Sunday, August 03, 2008

The Village at Gulfstream Park

A couple of years ago, the Gulfstream Casino was inaugurated and, not being too much of a gambler, I wasn't a big fan. Most of the time, the place was half deserted. None of the excitement I had come to expect. Overall, I didn't fall in love with the whole architecture, concept and functionality of the place. It didn't have the looks and feelings of a casino. It just did not click for me.

I remember asking my daughter who would sometimes party with her friends at the Indian Hard Rock Casino, to tell me what she frankly thought about our neighborhood casino. She took a deep breath, took about a minute to think her response, shook her head and calmly responded: " Dad, they don't have a clue. "

However, I didn't lose hope that, some day in the future, things could change. That's why I took some time to find out about these mysterious new buildings and this is what I came up with. Most of the information is from the web, and some phone conversations, as well as the City of Hallandale resources.

The way things are presented, we will have a shopping and entertainment complex, similar to the famous Hard Rock. With the addition of a hotel, and a large movie theater it will possibly give some much-needed competition to Aventura Mall and Cinemas. Can I hope that, this time, good taste and professional know-how will replace the rather amateurish design of the casino?

Of concern (or is it panic?) are these 1500 condos and all the traffic all this huge complex will generate in our already congested Hallandale Beach.

The project vaguely speaks of some traffic-lights synchronization and improvement in left turns set-ups. Will that be enough? Only time will tell.

For now, that's what the developers have to say:

The Village at Gulfstream Park will combine a "luxuriously timeless" design with an innovative shopping, dining, residential, hotel and entertainment destination.

The Village at Gulfstream Park, to be built on 60 acres, around Gulfstream Racetrack, will offer world-class fashion and home accessory shops, destination retailers, signature restaurants, outdoor cafes, unique entertainment options and an appealing residential live/work environment. The first phase will include 375,000 square feet of lifestyle retail, featuring 70 upscale shops and specialty stores and 70,000 square feet of office space. It is expected to be up and running in Fall 2008.

The Village at Gulfstream Park, to be built over 15 years, calls for 1,500 condos, 750,000 square feet of retail space, 140,000 square feet of office space, a 500-room hotel and a 2,500-seat cinema. The project will involve the construction of 225 affordable/workforce-housing units both on the site itself and in neighborhoods within the city. When complete, it is expected to generate more than $22 million in taxes and create more than 2,800 permanent jobs.

The Village at Gulfstream Park is located in the heart of the Miami, Dade, Broward, and West Palm Beach area, one of the largest and fastest growing regions in the United States. The City of Hallandale Beach, is conveniently situated along US1, the premier commercial corridor of all of South Florida and near I-95, the major north/south interstate along the Eastern United States.

Click to see the video:

Magna Entertainment Corp. (MEC) and Forest City Enterprises have entered into a joint venture partnership agreement concerning the planned development of "The Village at Gulfstream Park", a 55-acre, mixed-use retail, entertainment and residential project in Hallandale Beach, Florida.

Under the agreement with MEC, Forest City will manage the development of The Village at Gulfstream Park, secure financing for the project and act as the property manager. Each of Forest City and MEC will hold a 50% interest in the joint venture, which will lease the land underlying the retail project on a long-term basis from MEC.

MEC, North America's number one owner and operator of horse racetracks, based on revenue, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBetTM, a national Internet and telephone account wagering system, and HorseRacing TVTM, a 24-hour horse racing television network.

Forest City Enterprises, Inc. is an $8-billion, NYSE-listed real estate company headquartered in Cleveland, Ohio. The company is principally engaged in the ownership, development, acquisition management of commercial and residential real estate and land throughout the United States. The company's portfolio includes interests in properties in 25 states and the D.C.

Phase 1, now in progress, will combine approximately 75,000 square feet of office space and 375,000 square feet of lifestyle, retail, restaurant, and entertainment facilities, including some of the most recognizable national and local tenants. The Village at Gulfstream Park promises to be an extraordinary destination for years to come.

