Mexican developer Grupo Eco is going all commercial on its two-phased Hallandale Beach project.
Construction is slated to be completed on Atlantic Village I by the fall, developer Elias Benaim told The Real Deal. The 32,000-square-foot retail and office development, at 801 Federal Highway, signed on new tenants La Estancia Argentina, Doggis Arepa Bar and Flippo’s Kids Playground.
Asking rents continue to be in the same $25 per square foot to $35 per square foot range, triple net, for the second floor and about $10 more per square foot for the ground floor. La Estancia, an Argentinian restaurant, signed a 15-year lease for 3,000 square feet and Doggis signed a 10-year lease also for 3,000 square feet. Flippo’s is leasing about 8,000 square feet on the second floor, bring the project up to about 50 percent leased.
Grupo Eco originally planned to have a residential component for the second phase, Atlantic Village II, but is instead focusing on more commercial space based on market conditions. “ArtSquare has 350 units coming two blocks away so we feel we’re going to succeed in filling the need for commercial space,” Benaim told TRD.
The developer will break ground on phase two by May. It will include about 35,000 square feet with commercial space on U.S. 1 and warehouse lofts on Seventh Avenue, and possibly a shared office concept. Grupo Eco also plans to spend about $5 million to $7 million on the second phase, bringing the total development to about $10 million to $14 million. The group is developing the project on land it bought for $10 million from Tibor Hollo in mid-2015.
The architects are SRS – Synalovksi Romanik Saye. Grupo Eco’s first project in Hallandale Beach was the 7th Avenue Village, a 25,000-square-foot commercial center at 701 West Hallandale Boulevard.
A number of projects are planned or under construction in the Hallandale Beach/Hollywood area. Hallandale ArtSquare, at 413 North Federal Highway, will include 358 apartments and about 12,000 square feet of “community-style” retail space, including restaurants and coffee shop-like tenants. It’s slated to open in early 2018. New to the beachfront is Hyde Resort & Residences, which the Related Group, Fortune International Group and sbe completed earlier this year.