ArchCo, partner nab $70M construction loan for mixed-use project in Flagler Village

Metropolitan at Flagler Village will have 385 apartments

Rendering of the Metropolitan at Flagler Village
Rendering of the Metropolitan at Flagler Village

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.

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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.