Atlantic Plaza II in Downtown Delray Beach Reaches Devleopment Milestone

Delray Beach, FL, February 03, 2010 --(PR.com)-- Despite a challenging development environment that has most new projects on hold, Atlantic Plaza II is moving forward with plans to transform two blocks in the City of Delray Beach into one of the nation’s finest suburban downtown mixed-use destinations. Owner CDS International Holdings Inc. filed in December for plat approval with the City, according to Bill Milmoe, president of CDS International Holdings, Inc.

Filing the plat is a major step forward for the project, which will bring together specialty retailing, Class A office space and upscale residences in a pedestrian-oriented environment. CDS anticipates summer approval for the new plat, which unifies several parcels the company assembled. The 8.5-acre site is at the City’s “Main & Main” – the corner of Atlantic Avenue and Federal Highway – and is adjacent to the City’s Veteran’s Park, along the Intracoastal Waterway.

CDS expects infrastructure work to take approximately 18 months. The developer has completed the first phase of pre-development, razing a former motel and a gas station and performing initial environmental remediation. Applications are to be submitted shortly to utilities and permitting agencies, including Florida Power & Light, the South Florida Water Management District and Florida Department of Transportation. Development is planned in three phases over the next five to seven years. The Company is in discussion with potential joint venture partners and specialty retail tenants, according to Milmoe.

Vander Ploeg & Associates of Boca Raton, Fla. designed Atlantic Plaza II to take advantage of the urban infill location, with six distinctive 3- to 5–story buildings to include:

An outdoor lifestyle center component: 132,000 square feet of shops and restaurants, including a 50,000-square-foot, two-story retail anchor space
The downtown’s first Class A office space: 106,000 square feet
197 apartments, townhomes and lofts
Underground parking for more than 1,000 cars

“Delray Beach’s downtown is one of the most robust, attractive and successful in the South Florida market,” said Milmoe. “It has become a well-known regional destination for both residents and tourists from throughout the region. Atlantic Plaza II will be an important new anchor for this proven market.”

Delray Beach has earned national recognition for the quality of its downtown and progressive approach to community-building. It was twice-designated as an All America City by the National Civic League; ranked among the “20 Best North American Districts, Downtowns, and Neighborhoods” by the nonprofit Project for Public Spaces, and is the winner of a Centennial Medallion Award, along with New York’s Central Park and San Francisco’s Ghirardelli Square, from the American Society of Landscape Architects.

CDS International Holdings is an international private equity firm with diverse business interests, including commercial office buildings, shopping centers, real estate development and liquid nutritionals. In addition to Milmoe, principals include Carl DeSantis, who was the founder and chairman of Rexall Sundown Vitamins, which was sold in 2000 to Royal Numico for $1.8 billion. He is also well known for creating Kwandwe Private Game Reserve in the Eastern Cape of South Africa, a unique Relais & Châteaux eco-resort.

For more information on Atlantic Plaza II, visit www.atlanticplazadelray.com or contact CDS International Holdings, Inc., 561-278-1169.

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