El-Ad Lands $85M to Build 2.8M-SF Dev in South Florida
The $1 billion development will feature 1,292 apartments in Davie
By Julia Echikson September 19, 2025 1:10 pm
reprints
El-Ad National Properties secured an $85 million construction loan from Valley National Bank for a mixed-use, 2.8 million-square-foot development in Davie, Fla., the developer announced.
The District in Davie will include five residential high-rises — ranging from 20 to 24 stories — at 4801 and 4999 South State Road 7, adjacent to Griffin Road, half a mile east of the Florida Turnpike. The $1 billion development will feature 1,292 apartments, 36,000 square feet of restaurants and retail, and 2,650 parking spots in total.
Phase One, which includes the entry promenade, the service access roadways and other common elements, is expected to be completed in December 2026, per a representative for the Boca Raton-based developer.
El-Ad National Properties, part of Israeli billionaire Yitzhak Tshuva’s Elad Group, purchased the 8.2-acre site for $12.8 million in 2021. The parcel previously held a shopping center anchored by BrandsMart USA.
In recent years, El-Ad National Properties has focused mostly on luxury condo development in South Florida. In 2023, it boosted a construction loan to $130 million to finish the 183-unit Alina Residences in Boca Raton. Earlier this year, it paid $20 million for a waterfront site in North Bay Village, which will likely be developed into a luxury condominium.
Julia Echikson can be reached at jechikson@commercialobserver.com.
