With the economy in Broward County, Fl. much improved, local and national hotel companies are planning new projects slated to open in the next 18 months. Following are brief descriptions of two of the planned projects:
WaterWalk-Davie, Fl.
Seeking to fill a niche for temporary housing, construction of a new Hotel-Apartment complex, known as WaterWalk, will start in March 2016 with completion expected in 2017, in Davie, FL. The product, a hybrid of a hotel and apartment, will have features found in extended stay hotels and apartments. Visiting business travelers & professionals on long-term consulting or training engagements, or moving to the area will be the most likely customers; other sources of customers will come from local research & educational institutions, such as Nova University, and local residents moving from one residence to another. Another possible source of customers is Florida's seasonal (winter) residents. Given the scarcity of seasonal rentals available in West Broward County, WaterWalk may prove to be much more popular with Florida's "snowbird" residents than presently anticipated.
The first WaterWalk complex opened in Wichita, Kansas in September 2014 and the Davie location is just one of five planned for contruction nationwide (the only other Florida location slated to have a WaterWalk is Lake Mary, Fl.).
Rates for an unfurnished apartment will cost about $2,000 monthly (comparable to apartments rented seasonally), while furnished apartments with concierge services will cost about $4,300, monthly.
Lexington Inn & Suites Hotel-Dania Beach, Fl.
Coral Springs, Fl. based, Vantage Hospitality Group will begin construction of a 158 room Lexington Inn & Suites hotel on a 1.9 acre site in Dania Beach, Fl. in early 2016; a multi-story garage is also planned for an adjacent lot. The hotel site is presently used as temporary parking for Hollywood-Ft. Lauderdale airport & Port Everglades and, given the proximity to Broward's ports of entry, the hotel's customer base is expected to be primarily business travelers and cruise ship passengers. Room rates are expected to range between $120-$150 a night.
Contact me with any questions about Selling or Buying in Davie, Fl or elsewhere in Broward County, Fl.
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