Atlantic Plaza II Delray Beach | Mixed-Use project | Proposed

langbro · Sep 24, 2012

Delray Beach could soon have a smaller version of Lincoln Road.

The project includes residential, retail, restaurant and office space.

The developers behind the $200 million Atlantic Plaza II project in Delray Beach hope to begin construction on the underground parking by the end of 2012.

They also hope to begin vertical construction of the three-phase residential, retail and office project by next summer, said Jeff Edwards, the equity partner who recently joined with Carl DeSantis to build the project.
The project site is located along Delray Beach’s “Main & Main” – Atlantic Avenue and Federal Highway (Northeast Sixth Avenue) – immediately adjacent to the city’s historic Veterans Park and the Intracoastal Waterway.
Edwards said the overall square footage of the four-city block project has not changed, but the size of some of the components have changed, in part, to accommodate current real estate trends.
The number of residences has grown, while the office and retail/restaurant components have been downsized. There are a total of 450 residences planned – 320 rental apartments and 130 condominium units. The developer says condo pricing is still being worked out.
Phase one would be bounded by Atlantic Avenue on the south, Federal Highway on the west, First Avenue on the north and Seventh Avenue on the east. Phase one would have about 40,000 square feet of retail/restaurants and half of the overall office space, or about 50,000 square feet. Additionally, it would include the 320 rental apartments.
“Once we can get it in the ground, we believe we can build this first phase in 18-20 months, with that which is really visible and exciting to those passing by occurring next summer,” Edwards said.
Phase two would be bounded by Atlantic Avenue on the south, Seventh Avenue on the west, about midblock on the north and Veterans Park on the east. It would include about 40,000 square feet of retail and restaurants, 50,000 square feet of office space, and a portion of the condos. Construction would start after the first phase is finished and take 18 to 20 months to complete.
Phase three would be bounded by Seventh Avenue on the west, First Avenue on the north, Veterans Park on the east and midblock on the south. The balance of the condos would be built in this phase, with the construction planned to begin after the second phase is complete, but possibly starting earlier based on demand.
The underground parking planned for the site is limited to one level instead of several levels. Construction of underground parking can be both complicated and expensive, so reducing it was an important change, Edwards said.
Columbus, Ohio-based Edwards Companies was sought out as part of an effort to add an equity partner. Edwards said the joint venture is a 50-50 relationship.
Privately held and family owned since 1959, Edwards Companies serves as a holding company for a collection of operating entities engaged in the various facets of real estate. The company has built more than 30,000 residential housing units, as well as numerous office and retail developments.
Edwards likened Atlantic Plaza II’s potential to Lincoln Road in Miami Beach, a pedestrian retail and restaurant destination that has recently been the focus of new investment, including the sale of a central piece for $132 million.

http://www.bizjournals.com/southflorida/print-edition/2012/08/03/atlantic-plaza-ii-developers-plan-to.html

yellows2k · Nov 6, 2012

Massive downtown Delray Beach project set for vote

yellows2k · Nov 18, 2012

Atlantic Plaza was not approved by Delray commissioners at the November 13 meeting due to complaints from neighbors.

They will take the matter up again on December 4, and the project density may be reduced

http://www.cbs12.com/news/top-stories/stories/vid_3120.shtml

Aerial Photography Inc · Dec 21, 2012

Chronicling Miami's Transformation.

Atlantic Plaza II Delray Beach | Mixed-Use project | Proposed

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