MMG Equity Partners secures site plan approval and $6 million in tax incentives to develop a mixed-use community with workforce housing in Plantation

Plantation, Florida – MMG Equity Partners has taken a major step forward in its expansion into mixed-use and multifamily development with the announcement that the firm has secured site plan approval along with $6 million in tax increment financing (TIF) incentives to support the creation of the Residences at Plantation Square. The ambitious project will feature luxury apartments alongside a workforce housing component, as well as a new Bank of America branch, revitalizing a key parcel at the corner of Sunrise Boulevard and University Drive.

The 10.4-acre site, known as Plantation Square, will undergo a dramatic transformation. The centerpiece will be an eight-story residential building with 307 apartments, complemented by a six-story parking garage and a range of amenities, including a clubhouse, co-working spaces, fitness center, and pool. A total of 123 units will be designated as workforce housing, including 77 units for households earning up to 80 percent of the area median income and 46 units for households earning up to 120 percent, ensuring the development addresses critical community needs while maintaining market-rate offerings.

“We thank the City of Plantation and our neighbors for their unwavering support,” said Marcos Puente, partner at MMG Equity Partners. “These approvals represent a significant step forward in our vision to bring thoughtfully designed housing to the city by revitalizing and integrating a mix of uses into the 10-acres at a critical intersection within Plantation.”

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The TIF award, providing a property tax rebate of up to $6 million over 19 years, is designed to offset construction costs and make the inclusion of affordable housing viable in a high-demand market. The approvals also include conditional use, zoning modifications, and landscaping waivers granted by the City of Plantation Commission during their August 27 meeting. These approvals allow MMG Equity Partners to align urban design goals with the development plan, including modified setbacks, floor areas, and reduced parking requirements.

The project replaces the existing Bank of America building, which MMG Equity Partners acquired in 2022 for $3.5 million. A new 6,303-square-foot Bank of America branch will be constructed onsite, ensuring uninterrupted banking services while modernizing the facility. The unit mix within the residential building will include 89 studios, 101 one-bedroom units, 103 two-bedroom units, and 14 three-bedroom units, all designed by Miami-based MSA Architects. The development will also provide 540 parking spaces, balancing residential needs with urban density requirements. Groundbreaking is anticipated for the summer of 2026.

The Residences at Plantation Square will integrate seamlessly with the neighboring Shops at Plantation Square, MMG Equity Partners’ 69,000-square-foot shopping center along University Drive. That retail center recently underwent a $4 million renovation to enhance dining, retail, and convenience services for the surrounding community. This strategic pairing of residential and commercial properties reflects MMG’s broader approach to creating symbiotic developments that benefit both residents and businesses.

“While retail remains a core focus for us, a significant portion of our efforts today are focused on multifamily and mixed-use development,” said Gabriel Navarro, managing partner at MMG Equity Partners. “In several instances like this development, we are adding a residential component adjacent to shopping center we already own. At others, we are demolishing older or obsolete retail to achieve the property’s highest and best use.”

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The project’s location, just minutes from I-595 and Broward Boulevard, positions it in a high-traffic corridor surrounded by dense residential neighborhoods, enhancing both accessibility and market appeal. MMG Equity Partners, which manages more than two million square feet of commercial retail properties across Florida, continues to expand its portfolio through value-driven investments that emphasize community-focused development.

The Residences at Plantation Square exemplifies MMG’s commitment to integrating residential, commercial, and workforce housing elements into cohesive communities that address the evolving needs of Florida’s residents. With this development, the firm reinforces its leadership in mixed-use innovation, ensuring that new projects contribute to long-term urban vitality while meeting market and community demands.