It was a defining moment for US Capital Holdings Group who, a short time ago, received the green light to develop an $800 million project in the heart of Plantation, Florida. With approval of the master plan by the City Council, coupled with overwhelming support of the community, US Capital Holdings Group will begin redeveloping 321 North, the former Plantation Fashion Mall, and build 550,000 square feet of gross retail, 613,000 square feet of office, and up to 590 residential units. The existing office building is scheduled to be complete in 2009, the retail component is slated to open in 2011, and the new office towers are expected to be complete by 2012.
"This is a seminal moment at a seminal time. In an economy where development is all but stalled, we are about to move forward on what will be the City's, and arguably Broward County's, most talked about community," said Wei Chen, CEO, US Capital Holdings Group. "Our vision is to create a true lifestyle destination while meeting the City's desire to build smart and green. Last night, we gained the support of the City of Plantation to help build its future. The economic impact for 321 North will be great, and together, we will change the landscape of this City."
The office component will be comprised of the renovation of the existing seven-story office building as well as new twin Class "A" office towers. The existing enclosed retail mall will be complemented by the new retail plaza, which will face outward and open up onto a spectacular main street setting. The office tower will be renovated first, followed by the demolition of parts of the mall.
Upon build out, 321 North will provide the City with approximately $2 million in tax revenue per year and create upwards of 3,700 new jobs. A staggering statistic that demonstrates 321 North's economic impact, the project is expected to generate $30 million in revenue per year from retail, restaurant and entertainment operations.
"321 North is exactly what Plantation needs. The project is exciting and fresh and is designed to fit seamlessly into our master plan to build an urban town center called Plantation Midtown,' said City of Plantation Mayor Armstrong. "We are thrilled that US Capital Holdings Group upholds the same high standards as the City and is committed to bringing to reality a project that will serve Plantation and beyond. Plantation is the center of the tri-county area, so our urban core will feed from other cities, which will benefit the City as well as the residents of South Florida overall."
Council President Rico Petrocelli added, "321 North is an endeavor three years in the making. It took this long because it is the future, not only of Midtown, but of Plantation, of green buildings, and of mixed-use development."
A LEED pre-certified development that is in line with the City of Plantation's green initiatives, 321 North is one of 60 projects nationwide participating in a special focus group as part of LEED for Neighborhood Development' pilot program to evaluate developments in their entirety and establish a uniform rating system for like communities.
[Editor's Note: Founded in 2004, US Capital Holdings Group is an international private equity investor based in Plantation, Florida. The firm was formed to identify and reposition under performing or distressed properties in advantageous locations and provide capital and real estate management services to institutions and personal investors overseas.]