Falcone Group scored an $85.5 million senior construction loan for a mixed-use development in Oakland Park.
Bank OZK provided the financing, which paves the way for construction on Horizon of Oakland Park to begin Nov. 16. Plans call for 311 apartments and 20,700 square feet of retail space, according to a release. Roughly 20 percent of the units will be set aside for workforce housing.
Greenleaf Park was relocated and upgraded with basketball, tennis and pickleball courts, a playground, a pavilion and 195 public parking spaces as part of the project. The development is slated for completion by early 2029, coinciding with the city’s 100th anniversary.
Kaufman Lynn Construction is the general contractor and development partner for Horizon of Oakland Park and Greenleaf Park, the release said.
The $133 million project, which will sit on a 4-acre site at the southeast corner of Northeast 12th Avenue and Northeast 38th Street, is a public-private partnership between the developer and the city. It includes an $8.5 million land acquisition from the city.
Oakland Park spans 8 square miles between Fort Lauderdale and Pompano Beach, with a population of 45,000 as of last year. The city, known for its culinary arts and craft brewery scene, is an emerging hotspot in Broward County, with a revitalized downtown and commercial rent rates that are 20 to 30 percent lower than Fort Lauderdale’s submarkets, The Real Deal previously reported.
Earlier this year, Oakland Park-based Newrock Partners leased over 27,000 square feet of retail space to 13 tenants at its Oaklyn and Parklyn multifamily developments. Tenants include Pure Barre, Carrot Express, Epic Cycles and Dave’s Hot Chicken. Together, the complexes have 49,000 square feet of retail space and 439 apartments.
Waypoint Residential has plans to bring more residential units to the city. Last year, the firm scored approval for a master plan and six zoning waivers for Cypress Crossing, a 286-unit development that would replace parking lots in Oakland Park’s Cypress Creek area.
That project, with 20,000 square feet of restaurant and commercial space, is one of two mixed-use projects Waypoint is developing near each other. The firm is also planning the 345-unit WP Aspire Cypress Creek. Waypoint has a development agreement with the city that requires the construction of Cypress Crossing to wrap by 2032.
The Falcone-Kaufman partnership won a bid in 2022 to redevelop 6 acres in Oakland Park, including four owned by the city and two privately owned, into a mixed-use project. The partnership beat out Merrimac Ventures and a partnership between Terra and The Comras Company. Plans called for a mixed-use building, a relocated park, townhomes and a woonerf with a botanical garden. A Falcone spokesperson told TRD at the time that the estimated construction cost of the proposed development was $149 million.
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Waypoint wins approvals for 286-unit Oakland Park development
Newrock draws fitness, dining tenants to Oakland Park multifamily developments
Falcone Group, Kaufman Lynn win bid to develop $149M mixed-use project in Oakland Park
