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Two S. Florida Developers Buy Apartment Sites at Office Parks
Stiles Corp. and ROVR both bought properties in the parking lots of existing Miami-area office parks. The South Florida Business Journal reports that living on office campuses can reduce commute times and make existing office space more desirable for tenants.
Stiles paid $8.25 million for a multifamily development site at the Plantation Crossroads office park. The Plantation Crossroads site totals 22.3 acres and has a 101,441-square-foot office building constructed in 1997. Stiles is looking to build 384 apartments and a 620-space parking garage in four buildings, ranging from seven to eight stories. The apartments would range from 540 to 1,345 square feet..
Banyan Street Capital, sold three acres just south of the Doral Center office building at 8750 N.W. 36th St. for $6 million to ROVR Development. It has 295,134 square feet of office space (photo).
The property’s zoning will allow ROVR to build 330 apartments in two buildings on the site.
- ◦Development
