The Morgan Group, Inc. announces new 400 unit apartment project.HOUSTON--(BUSINESS WIRE)--Aug. 22, 1996--Houston-based apartment developer, The Morgan Group, Inc., has begun construction on its newest South Florida apartment development, the 400 unit The Palms at Sawgrass Mills Sawgrass Mills is a popular, alligator-shaped shopping mall operated by the Simon Property Group that is located in Sunrise, Florida, a suburb of Ft. Lauderdale. There are over 300 retail outlets and name brand discounters as anchors including Off 5th Saks Fifth Avenue Outlet, Last . The Palms is located in Sunrise, Fla. and is adjacent to the developer's recently completed 390 unit property, The Park at Sawgrass Mills. The Palms is being developed at a cost of just over $32 million. Construction financing is being provided by NationsBank through its office in Houston. Mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the is being provided by Texas Commerce Bank, also through its office in Houston. The developer just completed the successful lease-up of the sister property to The Palms, The Park at Sawgrass Mills, which has stabilized at over 95% occupancy. The lease-up of The Park was the most successful lease-up of any Morgan Group developed property in the country. The Palms at Sawgrass Mills is located near the intersection of Sunrise Blvd. and Flamingo Road
Flamingo Road was NBC's first attempt to jump into the 1980s primetime soap opera craze. in western Broward County, one of the fastest growing areas in the nation. It is directly across the street from the largest and most successful discount mall in America, the 2.5 million square foot Sawgrass Mills Mall. The Sawgrass Mills Mall owns the distinction of being the second biggest tourist attraction Noun 1. tourist attraction - a characteristic that attracts tourists attractive feature, magnet, attractor, attracter, attraction - a characteristic that provides pleasure and attracts; "flowers are an attractor for bees" in Florida, only behind Disney World. In addition, Wayne Huizenga Harry Wayne Huizenga (born on December 29, 1937 in Evergreen Park, Illinois) is an American businessman who has built several companies into multi-billion dollar enterprises, mostly through an aggressive process of acquisitions. has purchased over 150 acres adjacent to the Mall and around the block from The Palms for the construction of the new Florida Panthers For the animal species by this name, see . The Florida Panthers are a professional ice hockey team based in the Ft. Lauderdale, Florida suburb of Sunrise. They are members of the Southeast Division of the Eastern Conference of the National Hockey League (NHL). Arena and ancillary development related to the arena. The Palms will contain a unique design of one, two and three bedroom units and will be built on a 22 acre site that overlooks a lake. The units will average over 1,050 square feet in size and will each contain full size washers and dryers, garden tubs, ceiling fans with light kits, cable and phone outlets in every room, including dual fax/modem telephone lines, top of the line GE appliances with microwave ovens, large walk-in closets and fully enclosed screened-in patios or balconies. The property amenities will include a large clubhouse with business center, library and media room and a state of the art fitness center. Common area amenities will include an on-site car wash, basketball/sport court, tennis court, cabana/game room, tot lot, outdoor spa, two resort-style swimming pools and a sand volleyball court. The property will be completely fenced and gated with access-controlled entry gates monitored on each resident's television. The Palms at Sawgrass Mills is being constructed by Morgan Construction Company, Inc. through its subsidiary, Morgan Construction Group Florida, Inc. The operations of the property will be managed by The Morgan Group, Inc. The Morgan Group, Inc. is owned by brothers Ronnie and Michael Morgan Michael Morgan is an Olympic-level rower, who has competed for Australia. and has been developing multi-family properties since 1959 when the company was founded by their father, William J. Morgan '''William J. Morgan may refer to:
CONTACT: The Morgan Group, Inc., Houston Ronnie Morgan, 713/789-8866, ext. 15 |
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