A shopping center and office building in Tamarac will be demolished to make way for an apartment complex thanks to a $23.66 million construction loan.

Wells Fargo Bank provided the mortgage to CE Tamarac LLC, a joint venture between Cypress Equity Investments and Eden Multifamily. The developers are led by Jay Massirman and Jay Jacobson in Miami.

The developers recently filed notice with the county that they broke ground on 212 apartments at 8501-8795 W. McNab Road. Davie-based ANF Group is the general contractor. The four-story Eden West will include a pool, a fitness center and a clubhouse, plus 361 parking spaces.

The project was designed by MSA Architects.

“Our venture was attracted to this development opportunity because of the site’s excellent proximity to the Sawgrass Expressway and Florida’s Turnpike, significant retail and thousands of jobs,” Jacobson said. “We look forward to delivering new Class A apartment product to the growing city of Tamarac.”

FCP said it arranged $8.6 million in preferred equity for Eden West.

The developer acquired the 6.24-acre site for $3.42 million in 2019. At the time, the 59,617-square-foot retail/office center was mostly vacant. It’s located on the northeast corner of Pine Island Road.

This continues the trend of older retail centers in South Florida being redeveloped into more profitable uses as online sales eat into traditional retail sales.

Link: South Florida Business Journal

By: Brian Bandell