Alta nabs $38.5M construction loan for Flagler Village rentals

12-story, 208-unit building is the first phase of Alta's Flagler Village project

Mar.March 03, 2017 05:00 PM

Rendering of Alta Flagler Village. Inset: developers Henry Pino and Raimundo Onetto

Miami-based Alta Developers has closed a $38.49 million construction loan for an apartment rental tower in Fort Lauderdale’s Flagler Village. 

Records show Bank of the Ozarks provided the financing for the project at 421 Northeast Sixth Street. It has not yet broken ground.

The 12-story, 208-unit building is the first phase of Alta’s Flagler Village rental development. The firm, led by principals Henry Pino and Raimundo Onetto, bought the 1.7-acre site in July for $2.77 million and knocked the former structure down in December.

Cohen Freedman Encinosa & Associates is the architect of Alta Flagler Village. The project will have 175,360 square feet of apartments and 3,250 square feet of commercial space.

It’s one of several rental buildings in the works for Flagler Village.

ArchCo Residential is moving forward with its plans for a 385-unit mixed-use apartment complex on North Andrews Avenue, Northeast First Avenue, Northeast Fifth Avenue and Sistrunk Boulevard. Also nearby is the Morgan Group’s Morgan on 3rd Avenue, a 350-unit development at 400 Northeast Third Avenue. The developer scored a $61 million construction loan for the project in December.

Proponents of Flagler Village are banking on a Wynwood-esque explosion in property values, citing the proximity of downtown Fort Lauderdale and All Aboard Florida’s Brightline station, the latter of which is under construction.

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