The Estate Cos. is working on plans for two apartment projects in Davie, with one site up for town review and the other site recently acquired.
Both properties are near the Griffin Road exit of Florida’s Turnpike. They would be called Soleste Reserve I and II.
The town’s Planning & Zoning Board will consider the site plan and several exemptions for the first Soleste Reserve on March 12. It would be located on the 2.5-acre site at 5079-5081 S.W. 48th St.
The property currently has 21,600 square feet of warehouses, which were developed in 1969. It was acquired for $6.9 million in 2022 by 50 Davie Holdings LLC, an affiliate of South Miami-based Estate Cos.
Under the proposal, Soleste Reserve I would total 639,215 square feet in eight stories, with 353 apartments. That would include 14 live-work units on the ground floor where tenants could open a small business. The developer would deed restrict 15% of the units as affordable housing to comply with town ordinances.
The development would have 580 parking spaces, with 570 in the four-level parking garage and 10 on the street. That would include 12 electric vehicle charging spaces. Estate Cos. would also make off-site improvements for the town by replacing the sidewalk on Old Griffin Road and building a sidewalk on Southwest 48th Street.
Units would range from 500 to 1,100 square feet. There would be 96 studio units, 188 one-bedroom units, 62 two-bedroom units, and seven three-bedroom units.
The project would have a pool deck, gym and business center on the fifth floor, plus an open-air deck on the top floor.
Miami-based Caymart Design is the architect of the project.
According to the developer’s traffic study, the project would generate 1,637 daily vehicle trips.
Robert Suris, managing principal of Estate Cos., said he hopes to break ground on the first phase of Soleste Reserve in July, pending town approval.
“As a result of the project, this underutilized and dated industrial parcel will be redeveloped with a new, attractive mixed-use project that will significantly enhance this gateway to the town,” the developer stated in the application. “With easy and convenient access to both the Florida Turnpike and Interstate 595, this is the perfect location for new residential units that are much needed in the town and Broward County.”
Meanwhile, Estate Cos. affiliate Davie North Holdings LLC recently acquired the 2.56-acre site at 5000 Griffin Road for $8.15 million from Griffin Road Property LLC, managed by Owen K. Sloan in Fort Lauderdale. Grove Bank & Trust provided a $5.17 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.
The property, which currently has a 3,645-square-foot warehouse and a truck parking lot, is directly north of the site for Soleste Reserve I.
Suris confirmed that the 5000 Griffin Road site will be for Soleste Reserve II. He plans to develop it with 310 units. That would break down to 85 studios, 102 one-bedroom units, 32 one-bedroom units with dens, 85 two-bedroom unit and 12 three-bedroom units.
“Recognizing its potential for substantial growth, the Estate Companies is pioneering development on the east side of the turnpike, an area previously overlooked by development,” Suris stated. “The site’s location in central Broward County puts you within a 15-minute reach of any destination within Broward.”
March 2024. South Florida Business Journal
