The Real Deal Miami

Up for grabs: Israeli developers of Fort Lauderdale project list site for $3.5M

Flagler 626 developers paid $725,000 for the site in 2014, scored approvals last month

October 05, 2016 09:45AM
By Katherine Kallergis

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Uri Redler, a rendering of Flagler 626, and listing agent Peter Mekras

Uri Redler, a rendering of Flagler 626, and listing agent Peter Mekras

The Israeli developers behind a 99-unit project in Fort Lauderdale’s Flagler Village just listed the condo project for sale at $3.5 million, The Real Deal has learned.

The developers, Doron Broman, Simon Langbret and Uri Redler put the Flagler 626 site on the market last week with CREC, Broman confirmed to TRD. The project has not yet launched sales.

“It’s not an issue of market conditions,” Broman told TRD, adding that the decision to sell is due to a personal issue. “At this stage we’re looking to sell it or possibly joint venture.”

Fort Lauderdale unanimously approved the 12-story project in mid-September. As planned, units would range from 671 square feet to 1,580 square feet with an average price of $350 per square foot.

CREC Senior Vice President Peter Mekras said the unit allocation and approvals make the site appealing to a multifamily developer, adding that he’s received “strong interest from market-rate, for-rent developers” since putting the project on the market last week.

The developers are asking $35,354 per unit or $36 per rentable square foot for the site at 630 Northeast First Avenue. Redler, a partner on Flagler 626, said while they are open to selling the site, the developers are also looking at partnering with a lead developer. Broman said that he may also come back and lead the project next year if they do not sell the site.

“We worked very hard on this project,” he told TRD. “We want to buld it … We’re open to all options and we’re looking at all options, we want to do it right.”

Designed by Stewart Robin of Nest Plan, Flagler 626 also includes a miniature park, swimming pool, gym and party room, and green-oriented amenities like moped parking, bike racks and a charging station for electric cars. Plans also include a 191-space parking garage.

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.

The roughly 300-acre neighborhood has 42 projects either in the planning stages or under development. 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, across the street from Strada 315, a condo building from the last cycle.

But rental product has proliferated in the walkable, transit-oriented neighborhood. Among those: the Edge at Flagler Village, which Houston-based Morgan Group sold in April for $114.3 million to pension giant TIAA.

The developers of Flagler 626 are still pursuing their other projects, including two townhome developments in Fort Lauderdale, Broman said.