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

TRD 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
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
Rendering of development

Pompano Beach multifamily development with workforce housing advances

Pompano Beach multifamily development with workforce housing advances
A rendering of the project at 2717 Van Buren Street

French developer plans to build a cluster of rentals in Hollywood

French developer plans to build a cluster of rentals in Hollywood
Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)

Miami Beach creates $550K rent relief fund

Miami Beach creates $550K rent relief fund
arrow_forward_ios

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

Loading...