Trio of NY Investors to Build $125M Multifamily Tower in Fort Lauderdale
The development team of Bizzi & Partners Development, Silverback Development and Corvin Capital, LLLC acquired earlier this year the one-acre parcel at 100 SW 6th St. in Fort Lauderdale for $12 million.
FORT LAUDERDALE, FL—A trio of New York City real estate investment firms say they are now pressing ahead with a $125-million luxury high-rise in Fort Lauderdale.
The development team of Bizzi & Partners Development, Silverback Development and Corvin Capital, LLLC acquired earlier this year the one-acre parcel at 100 SW 6th St. in Fort Lauderdale for $12 million and plan to build New River Central, a 35-story mixed use tower, there. The lead developers on the project are Bizzi and Silverback, with Corvin Capital serving as co-developer
The project will feature 401 luxury rental units, 5,500 square feet of retail space, 20,000 square feet of amenities and a nine-story parking structure with 477 spaces. The building will total approximately 625,000 square feet.
Mark Neuman, CEO of Corvin, says, “The property is exceptionally well-located and offers a significant development opportunity. We intend to build a luxury building, that is still affordable and in line with the strong demand for this type of product in Fort Lauderdale.” He notes that a large Publix store is located directly across the street from the project site.
Demolition of some existing buildings has already taken place and Newman says that pre-construction work is proceeding at a quick pace in anticipation of a groundbreaking in late 2018.
He tells Globest.com that New River Central marks the first investment in Florida by the Great Neck, NY-based firm. An earlier report in the Real Deal stated that the project is also a first in Florida for Silverback. Bizzi & Partners is co-developing the luxury waterside condo project Eighty Seven Park in Miami.
Josh Aryeh, COO of Corvin, adds that the property’s location in Fort Lauderdale’s most popular business centers “is buoyed by a diverse economy, a strong presence of mature companies and is one of Florida’s most active ports.”
Newman says that Corvin Capital is in contract to acquire an existing property in North Miami that should close sometime next month and is looking at other opportunities in Florida.