Infinity, Bachow plan mixed-use tower in downtown Fort Lauderdale
JV proposes 316-apartment project with ground-floor retail after closing on 0.6-acre dev site
Infinity Real Estate and Bachow Ventures are planning a mixed-use tower with 316 apartments and 5,000 square feet of ground-floor retail in downtown Fort Lauderdale.
The proposed as-yet unnamed project would replace an existing Goodyear Auto Service center on a 0.6-acre development site at 11 North Andrews Avenue, the joint venture’s principals told The Real Deal. An affiliate of Bachow and Infinity acquired the property for $8 million, records and Vizzda show.
The sellers, Jean Soman and William Soman in Miami, paid $147,800 for the site in 1997, records show.
Designed by Miami-based Cube 3, the project could rise up to 37 stories, Infinity partner David Berg said. The partnership has not finalized the final design specifications of the project, he added.
The property is in an Opportunity Zone, which will allow Infinity and Bachow to possibly tap investors seeking tax breaks on capital gains by placing their money into projects in economically depressed areas.
“We will likely partner with an [Opportunity Zone] fund when we get to the point of breaking ground,” Berg said. “This is an infill urban location near Flagler Village, the Central Business District and Las Olas Boulevard. We think there will be a lot of demand from consumers and users in this high-density location.”
Bachow had been under contract to acquire the Goodyear property since 2021, Berg said. Infinity’s partner also previously obtained approval from the city of Fort Lauderdale for a 47-story mixed-use tower on the site with 425 units and 7,400 square feet of ground-floor retail.
South Florida’s multifamily pipeline is running at a supercharged pace with at least eight projects either proposed, winning approval or landing construction financing this month. Among the new projects getting a green light is Nexus Riverside 1B, a 36-story apartment tower in downtown Miami. On Nov. 16, the Miami Urban Development Review Board approved Adler Group’s proposal for a building with 345 rental units atop a 393-space garage.
In the northeast Miami-Dade neighborhood of Ojus, Lumer Real Estate and Goldberg Companies are proposing a 700-unit apartment complex consisting of two eight-story buildings on nearly 8 acres.
And in Coral Gables, Codina Partners landed a $115 million construction loan to build Regency Parc, an 18-story building with 124 apartments.