Another nomination for this beautifully renovated building in Broward County:
Best Reuse/Rehab Project:
University Place at City Center | 3111 N. University Dr., Coral Springs, Florida
About this Project:
University Place at City Center was little more than 20 percent occupied at the time the Butters/Bristol team acquired it out of foreclosure. Its physical condition and mechanical, elevator systems were gravely deteriorating. The spaces were dated, highly inefficient and did not show well. The 204,000-square-foot building languished and withered for years under the neglect of absentee, poorly capitalized ownership.
A joint venture of veteran South Florida developer Butters Construction & Development and San Francisco-based equity fund Bristol Group acquired the building in an all-cash transaction in December 2013 for $12.6 million, or $60 per square foot.
The partnership immediately renamed the building “University Place at City Center” and began its multi-million-dollar renovation of the lobby, all common areas and hallways, bathrooms, elevators, office spaces and sleek new building entry featured, retail facade and state-of-the-art office suites. In all, the partnership’s investment will near $10 million.
But even with a fully upgraded and modernized building, leasing 160,000 square feet in the softest submarket in Broward was an imposing challenge for the Butters Realty & Management leasing team.
Since acquiring the property, more than 50,000 square feet of leases have been inked in a submarket, which had 27 percent vacancy in the third quarter and barely more than 6,000 feet of positive net absorption. The building is now on course to hit nearly 75 percent occupied by the end of 2016.
Unique Features: Full Floor availability with building signage, 10-story atrium upscale lobby, on-site café, tallest building in NW Broward, highest walkability score in Broward County.