With $73.2 Million In Financing, Grover Corlew Launches New Ground Up Multifamily Properties
Grover Corlew, a real estate investment management group focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., has announced plans for a new portfolio of multifamily residences under the brand name of Mayla Residences.
Grover Corlew secured $78.2 million in financing from PNC Bank, NA for the construction of the first property under the Mayla Residences umbrella, Mayla Pompano, which will break ground in February at 2335 and 2401 E. Atlantic Blvd. in Pompano Beach.
Mayla Residences set a high standard for luxury multifamily residences in prime locations that promote walkability. The contemporary residences are designed to maximize beauty and function with generous interior features. Residents also will enjoy access to lifestyle-oriented amenities and ample parking.
“With Mayla Residences, we are dedicated to perfecting the multifamily living experience with refined luxuries, unanticipated conveniences and spaces with local personality and flare,” said partner Anuj Grover. “We have identified properties that are conveniently located and that meet the lifestyle needs of its discerning residents.”
Mayla Residences will be built in markets throughout South Florida and beyond and mirror the personality of the local communities where they are located while also bringing an elevated quality of living to residents.
“The goal is to create more connected, pedestrian-friendly communities, where people can live, work and play,” added Grover.
The two-building, Class A 355-unit Mayla Pompano is designed with open floorplans that range in size from studio to three-bedroom layouts, ranging from 548 to 1383 sq. ft.
“We are extremely excited about Mayla Pompano,” said Nguyen Tran, Pompano Beach Community Redevelopment Agency Director (CRA). “The CRA was intimately involved to help get this project off the ground which includes 53 units of workforce housing. Due to the lack of signature projects of this size in the immediate area, the spin-off impacts due to the spending of the residents will create an economic boost to the surrounding businesses, generate new developments, increase demand for more commercial space, and provide additional employment opportunities. This is what CRA’s are all about and why we got involved.”
Features within each residence will include spa-inspired bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors; quartz countertops, high-end cabinetry with under cabinet lights, stainless steel appliances, bottom mount sinks, built-in microwaves, glass cooktops, and full height tile backsplashes in the kitchen; walk-in closets with high-end shelving; private balconies; hurricane impact windows; and washer and dryers in each residence.
Residents of Mayla Pompano will have exclusive access to a two-story clubroom; co-workspaces; a TV lounge; a 24/7state-of-the-art fitness Center and yoga-aerobics room; resort-style pools with cabanas; outdoor kitchens with seating at both buildings; a pedestrian bridge between buildings; a dog spa; bicycle storage and repair station; ample garage parking; storage cages; and interior mailrooms and package rooms.
“We are thrilled to build for Grover Corlew as they realize their vision of creating upscale multifamily residences in Pompano Beach,” said Rex Kirby, Chief Executive Officer and founder of Verdex Construction. “Mayla Pompano will add a new layer of vibrancy to the city.”
Mayla Pompano is part of a transformation in Pompano Beach as businesses, retail centers and entertainment venues continue to move in along the East Atlantic Boulevard corridor. Mayla Pompano will create an estimated 600 jobs and also increase demand for surrounding businesses which will have a lasting economic impact on the city.
Mayla Pompano will reinvigorate the nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Plans include 60,000 sq. ft. of retail space on the ground floor of Mayla Pompano, wrapped parking to minimize traffic impact and the addition of a pedestrian plaza to activate the retail corridor, enhance walkability and increase connectivity to the beach. Through extensive interior and exterior renovations Grover Corlew will integrate its two existing office properties on Atlantic Boulevard to mirror the look and feel of Mayla Pompano.
Completion of Mayla Pompano is expected by July of 2023.
“We’ve spent the past 25 years focused on transformations, and beginning early on, Grover Corlew successfully acquired, revitalized and repositioned thousands of multifamily units in Nashville and Tampa before turning our attention to suburban office and retail revitalization and development,” said partner Mark Corlew. “Ground-up multifamily development is a next logical step for us as we begin to reimagine underutilized properties and land in our current portfolio. We’re excited to bring high quality living to cities like Pompano Beach that are attracting new businesses on a daily basis.”
MSA Architects is the architect for Mayla Pompano, and Verdex Construction is the general contractor.
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