WEST PALM BEACH, FLA. — Northmarq is opening a debt and equity office in West Palm Beach, which will be led by new hire David Gahagan. Gahagan’s title will be managing director, and he will collaborate with Northmarq’s Miami and Fort Lauderdale offices. Gahagan previously served as senior director at Walker & Dunlop for nine years and senior vice president of Grandbridge Real Estate Capital’s South Florida office. Earlier in his career, he held production roles with Legg Mason Real Estate Services.
TAMPA, FLA. — Colliers has hired Matt Siegel as executive managing director and brokerage market leader for West and Central Florida. Siegel will oversee the team that serves Tampa Bay, Orlando and Fort Myers, which includes 95 brokers and 50 support staff. Siegel comes to Colliers from CBRE Tucson, where he served as managing director. Previous roles included vice president and market director for NAI Robert Lynn, where he specialized in office and industrial brokerage. Siegel will replace Danny Rice, who held the Florida position for five years. Rice has …
SARASOTA, FLA. — Crescent Communities started construction of a multifamily community, RENDER Legacy Trail, and a build to rent (BTR) community, HARMON Legacy Trail, in Sarasota on March 1. The development sites are adjacent and will be part of the same neighborhood. RENDER, a joint venture with FCP, includes 450 units, in one- to three-bedroom floor plans. A self-service package area, 24-hour fitness center and co-working lounges are some of the amenities. HARMON Legacy Trail consists of 76 townhomes in three- and four-bedroom configurations. Both properties have direct access to …
WESLEY CHAPEL, FLA. — Middleburg Communities has closed on two land parcels for two development projects in Wesley Chapel, about 25 miles northeast of Tampa, Florida. Mosby Avalon Park will be a 338-unit multifamily community, and Hamlet Avalon Park is a build-to-rent (BTR) project with 260 single-family homes, duplexes and townhomes. Construction will begin immediately on Mosby. Middleburg expects to break ground on Hamlet Avalon Park by approximately the second quarter of this year. The Mosby portion of the development is $85.5 million, and Hamlet Avalon Park will cost $79.5 …
JACKSONVILLE, FLA. — RangeWater Real Estate has acquired 28.6 acres in the San Jose neighborhood of Jacksonville for the development of a 280-unit property. This project, called The Maggie, will be the Atlanta-based developer’s sixth in the Jacksonville market. ParkProperty Capital is RangeWater’s equity partner. San Jose is a historic neighborhood, founded in the early 1900s, that is about 8 miles south of downtown Jacksonville. The Maggie will feature a clubhouse with a meeting space, a resident’s lounge and a fitness center with cardio, yoga and strength training equipment. The …
POMPANO BEACH, FLA. — The Estate Cos. has broken ground on Soleste Pompano Beach, an eight-story, mixed-use community with 253 apartments and 4,000 square feet of commercial space. The project is in Pompano Beach, about 10 miles north of Fort Lauderdale. Soleste Pompano Beach will offer studios, one- and two- bedroom units and “live-work units,” which the developer defines as apartments with a combination of residential and business space ranging in size from 450 to 1,050 square feet. Amenities will include a resort-style pool and amenity deck with a fitness …
South Florida’s multifamily investors know a storm is coming. But threats of disaster, natural or economic, seem incapable of toppling confidence in this region’s potential. The optimism is born out of sustained population and job growth paired with residents’ desires — in many cases their needs — to live in apartments instead of buying homes. The U.S. Census Bureau’s 2022 population estimates, released in December 2022, indicate that Florida is now the nation’s fastest-growing state for the first time since 1957. The state’s population increased by 1.9 percent to 22.2 …
MIAMI — Clara Homes has closed on a $26 million construction loan provided by Maxim Capital to fund the first phase of Clara Bay Harbor in Miami. Construction will be completed in three phases. The first phase, which begins in March and is estimated to be complete by summer 2024, will yield one 28-unit building with one- to five-bedroom floor plans. Amenities will include a rooftop pool and fitness center. Construction of the remainder of the project, which consists of 122 units within two additional six-story buildings, will begin later …
MIAMI — Coastal Construction Group, a Miami-based general contractor, has launched an affordable housing division that will focus on workforce, affordable and seniors affordable development projects in South Florida. Hernan Acurio was hired to lead the division. Coastal Construction’s past affordable-housing projects include Poinciana Village in Key West, Florida, and Oasis and Shepherd’s Court in Miami. The firm currently is building Sawyer’s Walk in Miami for The Swerdlow Group. Sawyer’s Walk is an 18-story mixed-use project with 578 rent-restricted studios and one- and two-bedroom apartments reserved for lower-income seniors.
TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …