Following a trend of building residential developments in parking lots, Federal Realty Investment Trust has proposed a 308-apartment complex in Pembroke Pines. The venture would occupy 2.7 acres of the Shops at Pembroke Gardens’ parking lot; the developer purchased the mall itself for $180.5 million in 2022.
The new development would offer studio, one-bedroom, two-bedroom, and three-bedroom homes. All of the residences would be designated as workforce housing. Residency would be reserved for those earning up to 120 percent of the area median income (AMI). Broward County’s median household income is currently $74,534.
Plans also call for 524 parking spots, most of which would be in a parking garage. The South Florida Business Journal reports that “the developer asked the city to allocate 44 flexibility units to the site” and would invest more than $400,000 in affordable housing and traffic initiatives. For the project to proceed, Federal Realty is seeking a rezoning change that would designate the site as a mixed-use district.
The unnamed 308-unit complex isn’t the only parking lot-related venture currently unfolding. Florida YIMBY recently reported on two similar ventures: two eight-story apartment buildings in the parking lot of the Pullman Miami Airport Hotel, and a 289-unit development in the parking lot of a Boca Raton office building.
Federal Realty’s project concerns 527 SW 145th Terrace, Pembroke Pines, FL, 33027, in Broward County.
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