Mike Mulhall is watching a transformation.
Mulhall, senior vice president managing partner at Jefferson Apartment Group, is enthusiastic about a new project the McLean, Va.-based company started late last year in West Palm Beach.
JAG certainly isn’t alone. In fact, the southern part of Florida is one of the most active construction markets, according to a list compiled by Reis, Peirce Eislen and Jones Lang LaSalle. South Florida also happens to host three of the nation's top 10 most occupied metros.
JAG broke ground on the 282-unit development late last year with the hopes of being part of the area’s revival.
The new apartments are being built near an old mall that was basically run down and is being redeveloped, says Mulhall.
“The old mall was basically shuttered,” he says. “A new Whole Foods Market is going in on that new development and a lot of new retail. It’s kind of a new hot-spot right outside of downtown West Palm Beach.”
The mall, Palm Beach Outlet Center, recently completed a $200 million renovation, opened with 115 tenants, and is located less than a mile from the JAG construction site.
The garden-style, three story walk-up JAG is building will be a Class A property and include 13 buildings, 10 of which will be apartments, according to the company.
The project is expected to begin leasing in October and is scheduled for completion in November.
“There’s a tremendous amount of international appeal in South Florida, in addition to solid job growth and a lot of migration,” Mulhall says.
Lindsay Machak is an Associate Editor for Multifamily Executive. Connect with her on Twitter @LMachak.
