May 15 2014

Sunrise approves $1B development project

May 15, 2014 – South Florida Business Journal

Metropica in Sunrise is planned for 1,250 high-rise residential units, 485,000 square feet of commercial space and 150,000 square feet of office space.

Sunrise city officials approved the $1 billion Metropica mixed-use project, which has been in the works for more than 10 years.

Joseph Kavana’s K Group Holdings wants to build the project on 63 acres it owns just west of the Sawgrass Mills Mall along Panther Parkway/Northwest 136th Avenue. The approval allows for 1,250 high-rise residential units, 485,000 square feet of commercial space and 150,000 square feet of office space.

The first phase of the project will be condominiums, although at least 500 units in future phases will be rentals, Metropica spokeswoman Lauren Marks said. No price points have been announced.

The developer has yet to sign any commercial tenants as its focus has been on obtaining approvals and launching residential construction, she said.

The developer will also fund $5 million in transportation infrastructure, including a shuttle system. A two-acre public park will be included in the site.

Marks said K Group plans to sell an additional 17 acres to The Richmond Group for the development of a 417-unit residential project

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