A South Florida developer is planning apartments and a hotel across from the Gulfstream Park racetrack and casino, north of Miami.
Taplin Development Corp. expects to break ground early next year on the Falls at Gulfstream at 900 S. Federal Highway in Hallandale Beach, Florida. The 23-story building is expected to feature 320 apartments, 140 hotel rooms and a farm-to-table restaurant.
Broward County has seen steady levels of apartment development in recent years. About 8,500 units are under construction countywide, representing a 6.3% expansion of the market's inventory, according to the latest report from CoStar Market Analytics. In the past three years, developers have completed 9,550 units for an inventory expansion of 8.9%, the report noted.
"The Fort Lauderdale apartment market is poised to continue its streak of major supply additions that has lasted for several years," the report reads.
According to development plans, the Falls at Gulfstream hotel rooms will be located on floors two through five. The sixth floor will contain an amenity deck with two separate pools for the apartment residents and hotel guests. Apartments will be on floors seven through 23, with a rooftop bar that overlooks the racetrack's finish line.
“This site certainly meets the ‘location, location, location’ test,” CEO Jack Taplin said in a statement.
The property is located within an Opportunity Zone, a federal program that gives tax breaks to investors. The program was created through the Tax Cuts and Jobs Act of 2017 and lets those who invest in designated areas potentially defer and reduce taxes on capital gains if certain conditions are met.
Other projects by Taplin Development in South Florida include the Falls at Marina Bay in Fort Lauderdale and the Falls of Pembroke in Pembroke Pines.
For the Record
The architect for the project is BC Architects. Finance company Walker & Dunlop will oversee equity investment requests.
