Venezuelan developers score construction loan for Adagio Fort Lauderdale Beach

31-unit condo project is 30% sold

Miami /
Jan.January 25, 2018 09:45 AM

Renderings of Adagio Fort Lauderdale Beach (Credit: Alco International Group and GS4 Studios)

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.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Kolter Urban President Bob Vail. (Levy PR, Kolter Urban)
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Franco & Vinny’s Pizza Shack at 2908 East Sunrise Boulevard (Google Maps, iStock)
Last piece of the pie: Franco & Vinny’s Pizza Shack owners sell Fort Lauderdale Beach assemblage for $7M
Last piece of the pie: Franco & Vinny’s Pizza Shack owners sell Fort Lauderdale Beach assemblage for $7M
arrow_forward_ios

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

Loading...