ArchCo, partner nab $70M construction loan for mixed-use project in Flagler Village
Metropolitan at Flagler Village will have 385 apartments
ArchCo Residential and Bluerock Real Estate just closed on a $70.4 million construction loan for the Metropolitan at Flagler Village, and broke ground on the mixed-use apartment complex planned for Fort Lauderdale’s Flagler Village.
Bank of the Ozarks provided the financing to the joint venture, according to property records.
The 385-unit, six-story apartment building is between Andrews Avenue and Northeast First Avenue. ArchCo, based in Atlanta, and Bluerock, based in New York, paid about $23.2 million for the block, which stretches from Northeast Fifth Street to Sistrunk Boulevard.
The Metropolitan at Flagler Village will have about 25,000 square feet of ground floor retail space, a seven-story parking garage, fitness and business centers, a community clubhouse and a resort-style pool. It’s is expected to open in 2019, according to ArchCo’s website.
A number of projects are in the pipeline in and around Flagler Village. Earlier this year, Miami developer Ricardo Vadia picked up a development site at 626 Northeast First Avenue where he plans to build a rental project.
In December, the Related Group and its partners secured approvals for the Gallery at FATVillage, a 14-story, 168-unit project near the trendy neighborhood.