UPDATED, March 14, 3:05 p.m.
Developers Grupo Eco and the Apollo Companies launched sales of a 57-unit office condo project that is under construction in Hallandale Beach.
The 12-story building on a half-acre at 800 North Federal Highway is part of the mixed-use Atlantic Village project, according to the firm’s news release. While Grupo Eco is developing the entire project, it is joint venturing with Aventura-based Apollo on the office condo portion.
The building will consist of 10,000 square feet of ground-floor retail and restaurants, and five stories of offices atop five-and-a-half levels of parking. Office suites will range from 1,100 square feet to 6,600 square feet, with asking prices starting at $650 per square foot. Prices could reach $700 a square foot or more for penthouses or for other premium suites, said Daniel Chaberman developer at Grupo Eco.
That pencils out to a price range of just over $700,000 to roughly $5 million.
“If there is a buyer and they are looking for a 12,000-square-foot space, we can make it happen,” Chaberman said, adding that Grupo Eco has received interest from both end-users and investors.
The office condo building is the fourth phase of the 6.5-acre Atlantic Village, and the only portion of the development that is on the east side of Federal Highway.
On the west side of Federal Highway, between Northeast Sixth Street and Atlantic Shores Boulevard, Grupo Eco has completed and fully leased 118,000 square feet of restaurants and service retail, and a six-story, 15,000-square-foot office building. Another six-story, 65,000-square-foot office building is expected to be completed in the next month and a half, Chaberman said. It’s more than 80 percent pre-leased.
Existing and future Atlantic Village tenants include Live! School of Music, Miami Swimming Academy, Crema Gourmet Espresso Bar, Korean restaurant Drunken Dragon, New York restaurant Temakase, and Jaffa, an Israeli and Mediterranean restaurant, according to the release.
The office condo, which is expected to be completed in October, is the last portion of Atlantic Village, though Grupo Eco is open to expanding the project in the future.
“We don’t own any other piece of land nearby, but we don’t know what will happen in the future,”
Chaberman said. “If we have something available that makes sense and would be interesting, then most likely we will pursue [it].”
Grupo Eco, founded 45 years ago in Mexico City, has developed residential and commercial projects in Mexico, Chaberman said. In 2013, the firm made its first South Florida wager, developing a 25,000-square-foot strip center along Hallandale Beach Boulevard. Two years later, Grupo Eco got the opportunity to purchase the Atlantic Village property and has since moved its headquarters to Hallandale Beach.
“The [firm’s] growth is definitely intended for South Florida,” Chaberman said. “It doesn’t mean that they are going to stop doing development in Mexico City.”
Grupo Eco’s Atlantic Village project aims to meet dining, retail and office demand from residents at nearby high-end developments.
In Hallandale Beach, Shahab Karmely’s New York-based KAR Properties completed the 38-story, 64-unit 2000 Ocean condo tower in late 2021.
Mexican firm Inmobiliaria Brom developed the three-building Optima office complex. The project is on the northeast corner of Biscayne Boulevard and Northeast 214th Terrace, spanning both Aventura and Hallandale Beach.
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