Developer buys land for $80M mixed-use rental project in Fort Lauderdale

Moderno Development Group plans to finance construction with a $50M loan

Mar.March 29, 2018 02:36 PM

Rendering of River Lofts on Fifth

Moderno Development Group just completed an assemblage in downtown Fort Lauderdale where the developer is planning to build an $80 million mixed-use rental building.

The company, led by managing partners Christopher Bibus and Doron Broman and marketing manager Uri Redler, paid $5 million for the properties at 460 Southwest Fourth Street, 307 Southwest Fifth Street, 443 Southwest Third Avenue and 439 Southwest Third Avenue, according to Redler.

Moderno is planning to build River Lofts on Fifth, an 18-story, 300-unit apartment building with about 12,000 square feet of Class B office space. The firm would finance construction with a $50 million loan, and expects to break ground in about two years.

A majority of the units will be studios and one-bedroom units ranging from about $1,500 to $2,000 a month, according to a press release. Amenities will include a rooftop pool and bar, movie room, workspace, gym, sauna and a dog park. The developer will be targeting millennials and young professionals.

Mark Irwin and Claudio Daniels of Town Real Estate of Fort Lauderdale brokered the land sale. The 58,000-square-foot site is about a block away from the Tarpon River. Nearby developments include Marina Lofts and 1st Avenue Residences.

Last month, a development group led by Broman, Redler and Simon Langbret sold the site of a planned condo building in Fort Lauderdale’s Flagler Village to Miami developer Ricardo Vadia, who plans to build rentals instead.

Related Article


Former Miami mayor Maurice Ferré dies, banks seek to revise Adam Neumann’s credit line: Daily digest

Jeffrey Soffer taps ex-Turnberry CEO to lead resi division, PMG and Greybrook big loan for co-living tower: Daily digest

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Clockwise from left: Jason Hochman, Dominic Montazemi, Miguel Alcivar, Michael Ciadella, and Scott O’Donnell with 2601 Building

Netz USA sells Fort Lauderdale office building to NAI/Merin fund

Douglas K. Mandel, Elon D. Gerberg, Howard Bregman and Joseph Granteed

Elysee Investments scores Fort Lauderdale retail center for $16M

Julie Jones-Bernard and 19 Isla Bahia Drive (Credit: Pintrest)

SoFla insurance magnate sells waterfront Fort Lauderdale home for $8M

$634M public-private partnership proposed in Dania Beach, buyer at luxury condo project in Pompano Beach sues developer: Daily digest

2506 Barcelona Drive, Michelle Esposito of Douglas Elliman, Tim Elmes of Coldwell Banker

Troubled timeshare exit firm’s execs sell Fort Lauderdale spec home