped,” Easterling said.
Strata is part of a larger initiative by the city to improve West Sunrise Boulevard.
Another project, Broadstone, will bring 250 apartments to the area, and work continues on the renovation of the Plantation Pointe Office Park, the campus once owned by electronics giant Motorola Solutions.
The park’s owner, Torburn Partners, has filled the 850,000-square-foot complex by negotiating leases with Motorola, health care company Amsurg Corp. and Magic Leap, a developer of entertainment technology.
Baptist Health South Florida is building a 15,000-square-foot endoscopy center on the property. Starbucks, Walgreens and other national retailers also are coming to the site.
“The resurrection of that complex is putting the West Sunrise Boulevard corridor back on the radar,” commercial real estate broker Jonathan Kingsley said.
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