Boca Raton, Florida-based investment management group Grover Corlew is launching a new multifamily brand called Mayla Residences, which will focus on luxury residences in prime locations.
The first location, at 2335 and 2401 East Atlantic Blvd. in Pompano Beach, Florida, will break ground in February, with $78.2)11 in construction financing from PNC Bank, the company announced this week. It is slated for completion in July 2023.
The two-building, 355-unit . Mayla Pompano will include studio to three-bedroom layouts, ranging from 548 SF to 1,383 SF. Amenities include a two-story clubroom, coworking spaces, a TV lounge, a dog spa, a fitness center, resort-style pools and outdoor kitchens, and a pedestrian bridge between buildings.
The firm intends to expand the Mayla brand to other locations in South Florida and beyond.
“We have identified properties that are conveniently located and that meet the lifestyle needs of its discerning residents,” Grover Corlew partner Anuj Grover said.
He and principal Mark Corlew were roommates at the University of Florida and each moved to Atlanta, then teamed up to start their real estate venture, which acquires, redevelops and manages office, multifamily and retail properties across the Southeast. Between 2011and 2013, they bought and repositioned thousands of multifamily units in Nashville and Tampa. Their portfolio includes the 21- building, 46-acre Orlando Central office park in Orlando; a five-building, 14.8- acre office complex in Alpharetta, Georgia; and Hillsboro Center, a five-building, 14-acre office campus, east of I-95 in Deerfield Beach, Florida.
“Ground-up multifamily development is a next logical step for us as we begin to reimagine underutilized properties and land in our current portfolio,” Corlew said. “We’re excited to bring high-quality living to cities like Pompano Beach that are attracting new businesses on a daily basis.”
The project is planned with 6oK SF of retail space, wrapped parking and a pedestrian plaza. Grover Corlew intends to integrate two of its existing office properties on Atlantic Boulevard to mirror the look and feel of Mayla Pompano.
The Pompano Beach Community Redevelopment Agency contributed to the project, which includes 53 units of workforce housing.
“Due to the lack of signature projects of this size in the immediate area, the spinoff 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,” Director Nguyen Tran said.
MSA Architects is the architect for Mayla Pompano, and Verdex Construction is the general contractor.