MIAMI—CE Development Partners, a joint venture between leading developers EDEN Multifamily and Cypress Equity Investments, acquired a 1.55-acre site in Downtown Fort Lauderdale. CE plans to develop a rental apartment community on the site.
Specifically, plans call for 32-story, 374-unit tower on the property dubbed Eden Las Olas. The multifamily site is at 419 Southeast Second Street, close to Las Olas Boulevard. The site was previously operated as a parking lot.
“Downtown Fort Lauderdale's profile as a livable urban area continues to grow,” EDEN Multifamily CEO Jay Jacobson tells GlobeSt.com. “There is demand across a variety of age groups and income levels, from young professionals to empty nesters seeking a lifestyle change in favor of vibrant city living. There is a strong need for brand-new apartment towers that are flush with amenities.”
CE Development's project will also include ground-floor retail space and an adjacent parking garage. The tower's architectural design is modern with sleek lines, wraparound balconies and floor-to-ceiling glass in amenity areas and certain residential locations.
Multifamily amenities include a private urban park in the downtown area with a four-story waterfall, open community gathering spaces surrounding the building, exercise facilities, golf simulator, yoga studio, peloton facility, a bicycle storage and repair shop and state-of-the-art delivery lockers including refrigerated storage for grocery deliveries. Residents will also find a private sky lounge located on the 32nd floor with city views.
Construction is expected to start during the fourth quarter of 2018. The multifamily project site is surrounded by 1 million square feet of retail and entertainment space, more than 5 million square feet of office space and tens of thousands of jobs.
In January, EDEN topped off construction of NOMA, an 8-story, 354-unit apartment building at 2145 Northeast 164th Street in North Miami Beach. NOMA is scheduled to be completed in fall 2018.
“We continue to look for opportunities to develop apartments in underserved and overlooked neighborhoods,” Jacobson says. “We expect the South Florida multifamily market to remain strong and ripe for new construction.”
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