Artesia - An Overview

On October 10, 2003, the City of Sunrise approved a Development Agreement with Sunrise Land Group, Inc. - an H. Wayne Huizenga entity - regarding the Group's approximately 140 acres at the northwest corner of Flamingo Road and Panther Parkway.

This strategic location, convenient to the Sawgrass Expressway, BankAtlantic Center, Sawgrass Mills and Sawgrass International Corporate Park, is the site of two upscale, gated residential communities with an estimated value of over $900 million.

The first community, which broke ground in February 2004, is Artesia. This Minto Communities, Inc., project is designed to capture the color and character of such resort areas as Palm Beach, Florida; Marbella, Spain; and Portofino, Italy. Comprised of approximately 1,400 residences in a community of 28 buildings, Artesia will feature six 13-story high-rises, as well as mid-rise structures.

In April 2007, Artesia earned the Platinum prize in the "Planned Community - Multiple Products" category at the Florida's BEST Awards banquet. This represented the highest honor for a community of 1,001 units or more. The Florida's BEST Awards - established nearly 25 years ago by the Builders Association of South Florida - is a prestigious annual competition open to members of the local building industry. Winners are selected by an independent panel of industry professionals from outside the state.

The centerpiece of Artesia is a lake framed by lush landscaping and a promenade. A two-story clubhouse and pool complex are situated lakeside, and fountains and gardens are located throughout the community. Structured parking underneath the residences is supplemented by on-street parking for visitors and guests. The homes in Artesia are selling from the mid $300,000s to over $700,000. For details regarding this property, please visit Minto's Artesia Web site.

The second resort-style community, as yet unnamed, would also have a high-rise component and be served by structured parking. The design of the two communities would be complementary, with the second development featuring a total of approximately 750 units in buildings, the tallest of which would be 10 stories. The communities are expected to be constructed in phases over the next seven years.

Under the terms of the Development Agreement, Minto was responsible for the development of a passive linear park with a value of approximately $1.2 million - a project located at the southwest corner of Flamingo Road and West Oakland Park Boulevard. The new park - 7/10 of a mile in length, consisting of 13+ acres of City-owned property - was completed in December 2006. Minto is also required to reimburse the City for the City's ongoing cost of park maintenance.