Boston, MA – (December 1,2015)
GID announced today the formation of a joint venture with Altman Development Company to develop the Altis at Fairway Commons, a luxury multi-family asset in Boca Raton, Florida. The property is less than two miles west of the entrance to I-95 and adjacent to a 13.7 acre retail project. This retail project is currently under development and will contain 64,000 square feet of retail space, including a 20,000 square foot Fresh Market grocer and numerous restaurants.
The property will consist of 398 units in a six-story mid-rise building surrounding a structured parking garage. The unit mix will consist of 41% one-bedrooms, 46% two-bedrooms and 13% three-bedrooms and offer an overall average unit size of 1,005 square feet. Unit finishes will include nine-foot ceilings, Berber carpet in bedrooms, tile flooring in living rooms and kitchens, white granite counter tops with under-mount sinks, ceramic tile backsplashes, stainless steel appliances, wood cabinets and full size stackable washers and dryers in all units. Bathrooms will be equipped with granite counter tops, tile flooring and tub surrounds. The property will feature a clubroom, fitness center with outdoor yoga courtyard, swimming pool and three additional courtyards that will include terraces and grilling area.
This transaction is the first joint venture between the two firms. Bill Chiasson, Senior Vice President of Real Estate Acquisitions for GID commented, “GID is glad to add Altman to our list of development partners. GID has owned other Altman developed assets in the past and is familiar with their product quality and professionalism. This provided an excellent opportunity to develop a luxury asset in a great location, adjacent to a lifestyle center, that provides a true competitive advantage over the marketplace. We look forward to growing this relationship to include more developments in the future.”