El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie.
The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail and restaurants, and 2,650 parking spaces.
The District, which is estimated to cost $1 billion to develop, would be the largest multifamily project in Davie’s history, the release says.
Designed by Cooper Carry, the towers will consist of studios, and one- to three-bedroom apartments, some with dens. Units will range from 589 square feet to 1,460 square feet.
Amenities will include a penthouse-level Sky Lounge in each building, coworking areas and meeting rooms. EDSA is the landscape architect.
The Davie Town Council unanimously approved The District last Wednesday.
Construction is planned to start this summer and completion of the first of three phases is expected in 2025, according to the release. Pre-leasing starts in 2025.
El-Ad bought the 8.5-acre development site for $21.3 million in two deals in 2021 and last October, according to records. The property now is home to the Broward Plaza retail center.
The project marks El-Ad’s continued wager on South Florida. In Boca Raton, the development firm is working on the final phase of its Alina Residences condominium project between Southeast Mizner Boulevard and The Boca Raton Golf Club. Two buildings with a combined 182 condos are expected to be completed late next year, and a nine-story building with 121 condos was finished in 2021.
In 2021, El-Ad sold the Savannah Place Apartments & Townhomes at 22356 Calibre Court, west of Boca Raton, for $31.1 million.
El-Ad is part of New York-based Elad Group, which is a division of Tshuva Group of Companies in Israel, according to Elad Group’s website. El-Ad is based in Boca Raton and led by CEO Noam Ziv.
Davie is poised for additional residential construction. In October, The Altman Companies won site plan approval for Altis Davie, a 286-unit apartment complex near the corner of Davie Road and Southwest 42nd Street.
Also last year, FCP and Mill Creek Residential paid $25 million for the development site at 3400 South University Drive. The joint venture plans the Modera Academical Village with 793 multifamily units and 16,000 square feet of ground-floor retail.