Morgan Group lands $61M loan to start construction of Flagler Village apartments
Morgan Group is doubling down on its investment in Fort Lauderdale’s booming Flagler Village.
The Houston, Texas-based developer just scored a $61 million loan from a group of lenders led by U.S. National Bank, according to county records, paving the way for a new apartment project called Morgan on 3rd Avenue.
The loan is secured by Morgan’s development site at 400 Northeast Third Avenue, which measures just below 3 acres and occupies nearly the entire block.
There, the developer is planning a 350-unit rental complex with 525 parking spaces and roughly 4,000 square feet of ground-floor retail space. Its apartments will range from studios with 575 square feet to three bedrooms and 1,699 square feet. Residents will have access to a pool, dog park, bike rack and 6,700-square-foot amenity room.
Construction is set to begin immediately, according to a notice of commencement filed with the county. A development application submitted to city officials shows the project’s total costs, including the $16.5 million Morgan spent on land, is estimated at $75 million.
Rental projects have proven to be hot commodities both in Flagler Village and South Florida over the past year.
The neighborhood’s boosters are hoping its hip vibe will inspire a Wynwood-esque explosion in property values, especially because All Aboard Florida is building one of its Brightline stations nearby.
Those ambitions already appear to be playing out: Financial giant TIAA has placed a huge bet on the neighborhood, buying two newly built apartment complexes there — including one developed by Morgan — for $263 million since late last year.