First Phase of 1,000-Unit Complex To Rise

(To read more on the multifamily market, click here.)

RIVIERA BEACH, FL-A joint venture will begin construction within the next few weeks on Mediterranea, a 1,000-unit townhouse and villa complex on 69 acres at 3600 Mediterranea Circle.

The project is a joint venture of the Coral Gables-based Cornerstone Group and Chicago-based Randolph Equities. The first phase of the project will include 210 two- and three-bedroom residences with backyards and many with private garages. Units will range in size from 1,260 to 1,756 sf and prices will start in the mid-$200,000s. Construction is expected to be completed in August 2007. The project architect is Boca Raton-based Quincy Johnson, Jones, Myott, Williams, Acevedo, Vaughn Architects, Inc.

John Barr, president of Cornerstone Townhome Division, tells GlobeSt.com that there are rental villas on the site, which has been 40% vacated. Land development for the first phase is about 60% to 70% complete and the guardhouse is about a month away from completion. “We anticipate having building permits within the next few weeks,” Barr says.

Buildings will feature steel-reinforced concrete block construction, color cement barrel roof tiles, decorative exterior shutters and lights and paved walkways and driveways. Amenities will include a gated guardhouse, tennis courts, a 4,000-sf clubhouse, pool and spa, children’s playground and fitness center. Units will feature granite countertops, stainless steel appliances and oversized washer and dryers. “In 1999 Randolph Equities purchased the Mediterranea property realizing that Riviera Beach was a hidden gem and potential goldmine,” says Randolph Equities CEO Adam Sharif. “This area is poised to become a premier community in southeast Florida and one of the nation’s leading ocean front communities.”

Units went on sale about two weeks ago and 40 contracts have been signed. Cornerstone has also developed the 302-unit Sonoma Bay project and the 402-unit Marsh Harbor, both of which are almost ready for occupancy. “Riviera Beach is becoming a very desirable place to live because of all the development in the area,” Barr says.