Cavache Properties just closed a $3.3 million land deal for its new condominium project in Fort Lauderdale called “30 Thirty N. Ocean.”
Included in the deal was just over an acre of vacant land at 3030 North Ocean Boulevard. The property has been been owned for the last seven years by Allied Mortgage Investment Fund II, which acquired it out of foreclosure in 2009.
Cavache paid about $58 per square foot for the land and is now planning a 24-unit condo project split between two five-story buildings.
Adam Adache, the firm’s managing partner, told The Real Deal that each unit will be two stories: the buildings’ floors will be split among first floor parking and two units stacked on top of each other. Sizes will range from 2,140 square feet to 2,300 square feet, while prices are expected to begin in the $1 million range.
Adache told TRD that his firm is still working toward city approval for Thirty 30 N. Ocean.
Cavache’s strategy is geared toward developing boutique projects in coastal regions like Fort Lauderdale, Adache said. The Deerfield Beach-based firm is also working on a 21-townhome community in Pompano Beach called 14th & Ocean that’s slated to open within the next two months.