Establishment of the MCDD facilitates access of up to $65 million in infrastructure improvements and related services
SUNRISE, FL – Metropica announced that The City of Sunrise City Commission, at a recent meeting, passed and adopted to establish the Metropica Community Development District (MCDD).
The approval will permit the MCDD to obtain through the issuance of bond financing the funds to deliver community development services and facilities to the approximately 50-acres included in the geographic boundaries served by the MCDD.
The facilities will be comprised of infrastructure improvements and services of up to $65 million, including stormwater systems, underground utilities, roadway improvements, lighting, landscaping and such other improvements contained within the civil engineering design of the boundaries of the MCDD.
Metropica, located at 1800 NW 136th Avenue, Sunrise, Florida, is one of the largest remaining contiguous mixed-use development sites in South Florida.
ONE Metropica Residences, design by YOO, the development’s initial offering, a 28-story, 263-unit highly amenitized luxury condominium, is chiefly sold-out, with some remaining units available from $550,000 to $1.5 million.
When completed, the $2 billion mixed-use community will have up to 2,500 residential units, 240 hotel rooms, 480,000 square feet of retail space, and 650,000 square feet of office space.
Sharing an access point with Sawgrass Mills, and within minutes of the Sawgrass Expressway, Metropica is one of the nation’s most desirable development opportunities.
“The development of the Metropica Community Development District, allowing up to $65 million in bond financing for infrastructure development, is a major step forward in the process of bringing the whole of Metropica to life,” said Joseph Kavana, CEO of Metropica Development, LLC. “We applaud the City of Sunrise Commission for their visionary commitment to the City as a whole, and to the dream of developing one of the nation’s most compelling mixed-use communities. When finalized, Metropica will literally be a city-within-a-city, and access to bond financing to further the development process is an unprecedented step.”
Avison Young’s Florida Capital Markets Group and Karson & Co have been tapped to structure a joint-venture equity partnership for Metropica.
For additional information about Metropica, visit https://livemetropica.com/.
