OKO and Cain Set Sights on Fort Lauderdale With $97M Construction Loan
By Julia Echikson July 7, 2022 11:37 am
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Vlad Doronin’s OKO Group and Cain International are coming to Fort Lauderdale.
The joint venture landed $97.2 million to build a luxury rental tower to be called One River, the developers announced Wednesday. The 34-story development will feature 251 units and 2,600 square feet of ground-level retail as well as 13,000 square feet for amenities, such as a fitness center, a spa, a coworking lounge and a dog spa.
The financing includes a senior $75.7 million construction loan from Bank OZK (OZK) and a mezzanine construction loan provided by JVP Management. Construction will commence this summer, with completion anticipated by September 2024.
Located at 629 SE Fifth Avenue, the development sits between Southeast Third Avenue and South Federal Highway, two blocks south of the New River. In 2020, just months after COVID-19 hit, OKO paid $62.6 million for three blocks, spanning 6.68 acres, covering Southeast Sixth Street down to Southeast Seventh Street.
Adrian Smith + Gordon Gill Architecture, the firm behind Dubai’s Burj Khalifa, the world’s tallest building, and New York’s Central Park Tower, will design One River.
The project marks OKO and Cain’s fourth venture together in South Florida. The pair is developing 830 Brickell, the first office tower erected in Miami in a decade, which has attracted a slew of new-to-market tenants. Joint residential projects include the Missoni Baia and Una Residences luxury condominiums in Miami.
One River is the latest rental tower planned in Fort Lauderdale, where rents have skyrocketed over the past two years. The Related Group, Miami’s largest condo developer, is building the 36-story New River Yacht Club II rental and a 44-story residential property. Near the city’s Brightline station, Kushner Companies and apartment giant Aimco have planned a rental complex.
Keith Kurland Jonathan Schwartz, Aaron Appel and Adam Schwartz of Walker & Dunlop arranged OKO and Cain’s financing for One River.
Julia Echikson can be reached at jechikson@commercialobserver.com.
