KENDALL, FL - Boca Raton, Florida-based The Altman Companies announced they have closed on 24.6-acres in Kendall Square at West Kendall Drive in Miami-Dade County. Construction on Altis at Kendall Square is scheduled to start immediately with first units to be delivered in the fourth quarter of 2013.
Lenders for the development are TD Bank and Behringer Harvard. Bradley Associates and BBX Capital are the equity partners.
The spectacular 321-unit apartment community will feature a mix of one, two and three-bedroom apartment homes, 6,000 square feet of retail and a private resort style 5,000 square foot clubhouse. Other amenities will include a pool and spa, an outdoor activities pavilion with sports bar and demonstration kitchen, cabanas overlooking the lake, playground, beach volleyball court, dog park with bathing station, and a unique opportunity for residents to grow their own organic vegetables and herbs on 10' x 10' garden plots complete with a composter.
The community, according to Joel Altman, Chairman of the Altman Companies, features an urban design based on traditional neighborhood master planning with emphasis on pedestrian traffic featuring wide sidewalks, front porches, parallel parking, and one-way streets. The neighborhood design is anchored by a large, 80-foot-wide, heavily landscaped promenade with flowering trees and plazas with water features, trellises and benches. The promenade ends at a two-acre park with a soccer field and a large obelisk surrounded by tall oak trees.
"It's reminiscent of what you would find in some of the finer European cities," said Altman.
"We are very pleased to be partnering with The Altman Companies on this development, as we continue to build our investment portfolio," commented Seth Wise, president of BBX Capital Asset Management. "The Altman Companies are highly respected in the rental apartment field and we are excited to partner with them to bring this exciting new neighborhood to the Kendall market."
One of the leading multifamily developers in the Southeastern U.S., The Altman Companies started construction on 270-unit Altis at Coconut Creek and 300-unit Altis at Sheridan Village, two South Florida rental apartment communities in 2012. Altis at Grand Cypress, a 258-unit development in New Tampa, Pasco County is nearing completion, with models open and new residents already enjoying their new apartment homes, according to Altman.