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Plantation, FL – U.S. Capital Holdings, LLC , a leading private equity investor and developer of 321 North, has hired Michael Coletti as Director of Operations. He will oversee all aspects of design, construction, marketing, leasing and governmental affairs for the $350 million mixed-use community that includes the redevelopment of the Plantation Fashion Mall.
Coletti brings expertise in managing teams of engineers and architects; reviewing and negotiating budgets and contracts and securing financing; project management; and restructuring companies to see increased productivity and efficiency.
Prior to joining U.S. Capital, Coletti was senior vice president of operations & finance and DYL Development Group (Colonial Development Group), which developed hotels, mixed-use properties, high rise luxury condos and strip centers. His achievements included overseeing operations for over 40 people, closing loans of over $600 million dollars and increasing profits by fifty percent. He was also CFO at Radiology Associates of Hollywood, vice president of operations and financial management at Turnberry Associates, and president of Coletti & Associates, his own firm which offered business and management consulting.
“Michael has extensive experience in marketing, finance and operations management in the real estate and healthcare industries and will help to streamline all processes relating to 321 North,” said Mr. Wei Chen, CEO, US Capital Holdings, LLC. “As we add respected and seasoned team members, we fortify the future of 321 North and our vision to create a one-of-a-kind product backed by a highly reputable company.”
321 North is located on a 33-acre site off Broward Blvd. and University Drive. The existing development on the property includes the largely vacant 650,000 square-foot enclosed retail mall, a 114,000 square-foot office pavilion, and a separately owned Sheraton Suites hotel, now completing its own major renovation. The development of 321 North will include demolition and reconstruction of significant portions of the enclosed mall with new retail that will face outward and open up onto a new main street; as well as the construction of additional new open-air retail and restaurants.
The approximately 525,000 square feet of retail at 321 North will complement 300,000 to 400,000 square feet of new Class A office space in two new office buildings plus a renovation to an existing building; and approximately 600 residential units. The project is designed to fit seamlessly into the City of Plantation’s master plan to build an urban town center, called Plantation Midtown.
321 North was recently accepted into the LEED for Neighborhood Development pilot program, a program created by the U.S. Green Building Council, the Congress for the New Urbanism and Natural Resources Defense Council to evaluate developments in their entirety and establish a uniform rating system for like communities. 321 North is one of few projects in South Florida to be accepted into the program. The site plan approval process is currently underway.
Leading the architectural design and development of the project is ADD Inc, a national award-winning design firm.
Other team members include ID & Design International, an award-winning, full service design consultant firm; EDAW, consistently ranked among the world’s leading landscape design firms; WET Design, designers of contextually motivated water features including the Dancing Fountains at Bellagio in Las Vegas; Transwestern, one of the largest privately held commercial real estate firms in the U.S., handling commercial leasing; Kimley-Horn and Associates, Inc., one of the nation’s most comprehensive and best respected engineering and land planning firms; and Koniver Stern, as co-leasing agent for the retail component. For more information, visit www.321north.com.
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