Rilea Group Plans 237 Apartments in Dania Beach
In the latest sign of activity on a once-sleepy stretch of Dania Beach Boulevard, Rilea Group of Miami plans to begin construction of a 237-unit apartment project later this year.
The 12-story Mangrove at Dania Beach at 480 East Dania Beach Boulevard in Dania Beach, Fla., will include a pool deck and views of the 1,800-acre West Lake Park just east of the site. Rental rates will be $3.40 a square foot, or about $3,400 a month for a 1,000-square-foot unit, Rilea Group President Diego Ojeda told Commercial Observer.
While the multifamily market has shown signs of softening elsewhere in the country, South Florida’s influx of new residents is driving demand for housing, Ojeda said.
“You’re still having a huge migration of people moving from the Northeast and from California,” he said. “We think there’s still runway. Maybe the velocity isn’t as fast as it was two years ago, but projects are still leasing up. The demand is still there.”
Rilea Group has approvals in hand and is negotiating financing, Ojeda said. The developer has owned the site for two decades and joins a flurry of development projects in the area.
At 901 East Dania Beach Boulevard, Related Group won approval for a 355-unit multifamily project. At 600 East Dania Beach Boulevard, Royal Palm Companies plans a 293-unit rental complex. And at Stirling Road and Federal Highway, Apollo Companies plans a 278-unit project known as 101 Dania Beach.
Dania Beach is 23 miles north of Downtown Miami, just south of Fort Lauderdale-Hollywood International Airport.
“The time is right,” Ojeda siad. “You’re five minutes away from Port Everglades and the airport, and those are the two biggest employers in Broward County.”
A bit farther south, Ojeda is developing two 12-story buildings in Miami’s Wynwood district. Rilea Group and a partner bought one of the sites last year for $12 million.
Jeff Ostrowski can be reached at email@example.com.