5-Tower $1B Apartment Project Slated for Davie
In a project billed as the biggest apartment complex in the history of Davie, Fla., a Boca Raton developer plans to build 1,256 rental units in the Fort Lauderdale suburb.
Developer El-Ad National Properties announced Thursday that it would tackle a 2.8 million-square-foot mixed-use project to be called The District in Davie.
Located just east of Florida’s Turnpike at 4801-4999 South State Road 7, the project would include five multifamily towers, 36,000 square feet of restaurants and retail, and 2,650 parking spaces.
Construction at the $1 billion project is slated to begin by mid-2023, and will replace an aging shopping center. The site is now occupied by an outpost of electronics retailer BrandsMart USA. That store will be demolished to make way for the new development of high-rises in a suburban area.
“We’re building a project that normally would belong to the urban core,” El-Ad National Properties CEO Noam Ziv told Commercial Observer.
The Davie project’s five buildings will range in height from 20 to 24 stories. Apartment sizes will range from 589-square-foot studios to three-bedroom units spanning 1,460 square feet. Ziv said rental rates will be $3 a square foot, translating to a range of $1,800 to $4,200 a month.
Each building will have a pool, 24-hour fitness centers and spa treatment rooms.
El-Ad acquired the site in 2021 for $12.8 million. The Davie Town Council approved the project this week.
Ziv said the project seeks to address the need for more housing units for South Florida’s growing population.
“With 1,000 people migrating into Florida on a monthly basis, we have a shortage,” Ziv said.
Jeff Ostrowski can be reached at firstname.lastname@example.org.