Gables Residential Plans 43-Story Tower in Downtown Fort Lauderdale
The Atlanta developer nabbed a $115 million construction loan for a 43-story tower
Atlanta-based Gables Residential has scored a $115 million loan from Wells Fargo (WFC) for a riverfront rental development in Fort Lauderdale, property records show.
The developer is planning a 295-unit, 43-story tower with 1,300 square feet of ground-floor retail, Micah Conn, vice president of investments for Gables’ Boca Raton office, told Commercial Observer. Apartments will average 1,200 square feet.
Located at 333 N. New River Drive East, the 32,991-square-foot site faces the New River, just south of Las Olas Boulevard’s western tip in the city’s downtown.
Gables Residential purchased the parcel from Fort Lauderdale-based Ocean Land Investments for $33.2 million in June, according to property records. Ocean Land had been planning to build a senior-living facility, but the Georgia developer is scrapping those plans in favor of residential, while keeping most of the seller’s original design.
Gables Residential’s project will begin construction in mid-December and is slated for completion by the second quarter of 2024, Conn said.
Over the past year, real estate heavyweights have zeroed in on Downtown Fort Lauderdale.
Aimco and Kushner Companies are planning a $700 million residential near the Brightline station while The Related Group nabbed an $84 million construction loan in August for a rental development less than a mile from Gables Residential’s parcel. Only a mile north, Hines is developing an office building in FAT Village, a neighborhood similar to Miami’s Wynwood.
Gables Residential, a national multifamily investor and developer, owns 17 residential communities with approximately 1,000 units across Florida.
Julia Echikson can be reached at firstname.lastname@example.org.