Developers of 830 Brickell Break Ground on South Florida Apartment Building

The developers of 830 Brickell, OKO Group and Cain International have broken ground on their next joint venture development in Fort Lauderdale.

The development team also secured 97.2 million in financing from Bank OZK and JVP Management to fund the building’s construction. 

One River Fort Lauderdale, a 34-story tower, will have 251 high-end apartments and 2,600 square feet of ground-level retail space.

The tower, at 629 SE Fifth Ave. comes as migration to South Florida has increased demand for residential space. According to the Fort Lauderdale Downtown Development Authority, the downtown area has grown over the past 10 years to over 21,000 residents.  

One River could set a new standard in Fort Lauderdale’s multifamily marketplace as the city establishes itself as one of the prime locations in South Florida, according to Cain International CEO Jonathan Goldstein.

“As South Florida continues to attract world-leading companies, we anticipate a sustained demand for high-quality housing to host its growing talent,” said Goldstein in a press release. “Following our success in Miami in both the commercial and residential markets, we are thrilled to extend our partnership with OKO Group with our first investment in Fort Lauderdale.”

One River features over 13,000 square feet of amenities, including a rooftop pool deck, a fitness center with yoga, spinning and pilates rooms, a dog spa, and a spa with sauna and steam facilities. It also includes an outdoor fitness deck, barbecue terrace, media room, lounge and game room, and private kitchen and dining room. The apartments range from studios to three-bedroom units with balconies showing river, ocean and city views. 

Fran Scola, the chief financial officer of OKO Group, said the launch of the apartment complex will fulfill the demand for space amidst massive migration to South Florida. 

“We’re confident in the multifamily market in South Florida as domestic residents and businesses continue to flock to the area, attracted by the region’s desirable quality of life, tax-friendly policies and growing creative community,” said Scola.  

Other projects in South Florida by the development duo include Missoni Baia, a luxury condominium in Edgewater, Una Residences, an ultra-luxury condominium on the Brickell waterfront, and the Aman New York, which will open in August.  

Construction on One River Fort Lauderdale is expected to be completed in late 2024. 

Source link

Sharing Is Caring:

Leave a Comment