National Notebook: Plantation, Fla.;
I-595 Spurring Office Growth
By Paul Blythe
SOME of South Florida's steadiest commercial development, spurred in part by a new east-west interstate highway, is taking place in central Broward County halfway between Fort Lauderdale and the Everglades.
While the development of office and warehouse space has slowed around Miami to the south and virtually stopped in Boca Raton to the north, construction has begun on nine major business parks in the middle-class suburbs of Sunrise, Plantation and Davie. I-595 opened late in 1989, although the last interchange is not expected to be completed until February.
The area's first Class A office space, an eight-story building just north of I-595 in Plantation about 10 miles west of Fort Lauderdale, is nearing completion. The 179,000 square feet will be leased at $15.50 to $21 a square foot, said Les Tager, vice president of HRA, the Hartford Insurance Group's real estate development arm. The building is the first of four planned for the 60-acre Cornerstone Office Park.
Other business parks taking shape along the 13 miles of I-595 are a 52-acre industrial foreign trade zone being built by Trammel Crow in Davie on the south side of the highway and a 612-acre mixed-use business park called Sawgrass International Corporate Park in Sunrise, just northwest of Cornerstone Park.
Developed by the Stiles Corporation of Fort Lauderdale since 1987 -- while I-595 was still under construction -- Sawgrass has 867,000 square feet of occupied Class B office and industrial space and 200,000 more under construction. Stiles plans to have 6.9 million square feet on completion.
Last month, Sawgrass Mills, a 2.2 million-square-foot discount shopping mall with access to I-595, opened in Sunrise. Developed by the Western Development Corporation of Washington, Sawgrass Mills is a discount mall with two miles of storefronts.
Sunrise, Plantation and Davie are growing commercially in part because of the type of communities they have become. Each a town of about 50,000 people, they average about five people of working age for every two retirees and have reasonably priced homes and good education facilities for potential employees, Mr. Tager said.
But I-595 has been just as important because it has made them a distribution hub for all of South Florida, connecting them directly to Fort Lauderdale's airport and deep-water port as well as to all of Florida's major north-south highways.
"Because of 595, development in west Broward didn't slow down nearly as much as the rest of South Florida up through the second quarter of this year," said Thomas Powers, vice president of Goodkin Research, a Fort Lauderdale real estate analysis company.