South Florida Business Journal's Brian Bandell reports that local developer Minto Communities is currently seeking approval on the final phase of its Artesia multifamily project located in Sunrise, Fla. The project consists of 123 townhomes on a 12.6-acre site.
Some city staff members are recommending denying approval due to claims that the the development's density is “significantly less than the original concept of Artesia”, as the plan currently under review calls for buildings approximately 23 feet lower than the tallest existing buildings at the site. However, Minto is standing behind its preference, as the company believes low-rise townhouses satisfy a larger calling among the market.
“The market is telling us that high-density structures that sold well a decade ago won’t attract buyers in a community like Artesia" said Minto Communities vice president Steve Svopa. "If we don’t go forward with these plans, we will examine building rental units, which are also highly popular and do support higher densities.”