The lender was Wachovia Bank Real Estate Financial Services Division. John White, senior vice president of the bank, facilitated the loan, which has a two-year term and whose interest rate is prime.
The project will consist of two 15-story towers containing 157 units, as well as a private, oceanfront Beach Club.
The third level of the first tower is currently being poured. Both towers will be built simultaneously, according to a project spokesperson. Alliance Construction, a division of Cornerstone Group, is the general contractor for Vue. Completion is scheduled for the first quarter of 2005--not far behind the originally planned date of fall 2004.
The towers are being built at 2011 and 2025 N. Ocean Blvd., on the north end of the beach, less than two miles from Las Olas Boulevard, once the site of three hotels that were demolished for the project. The Beach Club will be located at 1924 N. Ocean Blvd., across the street from the project's residential towers. The club will offer 23 private cabanas for sale to residents. The units will overlook the beach and a park.
According to White, Wachovia has worked with Cornerstone for many years. "Vue interested us because it gives us a great opportunity to expand this relationship," he says.
Cornerstone Premier Communities is the luxury residential division of the Cornerstone Group, a national multifamily developer based in Coral Gables, FL. The Cornerstone Group has been active in South Florida development in recent months, with several projects planned, under way or completed recently, including La Perla Ocean Residences, a 42-story, 326-unit oceanfront condo tower that broke ground early last summer at 16701 Collins Ave. in Sunny Isles Beach. This project is set to be completed in early 2005. Another development, San Marino at Laguna Lakes, a 17-building, 355-unit, market-rate luxury rental community in West Palm Beach, FL, was completed about a year ago.
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