New luxury apartments rise in growing Fort Lauderdale

The proliferation of high-rise buildings with high-design architecture and resort-style amenities in South Florida has been heading north. While in Miami-Dade County foreign buyers dominate the condo-flipping mania, Broward County offers more stability.

Fort Lauderdale’s skyline is changing at a slower pace. Patrick Campbell, a vice president at the Related Group, said the majority of the buyers in Fort Lauderdale are end users from South Florida who are transitioning into the next stage of their lives.

“We see that the demographic is largely empty nesters, professionals and second-home buyers with ties to the community,” Campbell said.

Fort Lauderdale’s residential real estate inventory is growing in both the Las Olas and beachfront areas. Despite the rising real estate prices, the city’s luxury units remain a bargain compared to those in Miami Beach, Bal Harbour, Sunrise and downtown Miami.

Campbell said the Auberge Beach Residences and Spa is $1,300 per square foot versus $3,000 per square foot in Miami Beach. The 171-unit oceanfront two-tower project is breaking records in Broward County. In April, the developers announced a penthouse in the South Tower sold for $8.9 million. 

Ron Drew, of the Greater Fort Lauderdale Alliance, attributes the rising condo market to the growing job market. Drew cited that from June 2014 to March 2017, there were 77,600 jobs added in Broward County. And more jobs are coming. 

Companies like Magic Leap in Plantation, Hotwire Communications in Fort Lauderdale and Ecolab in Miramar have announced expansions in the last two years. And Fort Lauderdale Las Olas will soon have a supply of condos for young professionals who are not ready to buy real estate, but are ready for luxury living.

The Related Group will complete Fort Lauderdale’s tallest building this summer. The 45-story Icon Las Olas will debunk the 42-story Las Olas River House, built in 2004. Liz Caldwell, an agent for Premier Estate Properties, said there is a demand for the units. 

In partnership with Rabina Properties and Perella Weinberg Partners, the Icon Las Olas will have 272 units for rent from $2,500 to $7,000 a month starting in June. Residents will have access to a spa, concierge, a wine room, a movie room, a gym and two pools. 

“Why buy when you can rent? It’s all about the millennials,” Caldwell said. “They want the experience of living in downtown without the permanence and they don’t mind living from pay check to pay check.” 

The Icon Las Olas is just the beginning. There are more high-rise buildings lining along the Tarpon River. The other projects are The 42-story Residences of Las Olas, the 25-story 4 West Las Olas, the 45-story 100 Las Olas and the 45-story Las Olas Riverfront Tower 1 and 28-story Tower 2. 

The Greater for Fort Lauderdale Alliance projects a 7.7 percent population growth by 2021. Jessica Savage, of the Greater Fort Lauderdale Conventions and Visitor Bureau, said to cater to the growing population the city also has developed a more dynamic dining and restaurant scene that is attracting well-known chefs, such as Geoffrey Zakarian.

Aside from the new restaurants, there are also new brew pubs, coffee shops and ale houses that have “popped up over the past few years,” Savage said. 

The growth is not limited to the condo market. The hospitality industry is also getting an upgrade with the Hyde Resorts and Residences, Ocean Resort Residences at Conrad Fort Lauderdale Beach Resort, the Four Seasons and the Gale Boutique Hotel & Residences. The hotel renovations include the W Fort Lauderdale.

“The destination is attracting a more affluent demographic and developing a cooler vibe,” Savage said. 

Local 10 News Kerry Weston contributed to this report. 

360 DEGREE RENDERING | 100 Las Olas

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Developer of $70 million apartments at Weston Hills Country Club unveils plans

The Logeta Group unveiled plans on Thursday to invest about $10 million on the renovation of the Weston Hills Country Club, as part of the construction of a $70 million residential community.

The developer also released the Adache Group Architects’ renderings for the adjacent Lodge at Weston Hills apartment complex. Weston officials had a site plan and an application for rezoning to build the 274 apartment units and renovate the club, according to the developers.

