Avison Young and Karson & Co. to structure joint-venture equity partnership for Metropica, a ±48-acre mixed-use legacy development site in Sunrise, Florida
May 4, 2023
Immediately adjacent to Sawgrass Mills, Metropica represents rare opportunity to create a ‘city-within-a-city’ in land-constrained South Florida
SUNRISE, FLA. – Avison Young’s Florida Capital Markets Group and Karson & Co. have been tapped to structure a joint-venture equity partnership for Metropica, a ±48-acre mixed-use development opportunity at 1800 NW 136th Ave. in Sunrise, Florida. One of the largest contiguous land sites available in South Florida, Metropica has a buildable program of 2,500 residential units, 240 hotel rooms, 480,000 square feet of retail space, and 650,000 square feet of office space. The property comes with attractive economic incentives, lies within an approved Community Development District, and shares access points with Sawgrass Mills, an outlet mall second only to Disney World among Florida’s top tourist attractions.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; John K. Crotty, CCIM; Keith O’Donnell; and Brian C. de la Fé along with Karson & Co. Managing Principal Arden Karson will spearhead the joint-venture transaction on behalf of Metropica Development LLC. The team anticipates it will transact in excess of $250 million.
“In land-constrained South Florida, aggressively-zoned greenfield sites of this scale are increasingly rare,” said Fay. “The equity partner for Metropica will have the opportunity to develop a ‘city-within-a-city’ with its own center of gravity, making it a true legacy asset.”
Florida’s population is growing faster than any other state, which is influencing rents across commercial real estate asset classes to hover near all-time highs. The 263-unit Metropica One class A residential condo project, the first building developed as part of the previous masterplan, was completed in 2020 and garners the highest sales prices and rents for the area, speaking to the ability of high-quality new construction to command a significant premium in the market.
“We are excited to work with Avison Young and Karson & Co. to secure a joint-venture partner to help bring this legacy development to fruition,” said Joseph Kavana, CEO of Metropica Development. “In the most positive way, the project will completely revolutionize the Sawgrass area, which has been near and dear to me, and I look forward to seeing it unfold.”
Prominently located in the heart of one of South Florida’s most-visited submarkets, Metropica is easily accessible from the Sawgrass Expressway which quickly connects to Interstate 75 and Interstate 595, allowing a convenient drive from nearly anywhere in South Florida. Area amenities include the immediately adjacent Sawgrass Mills, the largest outlet and value retail shopping destination in the United States with more than 350 stores, The Colonnade Outlets at Sawgrass Mills with over 70 exclusive high-end outlets, and countless dining options within walking distance.
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