Brazilian developer launches sales of Fort Lauderdale townhome project
Townhouses start at $640K and go up to $800K
UPDATED May 16, 12:45 p.m.: Brazilian developer Luis Noronha is launching sales of a new townhome project near the Galleria Mall in Fort Lauderdale.
Noronha’s Lana Capital plans to break ground on the 24-unit Galleria Village development at 1245 Northeast 18th Avenue in east Fort Lauderdale in August, according to Dan Teixiera of Douglas Elliman. Teixeira and Megan Kowalchuk are handling sales of Galleria Village. Townhouses start at $640,000 and go up to $800,000.
The townhouses, in a gated community, each have three bedrooms and a den in more than 3,000 square feet, with a two-car garage and the option to build a pool. Douglas Strabelli, owner of Sagewood Construction, is co-developing the project. Sagewood is building it and Gustavo J. Carbonell is the architect.
Lana Capital has developed more than 30 projects in Brazil, New York and Miami, Noronha said. This marks the first for the developer in Fort Lauderdale.
“Development in Miami is quite challenging at this point,” he said. “There’s enough product and prices are going down.”
Lana Capital paid $2.8 million for the property in 2017, Noronha said.
The city of Fort Lauderdale has been investing in infrastructure in the area, where new restaurants, bars and grocery stores have been built. Last year, GreenWise Market inked a 28,000-square-foot, ground-floor lease at The Main Las Olas project, developed by Stiles and Shorenstein Properties, at 225 East Las Olas Boulevard.
Teixeira, a Fort Lauderdale resident, said Galleria Village stands out among the competition because the townhouses have the amenities of a single-family home, with larger garages, two stories instead of three, and the option for a private pool.
Buyers are required to put down 30 percent deposits during the construction phase. The project is expected to be completed within 14 months of breaking ground.
Teixeira said he’s seen interest from international buyers, including from Brazil. Brazilian buyers appear to be coming back to South Florida. In 2018, Brazil ranked as the top country buying South Florida homes, according to the Miami Association of Realtors.