Venezuelan developers score construction loan for Adagio Fort Lauderdale Beach
31-unit condo project is 30% sold
Alco International Group just scored $25 million in financing to start construction of Adagio Fort Lauderdale Beach, a planned 31-unit luxury boutique condo, property records show.
Aventura-based New Wave Loans Residential is the lender. Adagio Fort Lauderdale Beach will rise on a 34,000-square-foot vacant lot at 435 Bayshore Drive, along the Intracoastal Waterway. Records show an affiliate of the company paid about $13.5 million for the property in 2015.
Alco International Group is led by the Coll family of developers: Leonardo, Luis, Gustavo, Santiago, Leonardo J. and Luis I. Coll. The Venezuelan developers are also behind the 11-unit Adagio on the Bay in Fort Lauderdale.
One Sotheby’s International Realty launched sales for Adagio Fort Lauderdale Beach in October. The 10-story project, designed by GS4 Studios, is 30 percent sold, according to a spokesperson. The project is set to be completed by the second quarter of 2019.
Units at Adagio Fort Lauderdale Beach are priced from about $1.8 million to $4.9 million for three penthouse units. Amenities include a gym, yoga studio, media room, a sunset pool at the Intracoastal Waterway level and a rooftop pool overlooking downtown Fort Lauderdale. The project will also have a six-slip private marina.
Fort Lauderdale Beach is undergoing redevelopment. Swedish developer Par Sanda’s investment group has acquired more than 35 properties and has spent at least $80 million renovating and redeveloping the mom-and-pop beachside motels.
Across the street from Adagio is the Gale Hotel and Residences Fort Lauderdale Beach, which is being developed by Newgard Development Group, Dev Motwani and Menin Hospitality. Also nearby is Bahia Mar, which is planned for redevelopment by a group of investors including Jimmy Tate and Sergio Rok.