Galleria Lofts breaks ground in Fort Lauderdale with $14M loan
Construction work has begun on the Galleria Lofts in Fort Lauderdale now that its developer, Sobel Co., has scored $14.3 million in financing.
The townhouse project is being built on nine vacant parcels along Northeast 18th Street near Sunrise boulevard. Renderings show the buildings will have contemporary style with modern interiors, including porcelain flooring and stainless steel appliances.
Boca Raton-based Sobel Co. is developing the community. Sobel first purchased the land — about 2.2 acres in total — through two separate deals with the Boemermann Land Company in May 2014. The combined price was $3.4 million.
The land then sat idle for several months and was overtaken by weeds and underbrush, resulting in several code violations from the city. Now with financing in hand from Centennial Bank, Sobel is on its way to building the 48-unit community.
Residences at Galleria will come in two-bedroom, two-bathroom configurations that range from 1,734 square feet to 2,438 square feet. Prices start in the mid-$500,000s.
The project will have a gated entrance and private lobby area, along with an open pool and designer landscaping.
Brokerage Engel & Volkers is handling the project’s marketing.