Florida Construction News staff writer
Miami-based real estate firm 13th Floor Investments has started work on Parks at Hallandale, a new multifamily development in Hallandale Beach.
Located at Pembroke Road and North Federal Highway, the project spans 15.5 acres and will feature 398 apartments, including market-rate and workforce housing, in five-story buildings. The development will also include about 6,500 square feet of retail space on the ground floor.
CIBC Bank USA has provided an $83 million loan for the construction, while Houston-based Marble Capital has supplied preferred equity. The project is expected to be completed by 2026.
“This development underscores our commitment to meeting the escalating demand for housing in one of the region’s most sought-after locations,” said Arnaud Karsenti, Managing Partner at 13th Floor Investments.
Along with adding a clubhouse, fitness center, resort-style pool, outdoor pavilion, and sports courts, the development includes plans to enhance the surrounding streetscape along Northeast 1st Avenue, aligning with Hallandale Beach and Broward County’s Complete Streets vision. This will involve upgrades to the road, sidewalks, and bike lanes.
“We look forward to achieving more milestones on this project,” said Daryl Shevin, CFO and Principal of 13th Floor Investments.
Hallandale Beach, with a population of nearly 40,000, is one of the fastest-growing areas in Broward and Miami-Dade counties. The city is known for its dynamic community and accessibility, situated between Fort Lauderdale and Miami, and close to major airports and ports.
Since its inception in 2008, 13th Floor Investments has developed 3,900 residential units in South Florida and has more than 4,800 units in the pipeline. The firm continues to focus on luxury residential and mixed-use developments, as well as expanding its industrial and single-family homebuilding ventures.
