The Real Deal Miami

Deposit requirement drops to 20% for Riva in Fort Lauderdale

100-unit condo project is more than 60% sold
By Katherine Kallergis | August 31, 2017 03:00PM

Rendering of Riva and Bradley Deckelbaum

Deposits are going down at Riva in Fort Lauderdale, amid a push to sell the remaining condo units.

Developer Bradley Deckelbaum’s Premier Developers just lowered the deposit requirement to 20 percent as the luxury condo project nears completion. The standard, especially in Miami, has been to require 50 percent at contract. Riva previously required 35 percent deposits.

Riva is currently more than 60 percent sold, according to a spokesperson.

In South Florida, the Related Group was the first major developer to reduce condo deposit minimums this cycle, starting with Brickell Heights and SLS Lux two years ago. Earlier this year, the Melo Group lowered deposits to 35 percent and 20 percent for units at Aria on the Bay, which had just topped off at 80 percent presold.

Premier plans to start recording closings at Riva in about three months.

The 15-story, 100-unit project, at 1180 North Federal Highway along the Middle River, closed on a $65 million construction loan in May. New York-based Madison Realty Capital is the lender.

Once completed later this year, Riva will have a 40,000-square-foot club deck on the fourth floor with a 7,000-square-foot gym, a 2,500-square-foot club room, a 1,500-square-foot kitchen, private wine lockers, a dog park and a lap pool.

Unit prices range from the $748,000 to penthouses starting at $2.25 million. Condos come with boat slips, and will range from more than 1,500 square feet to about 8,800 square feet. The building will also have about 8,000 square feet of commercial space on the ground floor.

Falkanger Snyder Martineau & Yates designed the building, which will have a 400-foot-long landscaped river walk, a water taxi, water sports center with a private dock, and a spa. General contractor Moss & Associates topped off construction in February.