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Broward County Banks on Office Market
By Jennifer
LeClaire
While most residential opportunities in Broward County are
now in-fill and condo conversions projects, Fort Lauderdale's
office market is booming.
The city leapfrogged 10 spots to No. 1 in Marcus & Millichap's
2005 National Office Index, displacing Washington, D.C. The
city had the second-highest forecast of revenue growth of
all 42 markets considered.
But it's not all offices. Fort Lauderdale-based Stiles Corp.
is developing Lakeside Town Shops, a 275,000-sq.-ft. retail
community shopping center in Davie that will be anchored by
an 185,000-sq.-ft. Target Superstore.
Broward County's first five-star hotel, the $135 million,
23-story St. Regis Resort, Spa and Residences on Fort Lauderdale
beach, is expected to be completed this fall.
Centex Construction is building a similar project - the Capri
Resort and Condo Hotel and Residences in Fort Lauderdale,
targeted for completion in August 2007.
The residential boom in Broward County currently centers
around Hallandale and Hollywood. John Moriarty & Associates
is building the 550,000-sq.-ft., $118 million Beach Club I
condo as well as the 880,000-sq.-ft. phase two.
Suffolk Construction of West Palm Beach is well under way
with the Diplomat Oceanfront Residences on Hollywood's beachfront.
And Hollywood Station, a $170 million, mixed-use, multiphase
development that will span four city blocks across eight acres
of land at Hollywood Boulevard and South Dixie Highway in
Hollywood, is scheduled for completion next fall.
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