Oak Tree Management has just announced plans to build a new boutique condo project in Fort Lauderdale called the Wave.
The 11-story building would house only 18 units, including two penthouses, on a non-waterfront site at 620 Bayshore Drive. Early renderings show the building’s architecture stands true true to its name: each floor is surrounded by balconies that rise and fall away from the tower.
Sixteen of the building’s units would have either two-bedroom or three-bedroom floor plans. Plans show two units would occupy each floor, except for the penthouse levels located on the 10th and 11th floors. The residences would feature 180-degree views, contemporary stylings, floor-to-ceiling glass windows and wrap-around terraces.
Condo sizes range from 1,974 square feet to 3,566 square feet, and prices start at $750,000. Each would come with two parking spaces.
Plans for the building’s amenities include: a ground-floor saltwater pool, sun deck on the second floor, club room, catering kitchen, bar, fitness center and a fenced dog park.
Dan Teixeira of Douglas Elliman will head sales for the project, according to a news release.
Broward County property records show an entity called Bayshore Beach Club LLC, which is managed by Oak Tree’s founder Rick Rosan, owns two mid-century apartment buildings where the Wave would be built.
The company acquired those buildings in a single purchase last year for $2.3 million, according to records. Together, those buildings cover roughly 0.56 acres of land, meaning the price paid breaks down to roughly $94 per square foot.
Oak Tree, which operates in Brooklyn and Fort Lauderdale, was founded in 1985 by Rick Rosan to acquire and convert residential buildings into condos and co-ops. The firm is split into two branches: Oak Tree Residential, which acquires and renovates rental properties, and Oak Tree Management, which handles property management and leasing for multifamily buildings. — Sean Stewart-Muniz