Developer Asi Cymbal expects to start construction next year on the first two towers of Nautico District, a planned development with more than 1,200 residential units and a hotel on the New River south of downtown Fort Lauderdale.
The Fort Lauderdale City Commission on Tuesday approved a site plan for three of five planned towers: a 37-story condominium, a 30-story apartment building, and a 30-story hotel at the Nautico District, a six-acre assemblage at 413 Southwest Third Avenue.
The three-tower, mixed-use site plan also includes nearly 18,000 square feet of commercial space, about 8,600 square feet for a restaurant, and about 6,400 square feet for a café, plus a spa, lounge, ballroom, and studio co-working space.
In all, when completed, Nautico District will have four apartment towers with 1,040 units, a condo tower with 200 units and a hotel with 119 rooms.
The three towers approved under the site plan would operate under the same brand name, Cymbal, chairman of North Miami-based Cymbal DLT Companies, told The Real Deal. He declined to identify the brand.
Pre-construction prices for the 200 waterfront condos planned at Nautico District will start in the low seven figures, Cymbal said. “Most of the units should be under $2 million,” he said.
The Nautico District project also encompasses a planned two-tower rental apartment development, Raintree Riverwalk Residences. The property is home to a century-old rain tree that Cymbal relocated closer to the New River to make room for the two towers with a total of 680 rental apartments, one 26 stories tall, the other 29 stories.
Construction of the first one, the 26-story, 335-unit Raintree tower, is expected to start in early 2025, Cymbal said, while construction of the 200-unit condominium project will start by the end of 2025, he said.
Cymbal hopes to break ground in 2026 for the second Raintree tower, a 29-story apartment building with 345 units, as well as two other towers in the branded component of Nautico District, a 360-unit apartment tower and 119-room hotel. He said each of the five towers planned at Nautico District will take 48 to 54 months to construct.
Among the amenities that will be available to Nautico District residents is an app-based “yacht valet” service. “You can press a button and have your 63-foot yacht ready for you, on the water, totally stocked and catered,” Cymbal said. The 6-acre Nautico District includes a marina with dry boat storage on the south bank of the New River.
Cymbal said his company, Cymbal DLT Companies, will serve as general contractor for the Nautico District development. “Typically, we are the listed general contractor in all our projects,” he said. “We do that to mitigate costs and deliver the project more quickly and more efficiently and at a higher quality than we could otherwise.”
Cymbal DLT calculates the total cost of the Nautico District development will be $1.5 billion.
Cymbal DLT’s ’s other South Florida developments include Oasis Pointe, a 301-unit apartment building just east of the Dania Pointe mixed-use development in Dania Beach, and the 341-unit Laguna Gardens apartment complex in Miami Gardens.