Details
Fisher Auction & Avison Young, as exclusive advisors to the receiver, are pleased to present the Heron Pond Condominium Complex offering, a ±25-acre, 321-buildable-unit development site located in Pembroke Pines, Florida. The Property was originally developed as a garden-style multifamily project known as Runway Bay in 1988, and was later converted to condominium in 2006. All units in the community have been vacated after being deemed unsafe due to general safety concerns. The condo association is in the process of being terminated and the Property will be conveyed in one fee simple transaction.
Investment highlights
ENORMOUS ±25-ACRE REDEVELOPMENT OPPORTUNITY.
The Property offers an immense developable footprint with ample space to develop a residential community comprising apartments, townhomes, or single-family homes in an infill location surrounded by key demand drivers and amenities. By-right zoning allows for 12 units to the acre, totaling over 300 units.
SIGNIFICANT UPSIDE WITH REZONING.
By achieving an upzoning or land use plan map amendment, an incoming developer stands to substantially increase the buildable program, with a maximum potential program of 1,340 units.
TOP-TIER SUBURBAN LOCATION.
With top-ranked schools, household income above $80,000, high median home values and excellent proximity to employment centers and commuter thoroughfares, Pembroke Pines is one of Broward County’s most desirable suburbs.
BUILT-IN AMENITY BASE.
The Pines Boulevard corridor, which the Property fronts directly, is home to a wide range of retail options. One highlight is the Shops at Pembroke Gardens, a popular experiential, open-air mall home to dozens of popular eateries and nightlife spots and retailers including Lululemon, Sephora and Nike.
BOOMING MARKET.
South Florida is in the midst of a stunning period of economic, population, and wealth growth. The region continues to attract affluent residents from high-tax states like New York and California, along with financial services firms, investment companies, and hedge funds. This influx has resulted in sustained demand for new residential developments and has pushed rents and prices to record highs.
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