Trammell Crow Residential Breaks Ground on Apartments at Former Costco
South Florida Business Journal (April 1, 2021) - Trammell Crow Residential recently broke ground on an apartment complex in the Fontainebleau area of western Miami-Dade County.
Located at 8255 Park Blvd., the Alexan Fontainebleau Lakes will replace a former Costco store. The seven buildings will each feature four stories and house 356 units in total. It was financed with a $53.1 million construction loan from Santander Bank
Jim Berardinelli, managing director of Florida for TCR, said it's part of the company’s strategy of building moderately priced apartment projects aimed for households earning $50,000 to $100,000 a year. That usually means building a garden-style project with surface parking, as opposed to a high-rise with a parking garage.
“If you look at the income spread in South Florida, or most any market, it’s a bell-shaped curve and the largest number of people are in the middle-income bracket,” Berardinelli said.
The unit finishes and amenities will be similar to a high-end product, he added. That will include a pool, dog park, fitness center, coworking space, game lounge, and grilling areas, electric car-charging stations, conference rooms and parcel lockers.
The project was designed by MSA Architects. TCR is self-performing as the general contractor. Construction should be completed in 2022.
The developer acquired the 11.3-acre site from Costco for $19.22 million in January.
Meanwhile, TCR expects to complete the 248-unit Alexan in Plantation this summer and it aims to close on the purchase of a development site in Miramar around September, Berardinelli said.
The company is still on the lookout for development sites in South Florida, and several older retail centers are under consideration, he added.