2717 Van Buren st , Hollywood and 30 NE 5th st , Pompano Beach
Prestigia offered to pay $1.2 million to acquire a 1.89-acre parking lot at 2717 Van Buren Street from the city of Hollywood. The planned development would have two four-story apartment buildings with a total of 63 units and two three-story townhouse buildings with a total of 15 units. The development also would include 111 parking places and a pool, according to a 108-page development proposal that Prestigia submitted to the city.
Monthly apartment rents would range from $1,195 for 57 one-bedroom, one-bathroom units to $1,570 for six two-bedroom, two-bathroom units. Monthly rents for the 15 townhouses would be about $2,300.Prestigia is currently developing another South Florida project called Prestigia Pompano, designed as a mixed-use property with 51 residential units. The company, which is waiting for a permit to start construction, paid $800,000 for the development site in Pompano Beach.
Prestigia expects to spend $16.8 million to develop the four-building residential complex, which would have about 85,000 square feet of interior space. Financing would include $4.9 million of equity and an $11.3 million mortgage, according to Prestigia’s proposal.
The company expects to obtain long-term mortgage financing from Société Générale, and a construction loan from Miami-based International Finance Bank. Fort Lauderdale-based Moss Construction would be the general contractor, and Miami-based Lloyd Jones would be the property manager.
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