The owner of the Village at Gulfstream Park has been granted permission to build a 21-story, 182-unit luxury condo atop a parking garage next to the mall at the pari-mutuel casino.
The project will cost $92 million and is expected to bring an estimated $523,000 a year in property taxes, according to the Sun Sentinel. Of that, $497,000 would go to the Community Redevelopment Agency.
The project would be the first stage in bringing what will eventually be 1,500 high-rise units to the Village of Gulfstream Park, as well as a 500-room hotel and a movie theater.
Gulfstream's parent company, the Stronach Group, says the project -- tentatively called the Gulfstream Tower -- is expected to begin at Village of Gulfstream this fall and should be completed by 2016.
The condo is different from, say, the Seminole Hard Rock Hotel & Casino over in Hollywood, because the Stronach Group is expected to generate revenue through condo sales instead of renting out rooms.
"A condo development would generate a higher financial return at this point," said senior VP of the Stronach Group, Dennis Porter. "South Florida is one of the strongest regions in the country for condos."
Depending on how the market reacts, the group plans to put up more buildings and maybe even a water park.
The 21-story condo approval is a good sign those things will come to fruition in the coming years.
And the group says it has already generated interest, with more than 120 people having reserved units at the condo, ranging $250,000 to under $1 million per.
"They are slated to build 1,500 residential units," Mayor Joy Cooper said, via the Sun Sentinel, days before the commission met to approve the condo. "This is just the beginning. This is a great step toward what we initially planned, to have people living, working, and playing in the same area."