Fort Lauderdale’s New and Pre-Construction Condo Update: December 2022
Jan 11, 2023 January 11, 2023
As South Florida’s high-flying housing market took a slight pause with an increase in mortgage rates, the preconstruction market continued showing its strength and appeal to buyers. With wealthy families and well-paid employees seeking opportunity here in Florida as a low-tax state, and the unmatched lifestyle, developers in Fort Lauderdale and Palm Beach continued moving ahead with their plans for new condo developments.
This December, New York-based Savanna’s waterfront condo-apartment project got a green from the city’s planning board. And, Miami-based Cymbal DLT Cos. filed for the next phase of its Rivertree project. Read below to find details on these projects and more in our monthly condo pre-construction market roundup for Fort Lauderdale this December 2022:
Fort Lauderdale Pre-Construction Condo News - Project Approved - December 2022
Olara – West Palm Beach
Approved by the city’s Planning Board this December, New York-based Savanna will now be able to move ahead with seeking site plan waivers and plat approvals for its waterfront condo-apartment project. Aiming to launch sales by mid-January, Olara is approved to rise at 1919 and 1911 N. Flagler Drive.
Designed by Miami’s celebrated architecture firm - Arquitectonica, Olara will feature a 275-unit condo tower plus a 210-unit apartment tower. The 306 feet tall, 26-story towers will also be home to about 80,000 square feet of amenities, including two pool decks, plus about 31,500 square feet of commercial space.
Affiliates of Savanna assembled the 1.82-acre lot for a combined $15.9 million between June 2021 and June 2022. The land currently holds one- and two-story office buildings.
Fort Lauderdale Pre-Construction Condo News - Project Planned - December 2022
Nautica – Fort Lauderdale
Groundbreaking – Q1/Q2 2024 | Completion – NA
Filing plans with Fort Lauderdale’s Development Review Committee, Miami-based developer Cymbal DLT Cos. took the next step in bringing its three-tower vision to life. With its hotel tower - Riverwalk Raintree Residences - already under construction, Cymbal filed for approval of two other towers and a marina at 400 S.W. 3rd Avenue.
Designed by Miami’s award-winning Arquitectonica, Nautica will rise 50 stories with 241 luxury residences along the busy New River district adjacent to Downtown Fort Lauderdale. Units are expected to range from one-bedroom floorplans to three-bedroom plus den residences. The Miami-based developer is also working on striking a deal with a luxury hospitality brand for the riverfront development. Sales launch and partnered branding are expected to be revealed by October 2023.
Owners at Nautica’s condo tower will be allowed short-term rentals. Expected amenities include a membership club with spa, a pool deck, a lounge, a game room, a fitness center, a hotel ballroom, a party room, a kid’s room, and a coworking center. One of the more unique facilities will be a yacht valet, where owners could have their yacht ready and stocked to-go in just three minutes of tapping their phone.
Besides the 50-story luxury branded condo tower, the riverfront property will also feature a 39-story apartment tower with 454 units, a 32-story hotel with 155 rooms, 16,700 square feet of commercial space, 13,150 square feet of restaurants, a 4,600-square-foot café, and a marina with 78 dry stack slips plus 12 wet slips.
Fort Lauderdale Pre-Construction Condo News - Other Updates - December 2022
Selene Oceanfront – Fort Lauderdale Beach
Groundbreaking – Late 2022 | Completion – End of 2024
With one of the largest construction loans in South Florida in recent years, developer Kotler Urban broke ground on its oceanfront condo project. (Kolter Urban is the condo development arm of Delray Beach-based Kolter Group.) This December, the Kotler Group secured a $240 million construction loan to start building its two-tower development. Once complete, the pair of condo towers will be one of the tallest along Fort Lauderdale’s oceanfront.
Designed by Miami’s prolific Kobi Karp Architects, Selene Oceanfront will be a pair of 26-story condo towers with a total of 194 luxury residences. The tropical-modern buildings will be built to maximize ocean and city views. Their elevated amenity decks will be positioned to maximize exposure to sunlight while fully utilizing the space between the two towers. All 194 luxury residences will feature flow-through contemporary floor plans, interiors by ID & Design International, and 10-foot-deep glass-railed balconies.
Less than a mile from Las Olas Boulevard, highlight amenities at Selene Oceanfront will include an elevated pool deck overlooking the ocean, a resort-style pool, a 75-foot lap pool, a poolside entertainment area with multiple firepit lounge areas, and a shaded pool bar. Other amenities include The Wave entertainment lounge with simulated video experiences and card tables, a Seasons gathering lounge, a two-story fitness center, a theater room, a coworking center, a 5,300 square-foot restaurant, a dog run, and more.
Prices for remaining inventory starting at $2.7 million, with a choice of two- and three-bedroom residences.
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