Newrock, Brickbox score $68M construction loan for Oakland Park multifamily project
274-unit building will wrap around Kennan Building
Newrock Partners and Brickbox Development scored a $67.5 million construction loan for an Oakland Park multifamily project.
The 274-unit Project O will be built on the parking lots immediately west of the Kennan Building at 3101 North Federal Highway, as well as west and north of the adjacent office building at 3201 North Federal Highway. The new address will be 333 North Federal Highway, according to Koby Assaraf, Newrock principal.
New York City-based S3 Capital Partners is the lender.
Project O will have a 10-story apartment building with another floor for an enclosed amenity space, and an eight-story garage with 500 spaces next door, according to Assaraf. It will include more than 19,000 square feet of ground-floor retail at the garage and apartment building.
Apartments will range from studios to two-bedrooms.
Construction is tentatively scheduled to start this summer and will take roughly 20 months, he said.
The office buildings will remain on the 4-acre site, and tenants will park at the new garage.
Project O, designed by Kobi Karp, will include a dog park, murals by local artists and a rooftop pool. Its design, wall art and planned tenants will make it an edgy rather than “vanilla” project, not common for Oakland Park, Assaraf said.
Brickbox owner Dan Deitchman and Assaraf, former chief development officer of Miami-based Link Real Estate, restructured the assemblage’s capitalization. The duo last year formed Newrock, which has two other Oakland Park projects.
In December, the group bought the buildings at 3472 Northeast Fifth Avenue and 519 Northeast 34th Street for $3.9 million, and adapted them into Industry | Oakland Park. Future tenants include an enclosed farm, winery, music studio, photography and art studio, Assaraf said. Another tenant will be a kitchen commissary, where chefs of mobile food businesses such as food trucks can prepare and store food. The tenants have signed leases but none has yet opened, Assaraf said.
The Industry I Oakland Park venture is reminiscent of the adaptive reuse that transformed Miami’s Wynwood and Little River, he added.
Newrock’s other Oakland Park development, Project O2, is planned to have 165 apartments and nearly 32,000 square feet of retail at 3339 to 3347 North Federal Highway.
Both Project O and Project O2 were previously approved by the city. But the developers tweaked the design of Project O, and likely will also tweak Project O2, with the goal of seeking permits in the next six months, Assaraf said.