Investment Overview:
CBRE, Inc., engaged as exclusive agent, is pleased to offer for sale a ±13.92-acre infill high density mixed-use site located at the heavily traveled intersection of US 441/SR 7 and Sunrise Boulevard, referred to herein as Carishoca Village (the “Property” or “Site”). Located at the southern end of the State Road 7 Community Redevelopment Agency boundary, the Site which is strategically positioned in the path of major redevelopment enjoys exposure to over 100,000 vehicles daily on average (±54,000 along Sunrise Boulevard and ±46,000 on US 441) and is within two miles of both Interstate-95 and Florida’s Turnpike.
The Site has a future land use classification of Transit Oriented Corridor (TOC), the intent of which is to ensure future development consistent with the pedestrian and transit oriented urban design concepts adopted by Broward County. The zoning for the Property is Commercial Entertainment (CE), which allows for a mixture of commercial entertainment and recreation and other complementary uses. Carishoca Plat was recorded in June 2009, and allows up to 322,000 SF of commercial development and a 150-room hotel. Free standing banks or drive-thru facilities, as well as residential uses within the hotel, are permitted with approval of the Board of County Commissioners.
The Carishoca Village offering presents buyers an opportunity to acquire a critical mass of land strategically located at a hard corner with high density mixed use development potential. Moreover, the availability of various incentives related to the Site’s CRA, Enterprise Zone and brownfield status could allow for additional upside.
Investment Highlights:
| • | Prime development site on highly visible, transit-oriented hard corner |
| • | Major tax incentives and job creation bonuses for development within Brownfield area and Enterprise Zone |
| • | Cooperation and assistance from State Road 7 Community Redevelopment Agency |
| • | City will waive all City-imposed impact fees and will assist developer with obtaining waivers or obtain reductions from Broward County-imposed impact fees. |
| • | Zoning allows for multiple commercial entertainment and recreation uses |
| • | Central location near major thoroughfares, employment centers, educational institutions and points of interest |
| • | Across from new $15 million 1,200 seat performing arts and 10,000 SF library which are slated to break ground in 2013 |
Price Reduced: $4,350,000 ($7.17 PSF)
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