Developer Secures Financing for Flagler Village Development
As your local trusted real estate resource, I am pleased to share the latest in what is happening with Fort Lauderdale developments. The Alta Flagler Village development in Fort Lauderdale is about to begin construction as the Alta Developers have secured their $38 million construction loan.
One of the most prominent lenders for construction projects, Bank of the Ozarks, has given a mortgage to Alta Flagler Village LLC which is an affiliate of the Miami-based Alta Developers. Work is anticipated to begin soon at the site at 421 NE 6th Street for the nearly 2 acre parcel.
Flagler Village has been a hot destination as of late. The area was a once overlooked neighborhood north of downtown, but has recently been booming with development in the last few years. Hotels, commercial space and residential developments have been in the works as this becomes one of the next most sought after neighborhoods. Flagler Village is well positioned with its close proximity to downtown making it attractive to live in for professionals. With plans emerging for the Brightline passenger rail station, this has led Flagler Village to rank high up on the list of places to consider to live in.
Cohen Freedman Encinosa & Associates is the designer for the project. The building is slated to have 12-stories, 2,600 square feet of retail space, 281 parking spaces and 212 apartments. Topping off the building will be an amenity deck with a pool found on the 6th floor.
Alta Developers also own a site close by which is planned to be a second phase for this project. City approval has not yet been completed.