Icon Las Olas, Fort Lauderdale’s tallest building which topped off at 455 feet, has released new renderings of their amenity and common spaces. The tower will be a rental tower featuring luxury apartments in Downtown Fort Lauderdale and is expected to open Fall 2017, leasing started this month (June 2017). From Related Group and designed by Sieger Suarez Architects with interiors by Steven G., Icon Las Olas will be among the most expensive buildings in Fort Lauderdale with rents between $2,500 and $7,000. The property was co-developed by The Related Group with Rabina Properties and Perella Weinberg Partners and features 272-apartment units.
Auberge Beach Residences and Spa in Fort Lauderdale Now 90% Sold In North Tower
Auberge Beach Residences and Spa Fort Lauderdale is near sellout with the North Tower
now 90% sold. The South Tower is 50% sold in the two tower luxury beachfront development on Fort Lauderdale Beach by The Related Group and Fortune International Group. They reported $54 million in sales over the last 45 days.
Auberge Beach Residences and Spa features 171 condos which feature spacious oceanfront terraces with private pools, floor-to-ceiling glass, private elevators, gourmet kitchens. Units range from $1.5 million to $9 million. The building was designed by Nichols Brosch Wurst Wolfe & Associates. Five-star amenities include a world-class fitness center and full-service spa, multiple oceanfront swimming pools, beach club, golf simulator, a Michelin Star rated restaurant and a stunning interior by Meyer Davis. Both Hall-of-Fame Dolphins Quarterback Dan Marino and Related Group CEO Jorge Pérez have purchased residences at the property. Auberge Beach Residence and Spa's South Tower made news last year with a Fort Lauderdale record $8.9 million sale as the city's most expensive condo residence sale.
30 Thirty North Ocean Launches Sales Center
30 Thirty North Ocean, a luxury boutique condo project located at 3030 North Ocean Boulevard in Fort Lauderdale Beach, has launched its sales center. Developer Cavache Properties recently releasing renderings of the boutique condo project which will include 24 residential units that range from 2,482 SF to 3,147 SF. Pricing will start at $1.15 million or roughly $548 SF.
Photo via Trulia
Fort Lauderdale Rents Rise & Vacancy Falls as Shortage in Rental Apartment Units Hits
Fort Lauderdale has a growing demand for rental apartments and a limited supply with only a handful of new projects about to be delivered. For Lauderdale's vacancy rate fell to 3.2% in Q3 of 2016 while rents rose 8% year over year to an average price of $1,614 per month. Some of this is driven by potential buyers being deterred from buying a house due to an expensive housing market. Brossard has a $293,200 median price for a single family home. There are currently 7,300 residential apartment units under construction in Broward expected to be delivered before 2018. 1,800 of those are are in Fort Lauderdale. Without a surplus of new units coming to the market as in Miami, rents should continue to rise and vacancy should continue to fall.
Las Olas City Centre sells for $220 Million
Las Olas City Centre has sold to Deutsche Bank for $220 million as reported by The Real Deal. Located at 401 East Las Olas Boulevard, 401 East Las Olas LLC sold the Class A Fort Lauderdale property to TAF gg Las Olas LP, an affiliate of Deutche Bank’s asset management arm RREEF Property Trust in a deal financed with a $100 million mortgage from Wells Fargo. Las Olas City Centre is a 23-story, 725,898 SF, LEED Gold certified, mixed-use commercial building with office space and retail built in 2002. Major tenants are Bank of America and Patriot National. Average rent at Las Olas City Centre is around $47 SF and there is about 408,064 SF of leasable space as per the CoStar Group. JP Morgan purchased the building in 2011 for $164 million and reported a 6.3% cap rate.
Gale Residences Fort Lauderdale to Break Ground Next Week
Newgard Development Group's 401 Bayshore Drive Gale Residences Fort Lauderdale Beach has reached over 70% sold and will break ground next week. The project is a 12 story, 129 unit luxury condo residence with a 96 unit boutique hotel, all operated under the Gale brand by Menin Hospitality. The construction will preserve the beachfront landmark structure from 1948.
Units in the residences range from 1 to 3 bedrooms and 800 to 2,100 SF. Opening price points are in the low $500,000s. The building will be modern and tech savvy, amenities include smart building technology, electric vehicle charging stations and electric bikes. There will also be resort style amenities, both shared with the hotel and private for residents. a state-of-the-art fitness center, outdoor fitness enter, rooftop pool and lounge.