Transforming South Florida
If the real estate trope that “Fashion Follows Food” is true, then Metropica will be one of the most chic neighborhoods in South Florida. Among the first tenants announced for the retail portion of the transit-oriented, mixed-use complex now under construction in Sunrise are: True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chão and Shake Shack. These will be joined by iPic Theaters, Kings Bowl, Anthropologie, Free People and Kendra Scott, among other first-to-market retailers.
“Metropica embodies a prime real estate destination for Fogo because it will define new standards for urban living in South Florida,” said Larry Johnson, CEO of Fogo de Chão, in a statement. “We are excited to bring the tradition and culture of the ‘gaucho way of life’ to Metropica.”
Located at Sawgrass Expressway and Sunrise Boulevard, the 65-acre Metropica will include 2,250 residential units, 650,000 sq. ft. of office space, 400,000 sq. ft. of retail, dining and entertainment, and a 240-room hotel. They will adjoin a transit station that will connect Metropica, Sawgrass Mills and an upcoming American Express corporate park to the fast-growing South Florida population, notes Joseph Kavana, CEO of Metropica Development LLC, the developer of the land and creator of the project.
“Every great downtown in the world is known for its nightlife, including dining, entertainment and shopping,” Kavana said. “Our cinema, array of restaurants, planned spa, and collection of fashion and fitness boutiques not only will serve those who live or work in Metropica, but Broward County as a whole.”
Sawgrass Mills, adjacent to Metropica, dominates the outlet and off-price sector, and complements Metropica’s aspirational retail focus, particularly given the project’s location west of Interstate 95, explained Erick Collazo, VP development for Metropica Holdings.
“Broward County is significantly under-retailed in terms of quality non-outlet fashion and dining, particularly when you add South Florida’s 35 million visitors annually to the tri-county’s 5.9 million residents,” Collazo said.
Retail analysts Jeff Green Partners, Phoenix, conducted extensive research to help the developer optimize the tenant mix and define Metropica’s trade area. Both the primary and total trade area populations of 717,000 and 2.0 million residents in Broward County, respectively, are expected to increase 7% by 2020, the report says. The population is younger than most expect it to be in South Florida, Collazo added, with an average age of 39.9 years, and an average annual household income of $94,028 within one mile of the site. And Metropica’s residential component will boost that, as it attracts affluent young professionals, empty nesters and more.
In addition, the project is located near the BB&T Center, currently the largest in Florida and host to the Florida Panthers and other entertainment events. Master planner ci design of Baltimore and Miami’s Oppenheim Architecture + Design have created a contemporary aesthetic that would be at home in New York, Barcelona or Sao Paulo. The pedestrian-oriented retail complex will boast walking and bike trails, courtyards and landscaping, with two garages and street parking accommodating 3,600 cars. Fully Wi-Fi-enabled, the complex incorporates state-of-the-art fiber optics, electric vehicle charging stations and kiosks in the central park that will provide transit information.
“This is a transformational project, one that brings true urban living to what had been a suburban area of South Florida,” Kavana said. “Whether they’re empty nesters seeking city life, affluent young families or single professionals starting out, or whether they’re living in our high-rises, working in our offices or visiting for the day, they’ll find something to enjoy at Metropica.”