The L'Ambiance Beach, with units priced from $350,000 to $2 million, could bring the company up to $79 million in gross revenue, based on an estimated average price of $600,000 per unit. There are no pre-construction sales to date. Floor plans will average between 2,097 sf to more than 3,380 sf, with penthouse suites covering up to 5,000 sf.
Construction is scheduled to begin in April with completion tentatively scheduled for August 2002. The site is at 4240 Galt Ocean Drive between Commercial and Oakland Park Boulevards. The development team will include Bradshaw, Gill & Associates, landscape architecture and land planning; Sieger Suarez Architectural Partnership; and Lamondin Group.
Following negotiations with the Fort Lauderdale city commission, the development partnership agreed to scale back original plans for a 27-story building, Commissioner Gloria Katz reported in a constituents' memorandum. The partnership also agreed to contribute $100,000 to a nearby city beautification project.
The project would be one of several condominium ventures Yale Properties already has developed under the L'Ambiance name. The others include the Mayfair, Imperial and Promenade at Boca Pointe in Southeast Florida; and Sanctuary and L'Elegance in Sarasota, FL.
"L'Ambiance Beach in Fort Lauderdale is our third L'Ambiance namesake," Morris Richter, Yale Properties president, says in a prepared statement. "It has been a fortunate name both for us and our residents."
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