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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
By Katherine Kallergis | March 12, 2018 06:00PM

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.