Downtown Fort Lauderdale Caters to Boomers, Millennials and Developers
We have seen the trend in many parts of the country, downtown urban areas emerging as hot destinations for millennials and empty nesters in search of an active lifestyle. Here in Fort Lauderdale, the empty lots, warehouses and run down housing is disappearing quickly as developers move in to create housing.
A few years ago the revitalization of Flagler Village, the area west of U.S. 1 and between Broward and Sunrise Boulevards, began with FAT Village (Flagler Arts and Technology). An area of older warehouses were converted into performance spaces, hip businesses and galleries that are appealing to millennials.
Since then, developers have followed and there are 42 projects either in planning stages or are under construction for the 300 acre neighborhood. Many are rentals which are targeting the young professionals, but some are condo projects. Flagler 626 is a 12-story condo tower on NE First Avenue which will offer 97 units, including 3 townhomes, at an average of $350 per square foot. Flagler 626 is nearing completion of the approval process and is being developed by BRYL Development, LLC and designed ty Stewart Robin of Nest Plan. The project will offer studios, one and two bedrooms that range in size from 671 SF to 1,580 SF.
Morgan Group who is based in Texas has many projects in the Flagler area. Earlier this year they sold the Edge at Flagler Village to TIAA for $114.4 million. The Edge is a 332 unit apartment complex on North Federal Highway. In addition, Miami based Related Group developed and sold the Manor at Flagler Village for $149 million last year.
With more and more residents moving into the district, commercial demand will follow suit where older buildings can be repurposed into office spaces and the like. Public transportation will also be a key factor in the success of the development for the area. All Aboard Florida is slated to launch its Brightline in 2017 with service between Orlando and Miami. A stop in Flagler Village will be created for the line.
Nearby in North Bay Village, the informal name of the area to the east on Las Olas Blvd, new developments of luxury condo projects are emerging like Gale Residences, Fort Lauderdale Beach, Auberge Beach Residences & Spa and Paramount Fort Lauderdale Beach. These upscale residences are catering to the empty nesters who may be living outside of the city and looking to sell the larger home for an exciting lifestyle downtown by the beach.