SOURCE: BBX Capital Corporation

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August 08, 2014 09:01 ET

BBX Capital Real Estate, New Urban Communities Celebrate Groundbreaking Ceremony at The Village at Victoria Park

FORT LAUDERDALE, FL--(Marketwired - August 08, 2014) - BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX), and New Urban Communities celebrated a groundbreaking ceremony Thursday to herald their new project "The Village at Victoria Park." Located in the highly desirable Victoria Park neighborhood near downtown Fort Lauderdale, the gated community will be built on a 2.3 acre parcel with ten different models that will blend into the fabric of the community.

"It is a thrill to partner with New Urban Communities and to launch a project that promises to be a very special addition to this section of east Fort Lauderdale," said Seth M. Wise, President of BBX Capital Real Estate. "The charm and location give us good reason to refer to The Village at Victoria Park as an urban oasis."

"We are very excited about this innovative development and think it will be a great new residential alternative in Victoria Park," added Timothy L. Hernandez, Principal of New Urban Communities. 

The community will consist of 30 highly amenitized, two-story cluster homes with private courtyards. With different architectural styles to select -- Santa Barbara and Bermuda Dutch styles -- the homes will feature 3-4 bedrooms, as well as two-car garages, ten-foot ceilings, impact glass, gourmet island kitchens, and open floor plans. There will also be a myriad of options available, including plunge pools and summer kitchens, with various floor plans to fit differing lifestyles. 

Ideally situated, the property is less than one mile from the beach, Birch State Park and Bonnet House and only half a mile to Galleria Mall. In addition, there are more than 200 restaurants within a two mile radius. Furthermore, the community was designed with sustainability in mind, using green materials, products and construction techniques.

"The Village at Victoria Park will be a source of great pride for all of Fort Lauderdale," said Fort Lauderdale Mayor Jack Seiler. "The developers worked closely with the neighbors on this exciting project, and the impressive design weaves this new community into the fabric of a terrific neighborhood in close proximity to great dining and shopping on Las Olas Boulevard, the beach, and downtown."

Closings are anticipated to begin by the third quarter of 2015. Prices start at $649,000. For sales information, please call New Urban Communities at 954-524-8001 or visit www.newurbancommunities.com.

About BBX Capital Corporation: 

BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% indirect ownership interest in Bluegreen Corporation. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide.

As of June 30, 2014, BBX Capital had total consolidated assets of $399.3 million, shareholders' equity attributable to BBX Capital of approximately $312.7 million, and total consolidated equity of approximately $314.1 million. BBX Capital's book value per share at June 30, 2014 was $19.54. For more information visit www.BBXCapital.com.

About New Urban Communities:

New Urban Communities was founded in 1998 by Tim Hernandez and Kevin Rickard. The company specializes in urban infill and redevelopment and is well known for pioneering communities in Delray Beach, Wilton Manors, Fort Lauderdale, Jupiter and Miramar. New Urban synthesizes the techniques of custom and production home building with timeless principles of community design to deliver high quality, high value homes and neighborhoods while respecting and engaging existing natural and built environments. Walkability, lush landscaping and classic architecture with porches and balconies are hallmarks of New Urban's neighborhoods. New Urban was years ahead of the competition in building green homes and communities close to where its customers work and play. More information on how New Urban is changing the way people live in South Florida, one community at a time, is available at www.newurbancommunities.com.

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