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South Florida Firm Buying Land for Large Office Project in Dania Beach

First Retail Tenants Expected to Open at Dania Pointe in 2018
May 8, 2018
Miami-based Integra Investments LLC is finalizing a deal to buy land for up to 500,000 square feet of Class A office space at the $800 million Dania Pointe mixed-use development in Dania Beach, FL, CoStar News has learned.

Integra is acquiring the five-acre site from Kimco Realty Corp., the master developer of the project rising on 102 acres located just east of I-95 at Stirling and Bryan Roads.

When finished, the 5-Star Dania Pointe will have close to 800,000 square feet of open-air retail space, 600 apartments, two Marriott hotels and 400 condominiums, in addition to the office component.

“We are going to be a new destination in the Fort Lauderdale metro area,” said Paul Puma, president of the Southern region for New York-based Kimco.

Officials at Integra, a private equity and development company, declined an interview request through Kevin McCarthy of Colliers International South Florida, the brokerage that is marketing the office site for sale. McCarthy said more details will be available next week.

Integra is developing another project nearby, Aventura ParkSquare, on more than seven acres about a half mile south of the Gulfstream Park racetrack in Hallandale Beach, FL. That development will include retail, entertainment, multifamily, assisted-living and offices.

Office construction is gearing up again in South Florida after being virtually nonexistent over the past decade.

The Miami metro leads South Florida with 2 million square feet of office development in the pipeline, according to second quarter data from CoStar Market Analytics.

The Fort Lauderdale metro is active as well. The Stiles real estate firm is planning a 360,000-square-foot building at 201 E. Las Olas Blvd. – the largest office complex in the city’s downtown since the Autonation building was completed in 2007.

“If you look around, the overall vacancy levels are getting almost to a point where it’s unhealthy,” said Peter Reed of Commercial Florida Realty Services in Boca Raton, FL. “It becomes counter-productive to business if there are not office alternatives for companies.”

Meanwhile, Dania’s Pointe’s retail component remains on pace for a 2018 opening, according to Kimco’s Puma.

American supermarket chain Lucky’s Market, Men’s Wearhouse, YouFit, Shoe Carnival, Five Below and Starbucks are part of another wave of retailers announced at the project.

Those tenants will join BrandsMart USA, Hobby Lobby, TJ Maxx and Outback Steakhouse in the development's 329,000-square-foot first phase.

Some of the tenants will open late this year, with the balance expected in early 2019, Puma said.

He added that he’s particularly pleased to be adding Lucky’s, a grocery store that emphasizes natural and organic products and serves beer and wine to customers while they shop.

“I’m delighted with the traffic they’ll bring,” Puma said. “Any time you add a grocery component to a shopping experience, it delivers a different type of client.”

The first phase is now 93 percent leased, and Kimco has lease commitments for more than half of the 322,000-square-foot second phase, Puma noted. Construction is scheduled to start on that portion this summer, with delivery anticipated in the fourth quarter of 2019.

Plans for third and fourth phases of retail development have not yet been announced.

The first 264 apartment homes are due to break ground this summer, Puma said, adding that the two hotels will begin construction next year.

Paul Owers, South Florida Market Reporter  CoStar Group   
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