Canceled Fort Lauderdale streetcar system disappoints but doesn’t derail developers

A third of high-rise developments launched in downtown Fort Lauderdale since 2012 are within two blocks of the planned route of The Wave

Miami /
May.May 26, 2018 04:30 PM

A streetcar in Kansas City similar to the type planned in Fort Lauderdale (Credit: 3weg)

Cancellation of a streetcar system in Fort Lauderdale disappointed developers but hasn’t derailed real estate developments along the route of the discarded system.

The Sun-Sentinel reported that more than a third of 65 high-rise developments launched in downtown Fort Lauderdale since 2012 are located within two blocks of a canceled streetcar system, called The Wave.

In marketing condos in downtown Fort Lauderdale, The Wave “was always part of our pitch,” Peggy Fucci, chief executive officer of OneWorld Properties, told the Sun-Sentinel.

Broward County killed The Wave after contractors bid more than the project’s $195.3 million budget to build the streetcar system.

Developer Neil Brown, chief executive officer of Archco Residential, told the newspaper that he is disappointed that The Wave was canceled because “it was right by our project.”

ArchCo Residential paid approximately $23 million to assemble land to develop an apartment complex at 500 North Andrews Avenue.

But Brown and other developers doubt that cancellation of The Wave project will terminate any real estate deals or lead to a lull in real estate development in downtown Fort Lauderdale.

Ryan Shear, a principal of Property Markets Group, told the Sun-Sentinel that The Wave would have been a “perk” for residents of X Las Olas, a high-rise apartment complex under construction on the former site of the Las Olas Riverfront at Andrews Avenue and Las Olas Boulevard.

But Shear was a supporter of canceling The Wave because of its high cost. [Sun-Sentinel] – Mike Seemuth


Related Articles

arrow_forward_ios
Glenn C. Rice and 2700 Aqua Vista Boulevard, Fort Lauderdale (Linkedin, Google Maps)
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
David Cassidy and 1600 South Ocean Drive in Fort Lauderdale (Getty)
David Cassidy’s former Fort Lauderdale home sells
David Cassidy’s former Fort Lauderdale home sells
ICM CEO Bruce Timm and HS Capital Fund CEO Harry Spitzer with 1901 West Cypress Creek Road, Fort Lauderdale (Google Maps)
HS Capital buys Fort Lauderdale office building for $18M
HS Capital buys Fort Lauderdale office building for $18M
Orianne Collins and 34 Isla Bahia Drive (Getty, Google Maps)
Phil Collins’ ex-wife buys waterfront Fort Lauderdale mansion amid legal battle
Phil Collins’ ex-wife buys waterfront Fort Lauderdale mansion amid legal battle
Robert Palmisano and 2623 Delmar Place (Wright Medical)
Healthcare CEO buys waterfront Fort Lauderdale mansion for $9M
Healthcare CEO buys waterfront Fort Lauderdale mansion for $9M
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
arrow_forward_ios

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

Loading...