Metropolitan at Coral Square will be located on a 5-acre lot north of the former Sears parking lot. {Ascend Properties of Boca Raton}.
By David Russell
It’s no secret the housing market is booming in South Florida.
Riding the real estate heatwave, Ascend Properties of Boca Raton has begun construction on their new 8-story 200-unit apartment complex north of the Coral Square Mall.
After obtaining a $37.2 million construction loan Coral Metro Resi Realty LLC, an affiliate of Ascend, purchased 3.96 acres of land at the northwest corner of the mall at 9469 West Atlantic Blvd. for $2.24 million.
Pompano Beach-based Current Builders filed a notification with the Broward County that it began working on the 204-unit apartment complex named the Metropolitan at Coral Square.
Amenities in the 8-story building will include but are not limited to a courtyard area with a pool, a children’s playground, fitness center, dog park, and a business center.
Behar Font & Partners of Coral Gables designed the project.
Approvals have been received for a conditional use to allocate the units and a special exception for the amount of off-street parking (354 is typically required while 312 were provided). However, they are allowed a portion of the parking lot to encroach within a Florida Power and Light easement.
This development is part of a larger trend to build around traditional malls as many struggle to compete with online retailers. Building apartments helps increase foot traffic to nearby malls. Currently, a dentist’s office and staging for rebuilding the main portion of the plaza are under development near the Ramblewood plaza.
An opening date has yet to be announced.
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