Altman Advances 286-Unit Altis Davie Apartment Project
Altman’s Joel Altman and Seth Wise with rendering of Altis Davie (The Altman Companies, Getty)
The Altman Companies won site plan approval for Altis Davie, a 286-unit, mid-rise apartment complex near the rodeo arena in downtown Davie.
Altman plans to build Altis Davie as a four-story, mixed-use development with 1,450 square feet of commercial space, according to a report by the Davie Planning & Zoning Division. The mix of residential units would include 24 studio apartments, 117 one-bedrooms, 126 two-bedrooms, and 19 three-bedrooms.
Fort Lauderdale-based Altman has a contract to buy the 4.1-acre development site near the corner of Davie Road and Southwest 42nd Street, according to the planning and zoning division report. The town of Davie and its Community Development Agency (CRA) own portions of the property.
The Davie Town Council approved Altman Companies’ proposed site plan Oct. 19. In April, the local CRA paid $6.3 million for 6440-6450 Southwest 42nd Street, part of the larger assemblage of parcels at the development site, according to county records.
The multifamily development site is now occupied by 5,298 square feet of light industrial space and 22,787 square feet of general office space, which would be demolished to make way for Altis Davie, according to an Oct. 4 analysis of the development by Kimley-Horn and Associates.
The property is next to the Bergeron Rodeo Grounds in western-themed downtown Davie. During rodeos and other events there, a predetermined routing plan directs most event-related traffic to Southwest 43rd Street, according to the Kimley-Horn report.
“An evaluation during events at the adjacent Bergeron Rodeo Grounds indicated that access to and from this project [Altis Davie] will be maintained adequately, based upon the current event management routing plan,” Kimley-Horn reported.
Altis Davie is designed as two four-story buildings with a surface parking lot between them. The north building would wrap around two courtyards, and the south building around a ground-level swimming pool area, according to the site plan for the project.
Altman Companies has developed 20 Altis-branded apartment properties across Florida since 2013, half of them in South Florida, according to information the company submitted to Davie.
The company has developed, constructed, acquired, and managed more than 26,000 apartments since 1968, the year Joel L. Altman, chairman and co-CEO, founded the company. It has operated mainly in Florida but also in Michigan, Illinois, North Carolina, Georgia, Tennessee, and Texas, according to its website.
Among other projects in South Florida, Altman Companies is developing Altis Palms, a 366-unit multifamily development with a shopping center near Homestead.
Early this year, the company paid $14 million for a 110-acre piece of a golf course near Wellington. Altman plans to build Altis Blue Lake, a 24-acre multifamily complex with 318 garden-style apartments, in partnership with J.P. Morgan Global Alternatives.
Fort Lauderdale-based BBX Capital owns half of Altman Companies. In 2018, the real estate arm of BBX Capital paid $22.7 million for a 50 percent interest in Altman and its luxury multifamily portfolio.
