Foreign Developer Focuses on Fort Lauderdale
A group of foreign developers are targeting Flagler Village for the development of a new condo project that will cater to young professionals. Flagler 626 is a proposed 12-story tower located at 626 Northeast First Avenue and will offer 97 units. According to developer, Uri Redler, there will also be three townhomes offered at an average price of $350 per square foot.
BRYL Development LLC, the development group, is still seeking approval by the city for the project. The assortment of residences will include studios, one and two bedroom units ranging in size from 671 square feet to 1,580 square feet. Interiors will be designed by Natasha Broman while the exterior will feature a graffiti wall that will be painted by a group of artists selected via a competition.
Building amenities will be all inclusive of a park, pool, gym and party room. A charging station for electric cars, moped and bike parking will also be available. Parking for 105 cars will complete the common amenities.
Records state that the developers purchased the site in 2014 for a total of $725,000. Redler stated that they expect to launch sales by the end of the year with a ground breaking happening in approximately five months. “The neighborhood is changing so nicely, but it’s not there yet,” he said. “But it’s definitely getting there,” states Redler.
Flagler Village is often regarded as being similar to Wynwood, the artsy area that has quickly become one of Miami’s hottest neighborhoods. Redler states that many of the residential buildings in Flagler Village are rentals, not condos.
The increase in activity in the commercial market is another sign of developers looking to take advantage of the neighborhood’s hip reputation. Besides the Flagler Village condo tower, several of the development team’s principals are embarking on townhome projects in nearby Victoria Park.
“Townhomes are very strong in Fort Lauderdale,” Redler said.
The target demographic for these townhomes is similar to that of the tower – young professionals looking to purchase a home in an exciting, up and coming area. Redler also stated should the townhome sales go smoothly in Victoria Park, there will be others that they will build down the road.