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Landmark at Doral

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http://www.bizjournals.com/southflorida/st...ory1.html?page=

EB Developers plans $390 million Landmark

Ed Duggan

EB Developers is poised to transform a barren 129-acre tract in Doral into the Landmark at Doral, a New Urbanism development with 1,109 residences and 60 retail units.

The residential portion alone is estimated at a $320 million sellout, said John Markey, senior VP at Boca Raton-based EB. Adding in the retail and commercial phases, the overall sellout should be $390 million.

The plan calls for five phases over three years, Markey said. "The sales velocity will govern just how fast we finish the project."

Closing for the land tract just north of the Doral Country Club is scheduled for January, but its price has not been disclosed. The seller is a company owned by Peter Adrian.

All approvals have been secured and the developer is awaiting building permits.

The condominiums and townhomes will be designed by Coral Gables architect Eric Valle, who also did the land planning for the overall project. Building will be in three different styles: Mediterranean, Dutch Caribbean and Key West.

Buildings with ground-floor retail and condominiums above will be designed by West Palm Beach architect Rick Gonzalez, president of REG Architects, which worked on City Place.

Acquisition and development financing has not been finalized, although Markey said EB is negotiating with finalists Wachovia and Ohio Savings.

The Boca Raton office of Staubach Retail Services will handle the retail shop leasing.

The Landmark at Doral project is bigger than EB's recently announced Palm Beach County mixed-use development on the site of the Don King-owned jai alai fronton. That has a projected $350 million sellout and is in the process of securing approvals.

Sales for the Landmark at Doral will be handled in-house and are expected to start in the first quarter.

The company is expected to only release new phases for sale as the previous phase or phases are completed, as well as imposing a two-unit limit for any one buyer.

"We don't want to leave money on the table by selling out too fast or getting hit by unexpected material or labor increases," Markey said. "Nor do we wish to be in competition with speculators as prices inevitably increase in the new phases."

Pre-construction prices for condos in the first phase are estimated to range from $165,000 to $275,000. Some will be ground-floor units with two-story townhomes above. Others will be second-floor units above retail shops.

Two-story townhomes - built on top of the ground-floor condominiums - will be initially offered at pre-construction prices from the high $200,000s to the low $400,000s.

An additional 200,000 square feet of industrial flex-space for sale or lease on 16-acres of the tract is a joint venture with the Easton Group of Miami-Dade.

"It makes a solid income stream for the joint venture, or we can sell all the flex space if the right offer comes along," Markey said.

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