SUNRISE, FL - Brenner Real Estate Group's Reese Stigliano, Senior Vice President, Commercial Brokerage with Brenner Real Estate Group, has announced the sale of a 10-acre land site within Sunrise Commerce Park at 10199 NW 44th Street, Sunrise, FL. Stigliano represented the landlord, HealthSouth Sunrise Rehabilitation Hospital, LLC, in the March 3, 2015 sale valued at $3.6 million. The buyer was A.P. Properties 2019, LLC who purchased the property to establish a charter school, Franklin Academy.
Mr. Stigliano noted that the property was under contract for approximately ten months prior to closing. One of the conditions to close was obtaining approval from the City of Sunrise for the site layout. “Site plan approval is not an uncommon requirement on most land sales,” said Stigliano. “Unfortunately, for this approval, the drama was ratcheted up several degrees.”
According to Stigliano, while the school’s development team was working with the city, the Charter School industry was experiencing a rash of bad publicity due to failing and closing schools. “A month after the development application was submitted to the City of Sunrise, the local newspaper, The Sun Sentinel, had a front page scathing exposé on the Charter School industry,” Stigliano says. “Fortunately, Franklin Academy is an A+ operation but that didn’t stop the City of Sunrise from scrutinizing every inch of their plan.”
On the day the city commission was voting on the final site plan approval, the Franklin Academy School site plan approval was item 20 on the agenda. Item 21 on the agenda was a new city ordinance imposing a 12-month moratorium on site plan approvals for Charter Schools.
“Dealing with city commissions is becoming more and more difficult. It takes a well-oiled team of professionals that are prepared to have their project put under a microscope to get a large project approved.” said Stigliano.
Franklin Academy Charter Schools has broken ground on the 100,000 square foot, K-8 Charter School. At full capacity, the school will accommodate over 1,300 students. The school is scheduled to open for business in August of this year.
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, development, investment sales, property management, asset management, and receivership services for office, multi-family, industrial/commercial, and retail properties. The firm has been serving South Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or contact the firm at 1500 W. Cypress Creek Road, Suite 409, Fort Lauderdale, FL, 954-596-5555, or 6767 North Wickham Road, Suite 400, Melbourne, FL 32940, 321.242.4575.