Boston, MA – (December 17, 2015)
GID announced today the formation of a joint venture with Altman Development Company to develop Altis at Pembroke Gardens, a luxury multi-family asset in Pembroke Pines, Florida. The site is located just a quarter mile from I-75 and is adjacent to The Shops at Pembroke Gardens, with nearly 400,000 SF of retail and restaurants. The lifestyle center is occupied by several local and national retailers including Banana Republic, Ann Taylor, Barnes & Noble and Old Navy. The retail center also features numerous dining and nightlife options including Cheesecake Factory, Brimstone Woodfire Bar & Grill, Fuddruckers and RA Sushi Bar.
The property will consist of 280 units in a five-story mid-rise building surrounding a structured parking garage. Additionally, the property will feature nearly 6,000-sf of enclosed amenity space including a spa, yoga and fitness center, business center, card room, cyber café, game room and media/event lounge. The project will also feature two courtyards, a resort-style swimming pool with vast deck including a pool pavilion featuring multiple TV screens, full kitchen and a dog run with washing station. Unit finishes will include 9 foot, skim-coated ceilings, granite counter tops with under-mount sinks, tile backsplashes, stainless steel appliances including electric stoves, wine coolers and full size stackable washers and dryers in all units. Bathrooms will be equipped with granite counter tops and tile flooring. Construction completion is estimated to be August 2017.
This transaction is the second joint venture between the two firms in as many months. Bill Chiasson, Senior Vice President of Real Estate Acquisitions for GID commented, “GID is glad to continue our relationship with Altman and add to our stable of development properties in southeast Florida. GID has owned other Altman developed assets in the past and is familiar with their product quality and professionalism. This provided an excellent opportunity to develop a luxury asset in a great location, adjacent to a 400,000 square foot lifestyle center that provides a true competitive advantage over others in the marketplace. We look forward to growing this relationship to include more developments in the future.”