Palazzo Group Envisions $75-Mil Project

FORT LAUDERDALE, FL-Anticipation is building now that city officials think they found a development group capable of constructing the linchpin in a long-anticipated economic revitalization effort along the central Downtown Intracoastal Waterway.

Last week, the Fort Lauderdale City Commission authorized administrative staff to begin lease negotiations with Palazzo Las Olas Group over a proposal to construct a $74.9-million mixed-use residential project on the city-owed Las Olas Municipal Parking Lot.

The Fort Lauderdale-based joint venture proposes the development of 92 luxury condominiums, 75 luxury rental apartments, 66,673 sf of retail space and a 1,700-space parking garage on a building area estimated at 1.02 million sf on the East Las Olas Circle adjacent to the Las Olas Municipal Marina.