“If we can modernize the facilities and boost membership, then property values will rise and everyone benefits,” Lon Tabatnick, the developer, said in a statement.  

Tabatchnick is planning to make improvements to the 36-hole golf course and 50,000-square-foot clubhouse at 2600 Country Club Way. His plan also includes building a new pool with a bar and restaurant, five new tennis courts and a fitness center.

“We have seen too many examples in South Florida of once-prominent golf clubs that have been neglected and fallen into disrepair only to create eyesores for neighbors,” Tabatchnick said. 

In 2014, CF Weston Hills Arcis, an affiliate of the Fortune Investment Group, bought the country club for $14 million, records show. They sold it to Weston Hills Resort Group LLC, an affiliate of the Hollywood-based Lojeta Group of Florida.  

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Local 10 tours largest residential building in Florida

The official topping off ceremony for the Panorama Tower is taking place Thursday, but on Wednesday, Local 10 News got a tour of the tallest residential building in Florida.

Standing at 868 feet, the Panorama Tower in Brickell, which has 85 floors, will soon be the crown jewel of the South Florida skyline. 

“When you have the views and amenities we do, they are going to talk about you,” Jerome Hollo, of Florida East Coast Realty, said.

Hollo gave Local 10 News reporter Carlos Suarez an exclusive walk through of the mix-used development along Brickell Avenue and 11th Street. 

The building has 821 luxury apartments, 208 hotel rooms and 50,000 square feet of high-end retail space. 

“It’s been amazing. It’s been a challenge,” Rudy Anez, vice president of construction, said. “We are using structural items and features that have never been used before.” 

The height of the building isn’t for the faint at heart, but the views are spectacular. On a clear day, you can see just about all of South Florida.

Photos show the building peaking above clouds over Brickell Key. Developers said that on a crisp, clear night, those living near the top of the building will be able to see the lights of Bimini. 

“You can see about 50 miles from up here,” Hollo said. “You can see Sawgrass Mills, down to Ocean Reef. You can see Dolphin Stadium and Marlins Stadium over there.” 

In a sign of a cooling housing market, the Panorama Tower will be made up of rentals marketed toward a growing number of people wanting to live near work. 

Prices will run from $2,400 to $6,000 for the top floors.  

“We’re tapping into that market. But we’re coming in as the pinnacle of that market,” Hollo said. “The luxury and amount of amenities, obviously the views. It can’t be touched.” 

Work at the building is expected to be completed in the fall, with leases going out a short time after that. 

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New construction projects are changing Fort Lauderdale’s skyline

The Fort Lauderdale skyline is reaching new heights, as giant buildings are transforming the city.

Whether you are driving or walking  through downtown, you can’t miss the massive cranes scattered across the city.

One structure leading the pack is called 100 Las Olas and it’s slated to be the tallest building in Fort Lauderdale, standing at nearly 500 feet.

“Fort Lauderdale is coming into a transformation from the retail standpoint and of course, a residential standpoint,” Peggy Fucci, a real estate strategist, said. 

Fort Lauderdale Mayor Jack Seiler was on hand Thursday for a groundbreaking ceremony for the building, which will contain a hotel, more than 120 residential units, along with 8,500 square feet of retail space.

He says the project will do wonders for the city.

“We’re trying to create a very walkable, livable, 24/7 live, work, play downtown and I think these buildings are helping to deliver that,” Seiler said.

Just a few blocks east stands the 455-foot icon Las Olas Condominium Tower next to the Federal Highway Tunnel, literally steps away from restaurants and shops.

Meanwhile, Gale Residences Fort Lauderdale Beach is currently in the works, and when it will be completed next year, it will feature nearly 130 units, with views of the beach and intracoastal.

“We’re not trying to be any other city, we’re just trying to be the best city we can be,” Seiler said. 

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