The Real Deal Miami

Israeli developers score commission approval for Flagler Village condo project

Project is one of a handful of condo developments in Flagler Village's pipeline

September 21, 2016 12:00PM
By Mike Seemuth

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Rendering of Flagler 626

Rendering of Flagler 626

The Fort Lauderdale City Commission on Tuesday approved a 97-unit condo project in Flagler Village, a hot spot for development just north of the city’s downtown area.

Without discussion, the commissioners voted 5-0 to approve a site plan and development permit for the 12-story Flagler 626 project.

A trio of Israeli investors — Doron Broman, Simon Langbret and Uri Redler — are behind the condo project on the east side of Northeast First Avenue, between Northeast Sixth Street and Northeast Seventh Street. The three launched plans for Flagler 626 earlier this year in a bid to tap Flagler Village’s growing popularity among millennials and property investors alike.

The building, designed by Stewart Robin of Nest Plan, will have condos ranging in size from 671 square feet to 1,580 square feet at an average price of $350 per foot. The development also will feature a miniature park, swimming pool, gym and party room, plus green-oriented amenities like moped parking, bike racks and a charging station for electric cars. Its design also includes a parking garage with 119 spaces.

Property records show the Flagler 626 developers paid $725,000 in 2014 for the condo site’s three lots, which total 27,000 square feet.

Flagler Village has seen a limited amount of condo development in recent years, with a handful of projects in the pipeline. For example, a development group led by Itay Avital last year proposed plans for a 217-unit condominium called URBN at Flagler Village on the 400 block of Third Avenue. It would be built across the street from Strada 315, a 117-unit condo building completed during the last cycle.

Meanwhile, rental projects have proliferated in Flagler Village, and some have changed hands since last year in big-ticket property trades. Among them was the Edge at Flagler Village, which Houston-based Morgan Group sold in April for $114.3 million to pension giant TIAA.

Fort Lauderdale City Manager Lee Feldman said in a September 20 memo to city commissioners that several other real estate development projects are also in the planning, review or construction stages in the general vicinity of Flagler 626.

“Together these developments are fostering the continued revitalization of Flagler Village, offering additional opportunities for living, working and taking part in activities in the downtown area,” Feldman wrote.