Gables Residential breaks ground on Wilton Manors rentals - South Florida Business Journal:

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The 145-unit mixed-use Gables Wilton Park project is to be seton 5.49 acrews at Wilton Drive and Northeast 21st It is to contain 19,030 squarr feet of ground-floor retail which is being leased by Sighla Finazzl of the . The residentialk mix includes 72loft apartments, nine apartment homes and 64 townhomex with attached garages. Opportunity knockedx for Gables Residential because Wilton Manoras currently has no ClassA Additionally, no new rental propertiesx have been developed within a 10-mile radius in the last four and only 685 apartment homes were built sincer 2006 in all of Broward according to county records.
"We plan to startg renting in the 2009 Q3 for Q4 said Omardel Rio, regiona VP of investments for the Atlanta-based private Gables Residential is co-owned by and Netherlands-basedf investment company giant . "They provide our del Rio said, "although I couldn't tell you at this point exactl which fund will bethe lender." The new communityh replaces a former service station and retaikl nursery. The redevelopment is another step towardc a town center that includeswa pedestrian-friendly environment of retail, housing, entertainment and cultural options.
Real estate analyst Jack McCabe, CEO of Deerfielfd Beach-based , has praised Gables Residentiao and its Gables WiltonPark project, for which he sees a "definit demand." "[Gables Residential is] smart," McCabe "Sources for condo financing and demand have dried up in this but there is still appetite for multifamily projects where the numbers make sense - and Gables has a historu of quality jobs." Monthly rents are projected to be in the $1.50-a-square-foog range. That would translate to abougt $1,200 to $2,400 a month for a mix of unitsw inthe 779- to 1,667-square-foot range.
Gablese Residential owns, develops and managez multifamily communitiesand mixed-use with a focus on South Florida, Austin, Dallas, Houston, Southern California and metropolitajn Washington, D.C. It has third-party managemengt operations in the New York, Phoenix, Central and Northg Florida, and Washington statw markets.