The Related Group, a prominent development group, recently closed on a development site located in downtown Fort Lauderdale. They plan to build a rental tower at this location, which should be similar to Icon Las Olas.
The property was sold from the joint venture between Steelbridge Capital along with Apollo Global Real Estate Management. They sold the property, which features nearly 30,000 square feet and is located at 201 SE. 6th Ave. The Miami-based Related Group bought the area for $12 million.
What Is Related Group?
Related happens to be one of the most prominent builders in all of Miami. In fact, they are the largest condo builder in the Miami area. Currently, they are planning a mixed-use high-rise for this area. They want it to be similar to the luxury rental tower that they currently have on the market, which is located at 500 East Las Olas Boulevard. The Icon Las Olas was completed in 2017. It has 272 units and is 44 stories tall. This is somewhat smaller than what they are planning for the new tower.
What Will the New Building in Downtown Fort Lauderdale Offer?
According to information from spokespeople at Related Group, this new building, in downtown Fort Lauderdale, will be 47 stories high. It will have 311 units, and each of those will average 1,114 square feet. In addition, there will be 5,000 square feet of retail space. The overall residential space in the building would measure approximately 347,000 square feet. The goal is to have the building completed by the fall of 2021. Barring any issues that crop up, this should happen without too much of a problem.
This area of Fort Lauderdale is very popular, and there are a range of other developers who all have projects coming up soon. Some of these include Trammel Crow Residential and Florida East Coast Industries. In this area, Related Group has other another building as well; the Auberge Beach Residences and Spa.
South Florida continues to grow and there is a greater need for more residential spaces not only in Fort Lauderdale but Miami as well. With all of the new projects that are being developed, there should be plenty of room for those who are interested in buying properties, as well as those who are looking for rental properties, such as those that should be available through this mixed-use tower, in a few years.