Aug 06 2014

Metropica condo sales expected to start this year

August 6, 2014 – Sunsentinel

The master developer of Metropica is partnering with an Atlanta builder on the first condominium at the $1 billion mixed-use project in Sunrise.

Metropica’s Joseph Kavana and Scott L. Leventhal have formed The Trillist Cos. and expect to break ground early next year on the 264-unit condo. Sales could begin this year.

Leventhal said Wednesday a name is still being finalized. An exact price range also has not yet been determined, though he indicated the units could be listed from the $300,000s to about $1 million.

“This is going to be a gem,” he said, pointing out that residents will be living in the middle of a self-contained community.

Metropica is west of the Sawgrass Mills mall at the northeast corner of Sunrise Boulevard and Northwest 136th Avenue. The first two phases call for 1,250 condos and apartments, 485,000 square feet of commercial space and 150,000 square feet of offices.

Sunrise city commissioners last month unanimously approved a master plan and a request to rezone the property.

The lower-priced condos at Metropica will be appealing to middle-class South Floridians, who can’t afford pricey waterfront units being built along the coast, said Jack McCabe, a housing analyst in Deerfield Beach.

But Trillist may have a tougher time marketing the higher-end units, McCabe said.

“There’s so much inventory under construction that is adjacent to or on the water,” he said. “I don’t think many people paying $1 million for a condo would want to live out west versus on the water.”

Leventhal is a fourth-generation developer whose great-grandmother built hotels and apartments on South Beach in the 1940s.

He is CEO of Atlanta-based Tivoli Properties Inc., which has built throughout the Southeast, including condos in Atlanta. The company says its portfolio is valued at nearly $500 million.

Kavana is head of Aventura-based K Group Holdings. His specialties include commercial, retail, multifamily and industrial developments.

He first proposed the 65-acre Metropica several years ago, but the project was delayed because of the recession.

“We had to wait until we saw a light at the end of the tunnel,” Kavana said. “We are very bullish now.”

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