Lincoln Property joins partnership on downtown Fort Lauderdale building

Miami /
Oct.October 21, 2019 01:35 PM
419 Southeast 2nd Street, Lincoln Property Company CEO Tim Byrne

419 Southeast 2nd Street, Lincoln Property Company CEO Tim Byrne

Lincoln Property Co. has joined Eden Multifamily and Cypress Equity Investments as a partner to build a 32-story apartment project in downtown Fort Lauderdale.

Dallas-based Lincoln Property Co. will be responsible for the overall development of the 374-unit project at 419 Southeast 2nd Street in the city’s Las Olas district, according to Jay Jacobson, president of Eden Multifamily.

The project is planning to begin construction this month. It was designed by MSA Architects and construction will be led by Coastal Construction of Florida.

The partnership was recorded through a $16.8 million sale between Eden Multifamily, Cypress Equity Investments and a company affiliated with Lincoln Property Co.

In March 2018, a joint venture between Eden Multifamily and Cypress Equity Investments paid $12 million for the development site.

The sale to Eden sparked a lawsuit between the seller and its neighbor. The site’s previous owner, SE 2nd Street Owner LLC, sued FTL 500 Corp, alleging the neighboring property owner tried to block the sale of the vacant lot and future development plans for the property, court records show.

Lincoln Property Co. is one of the largest multifamily managers in the United States with over 191,000 units under management, according to its website.

In December 2018, Lincoln Property Co. bought the former home of the Tampa Bay Times in St. Petersburg from Convergent Capital Partners and Denholtz Associates for $40 million.

Fort Lauderdale’s Las Olas district has seen a number of big sales this year. Earlier this month, Alliance HSP paid nearly $82 million for the One Financial Plaza office tower at 100 Southeast Third Avenue. In April, developer Dev Motwani won city approval for a 34-story, 246-unit apartment building at 629 Southeast Fifth Avenue, called 629 Residences.


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