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Alta pays $21M for downtown Fort Lauderdale multifamily dev site

Raimundo Onetto’s firm bought land that Bizzi & Partners, Josh Schuster’s Silverback previously planned to develop

From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street (Alta, Silverback, Getty, Dorsky + Yue International)

Raimundo Onetto’s Alta Developers bought a downtown Fort Lauderdale development site, taking over construction of a long-planned — but never built — 35-story apartment tower.

Alta purchased the 1-acre vacant property at 100 Southwest Sixth Street for $20.8 million, records show. The land is on the southeast corner of Southwest Flagler Avenue and Southwest Sixth Street, as well as just east of the Florida East Coast Railway train tracks and roughly three blocks south of the New River.

An entity tied to Bizzi & Partners sold the property. Bizzi, along with Josh Schuster’s Silverback Development, had paid $12 million for the assemblage consisting of six adjacent lots in 2017. The duo planned the New River Central tower with 401 apartments and retail.

Alta now plans a similar project that also will rise 35 stories, but with 400 units, ranging in size from studios to three-bedroom apartments, and ground-floor retail, according to a company news release.

Construction is expected to start next year, and completion is slated for 2025, according to Alta.

The multifamily project marks Alta’s second in Fort Lauderdale. It developed the massive EON Squared apartment complex consisting of the North Towers and South Towers, each with a pair of 12-story buildings, between Northeast Seventh and Sixth streets and east of Northeast Fifth Avenue.

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In December, Alta sold the 476-unit EON to the real estate division of Germany’s Union Investment for $226.5 million.

Also in Broward County, Alta is developing a pair of 18-story apartment towers with a combined 466 units at 401 North Federal Highway in Hollywood, according to the company’s website.

Aside from apartment towers, the Miami-based firm develops high-rise condominiums, single-family houses and townhouses, its website says. Onetto is CEO.

Downtown Fort Lauderdale is quickly redeveloping with residential towers, promising to change the area’s skyline.

More than 40 projects with 16,000 condominium and apartment units were in the pipeline as of this summer.

More recently, Dependable Equities filed plans for a 47-story rental tower with 830 units at 633 Southeast Third Avenue.

In the city’s growing Flagler Village district, developers Steven Hudson and Charles Ladd Jr. scored city commission approval in August for the 30-story, 320-unit Flagler Residences South apartment tower at 513-517 Northeast Sixth Street. The duo plans a second, adjacent apartment tower.

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Alta DevelopersFort Lauderdale