The lavish Mediterranean-themed site, with lush landscaping, pedestrian promenades, and exquisite fountains is highlighted by a new 310,000-square-foot clubhouse that opened January 2006 and a world-renown thoroughbred racetrack and turf course. The Village at Gulfstream Park will comprise in excess of 1 million square feet upon completion and will ultimately include a unique residential village overlooking the picturesque racetrack, Florida's intracoastal waterway and the Atlantic Ocean. Future phases include plans for a hotel and commercial office space.

Sophisticated South Floridians and a constant flow of intercontinental travelers will appreciate the distinctive shopping and recreational opportunities afforded by The Village at Gulfstream Park.

The racetrack and turf tracks at Gulfstream Park have been home to some of the country's best thoroughbred action for more than five decades. Once a favorite haunt of Frank Sinatra, Dean Martin and Sammy Davis, Jr., this legendary track has just entered a new era of speed and elegance with the addition of its gorgeous new clubhouse facility.

87 days of live racing will take place at Gulfstream in 2008, with major events including the Sunshine Millions and the 54th running of the $1 million Florida Derby. The excitement is building every day as the races are run, bets are won, and the Grand Opening of the new signature shops and restaurants of The Village at Gulfstream Park draws near.

Phase one is now underway at The Village at Gulfstream Park and there's never been a better time to get in on this unique leasing opportunity. The favorable combination of population density, high disposable income and extraordinary traffic flow, place The Village at Gulfstream Park in the most prosperous retail market in the U.S.

Nearby beaches, major resort hotels and large seasonal residential developments surround The Village at Gulfstream Park. Projections suggest the center will capture up to 40% of its sales from the area's 10 million annual domestic and international visitors. Current figures for Gulfstream Park include 1 million visitors tallied throughout racing season and another 190,400 over 34 concert days.

Facts and Figures:

Grand Opening: 2009

Total Project Size: 1,000,000 square feet

Retail GLA: 750,000 square feet with 375,000 square feet in Phase I

Residential: 1500 when fully developed

Clubhouse: 310,000 square feet

Office: 140,000 square feet with 75,000 square feet in Phase I

Mixed Use: retail, restaurants, residential and office

Parking: more than 7,000 spaces

Amenities: gardens, pedestrian promenades, water gardens, fountains, clubhouse, paddock, thoroughbred racetrack and turf course.

Economic Benefits:

When fully developed, The Village at Gulfstream Park will create:

$24 million in annual ad valorem taxes

3,500 new permanent jobs

7,600 temporary jobs

Over $1 billion in construction value

The Village at Gulfstream Park has committed to both physical and transit improvements.

Physical improvements include:

Light synchronization from A1A to I-95

Modification of left turn lane at Hallandale Beach Boulevard and Dixie Highway which will reduce wait time dramatically

I-95 turn lane improvement

Transit improvements include:

$3 million upfront commitment to facilitate the development of a new rail station in vicinity of Hallandale Beach Boulevard and I-95/Dixie Highway

Improvements to bus headways and bus stations

Shuttle to Hollywood Rail station.

The combined value of the above listed improvements represents a traffic improvement plan that mitigates 30% more trips than the project creates.

Affordable Housing:

The Village at Gulfstream Park will construct 225 affordable/workforce housing units that will be a combination of off-site and on-site development

The first phase of affordable/workforce housing units will consist of 60 units to be completed prior to the first phase of market rate residential development at The Village at Gulfstream Park.

Schools:

The Village at Gulfstream Park has committed $2 million to the School Board of Broward County for improvements to schools within or serving the City of Hallandale Beach.This commitment represents approximately three times the required school impact fees.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc. and a Florida Licensed Mortgage Broker.
Visit my website: http://www.condo-southflorida.com/
where you can search for Hallandale Beach Condos, Sunny Isles Condos


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