Cavache Properties just won city approval to build a 12-unit townhouse community in Lighthouse Point.
The planned gated community at 3870 Northeast 22nd Way will consist of three- and four-bedroom units, ranging from 2,002 square feet to 2,480 square feet. The project is expected to be completed in 2020 and prices are projected to start at $765,000, according to a press release.
Cavache recently paid $1.4 million for the 40,098-square-foot lot in Lighthouse Point from J&L Holdings of South Florida, which lists developer Louis Bianculli as its manager, according to Florida corporate records. Bianculli is currently on trial in Broward County for allegedly sexually assaulting and torturing his stepdaughter for more than six years. He is charged with multiple felony counts and has pleaded not guilty.
Adam Adache, managing director Cavache said he never met the seller and dealt with a broker from Marcus and Millichap.
Records show J&L Holdings previously purchased the site for $1.1 million in 2012.
Adache said there is high demand for townhouses because there has not been any new construction of townhouse developments in Lighthouse Point in 10 years. The formal name of the community will be announced later, according to the release.
Lighthouse Point is a wealthy city on the northeast coast of Broward County. It is close to Hillsboro Beach and has a population of about 10,000.
Cavache Properties is also developing 30 Thirty North Ocean, a condominium project in the Lauderdale Beach neighborhood of Fort Lauderdale. The project is currently under construction and is expected to be completed by the first quarter of 2019. In addition, it is developing Old Town Square, a 279-unit mixed-use apartment complex in Pompano Beach.
Cavache Properties, based in Pompano Beach, has developed more than over $2.5 billion in commercial and residential real estate, representing over 5,000 residential units and millions of square feet of office and retail space.