The developers of Sheridan Stationside Village - one of Florida's first true live/work/play transit oriented developments (TOD) - have announced their intention to donate a six-acre park to the City of Hollywood and preserve the site's rare coral rock house.
The donation is the latest in a series of commitments by the transit village's developers based on input from the City and a yearlong series of meetings with surrounding neighborhoods. Plans for the 41-acre mixed-use Village continue to evolve, with a projected eight to ten year buildout.
The developers anticipate investing approximately $500 million in creating the Village.
"Our commitment is to make this project a model, not only of transit-oriented development, but of community partnership," said Michael Wohl, a partner in Stationside Village Associates, LLC, an affiliate of Pinnacle Housing Group of Miami, in partnership with Ram Development Company of Fort Lauderdale "We will continue working closely with surrounding neighborhoods and the City to facilitate the development process. Over the past year, valuable input from neighborhood associations and activists, community groups and city staff has continued to shape our plans."
Recognizing the natural and historic features of the site - and responding to neighborhood groups' requests - Wohl said the development team decided to eliminate plans for townhomes nestled among the trees. The parcel that includes most of the site's mature oak hammock will now become a place to be enjoyed by the entire Hollywood community, he said.
In addition, the developers will preserve the historic coral rock house that is on the development site for community use. According to the Broward County Historical Commission, it is one of less than a half dozen existing coral rock structures built in Broward from 1920 to 1935.
As envisioned for this site in the City-wide Masterplan, Sheridan Stationside Village will be a pedestrian-friendly urban community centered around a transit station. With environmentally sound design, it will offer an appealing mix of residences, retail space, corporate offices, a hotel and Tri-Rail parking, encouraging less dependence on cars and greater use of mass transit - while providing economic benefits to revitalize the area.
Flexible to meet changing market conditions, plans call for up to 1,050 residential units; up to 299,000 square feet of office space and 300,000 square feet of retail space; a hotel with up to 150 rooms; plus a 793-space parking structure for Tri-Rail riders.
The mixed-use village is expected to produce an estimated 2,150 full-time equivalent jobs, with an annual payroll of over $80 million. Wohl said projected annual tax revenues for the City and County are in the millions of dollars at build-out - including $3 million annually for schools at buildout.
According to the development team, Sheridan Stationside Village is the most comprehensive development to be constructed under Broward County's new Transit Oriented Development land-use ordinance, which created the TOD designation for mixed-use communities adjacent to mass transportation services.
The project's site at Interstate 95 and Sheridan Street includes a former Florida Department of Transportation park-and-ride lot and abutting land at Sheridan Street and the CSX railroad tracks. Recent double tracking of that rail line is already generating increased Tri-Rail ridership along its full 72-mile route from Miami to just north of West Palm Beach.
Wohl noted that the community's concerns about local traffic are an important consideration. "We recognize that traffic is key," he said.
"Mitigation plans for the project's traffic improvements have been approved by Broward County planning staff. Working closely with FDOT, the City and County, we're solving traffic problems that have existed for years but have not been addressed." The Hollywood City Commission has adopted the county Transit Oriented Development ordinance, made it applicable to the Sheridan Stationside Village site, and has given preliminary approval for the development.
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