Eden and partner close on Las Olas site of planned apartment tower

Joint venture to break ground on 32-story, 347-unit building in Q4

Miami /
Mar.March 12, 2018 06:00 PM

Rendering of the project

A joint venture between Eden Multifamily and Cypress Equity Investments paid $12 million for the development site of a planned apartment tower in downtown Fort Lauderdale.

Property records show SE 2nd Street Owner LLC sold the 1.55-acre property at 419 Southeast Second Street to Edengate Las Olas LLC, an affiliate of CE Development Partners. The partnership is planning a 32-story, 347-unit rental building with ground floor retail space and an adjacent parking garage, according to a press release.

The sale to Eden sparked a lawsuit between the seller and its neighbor. SE 2nd Street Owner LLC sued FTL 500 Corp, alleging the neighboring property owner tried to block the sale of the vacant lot and future development plans for the property, court records show. FTL 500 allegedly missed its deadline to bid on the property. As a result, the seller had to extend the closing on the property, and Eden insisted on a price reduction to $12 million from $13.8 million.

The deal closed on March 9. The buyer financed the sale with a $9.17 million mortgage from Pacific Western Bank.

CE Development Partners plans to break ground on the building during the fourth quarter of this year. It will have wraparound balconies, floor-to-ceiling glass, exercise facilities, a golf simulator, yoga studio, Peloton facility, a bicycle storage and repair shop and delivery lockers.

A number of luxury rental projects are in the pipeline in downtown Fort Lauderdale. Last month, Elevate Partners closed on an $80 million construction loan for 4 West Las Olas, a 25-story, 260-unit luxury apartment building at 305 South Andrews Avenue.


Related Articles

arrow_forward_ios
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Laurent Morali and Charles Kushner (iStock)
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Rendering of The Linton and Craig Menin
Menin Development wins initial approval for redevelopment of Delray Beach shopping center
Menin Development wins initial approval for redevelopment of Delray Beach shopping center
arrow_forward_ios

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

Loading...