MMG Equity Partners is pleased to announce the firm has received site plan approval with $6 million in tax increment financing (TIF) incentives to advance development of the Residences at Plantation Square, a mixed-use community featuring luxury apartments with a workforce housing component and a new Bank of America branch in Plantation, Florida.
The project will rise on a part of the 10.4-acre site known as Plantation Square, located on the Southwest corner of Sunrise Boulevard and University Drive at 8190 W. Sunrise Boulevard. As part of the agreement, MMG Equity Partners will deliver 123 workforce housing units, 77 reserved for households earning up to 80% of the area median income and 46 for those earning up to 120%.
The approval includes conditional use, zoning modifications and landscaping waivers granted during the City of Plantation Commission meeting on Aug. 27. The TIF award provides a property tax rebate of up to $6 million over 19 years, designed to help offset construction costs and ensure the delivery of affordable housing despite elevated market conditions.
“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.”
The Residences at Plantation Square will replace the 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 continuity of service while modernizing the space.
Unit mix will include 89 studios, 101 one-bedrooms, 103 two-bedrooms and 14 three-bedrooms, designed by MSA Architects of Miami. The project also includes 540 parking spaces with a waiver for reduced parking, as well as setbacks and floor area modifications to align with urban design goals. Groundbreaking is anticipated in the summer of 2026.
The new apartment building and bank will seamlessly connect to the adjacent Shops at Plantation Square, MMG Equity Partners’ 69,000-square-foot neighborhood shopping center along University Drive, which recently completed a $4 million renovation to enhance dining, retail and daily conveniences for the community.
This project is part of the MMG’s strategic expansion into the residential sector. As a recognized leader in retail development, the firm has a proven track record of successful execution in commercial real estate. This natural progression into mixed-use and multifamily development aligns with evolving market demands. With a deep understanding of retail dynamics, MMG is uniquely positioned to integrate residential and commercial components seamlessly, ensuring a symbiotic relationship that benefits both residents and businesses. The firm is currently working on residential developments in North Miami and West Kendall.
“While retail remains a core focus for us, a significant portion of our efforts today are focused on multifamily and mixed-use development,” stated Gabriel Navarro, managing partner, 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.”
Located at the intersection of W. Sunrise Boulevard and N. University Drive, the Residences at Plantation Square is just minutes from I-595 and Broward Boulevard, surrounded by a dense residential base and strong daytime traffic.
With more than two million square feet of commercial retail properties under management, MMG Equity Partners continues to expand its portfolio across Florida through value-driven real estate investments and community-focused development.
