Deposit requirement drops to 20% for Riva in Fort Lauderdale

100-unit condo project is more than 60% sold

Miami /
Aug.August 31, 2017 03:00 PM

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.


Related Articles

arrow_forward_ios
The site and renderings of Premium Development’s nearby project. (Premium Development)
Multifamily developer buys piece of Little Havana assemblage
Multifamily developer buys piece of Little Havana assemblage
Christopher Brothers and 441 San Marco Drive in Fort Lauderdale (Maxim Group, Paterson Project Management)
Owner of real estate brokerage sells waterfront Fort Lauderdale home for $5M
Owner of real estate brokerage sells waterfront Fort Lauderdale home for $5M
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Bell Partner's Jon Bell and Greystar's Bob Faith with the Satori Apartments. (Greystar, Bell Partners)
Bell Partners buys Fort Lauderdale apartments for $100M
Bell Partners buys Fort Lauderdale apartments for $100M
Safe Harbor Marinas CEO Baxter Underwood and Lauderdale Marine Center at 2001 Southwest 20th Street  (LinkedIn, Google Maps)
Safe Harbor pays $340M for Fort Lauderdale mega-marina
Safe Harbor pays $340M for Fort Lauderdale mega-marina
2412 Laguna Drive, Fort Lauderdale (Google Maps)
Baltic Hotel Group owner sells waterfront Fort Lauderdale mansion for $23M
Baltic Hotel Group owner sells waterfront Fort Lauderdale mansion for $23M
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...