Midtown Funds, Prospect Genuine Estate Plan FLL Apartment Task
Midtown Money Associates and Prospect True Estate Group are creating their second wager on Flagler Village’s multifamily industry.
The builders plan to create a 173-device job with roughly 4,000 square ft of retail on the northwest corner of the Florida East Coastline Railway tracks and Sistrunk Boulevard in Fort Lauderdale, Midtown’s Zach Fox claimed. Midtown and Prospect compensated $9.4 million for the 1.3-acre enhancement internet site at 4 Northwest Seventh Avenue.
Levy Ft Lauderdale Holding, led by Joshua Levy, sold the website that now is an automotive junkyard, information demonstrate. The entity experienced compensated $600,000 for the home in 2011.
Jaime Sturgis and Dan Ross of Indigenous Realty represented Levy Ft Lauderdale in the latest offer that closed on Tuesday.
Midtown and Prospect approach a 12-story building with units ranging from studios to a few-bedroom residences, as nicely as reside-get the job done models, Fox mentioned. Development is envisioned to start early next calendar year, with completion slated for late 2024.
Much less than three months back, Midtown and Prospect scored a $64.5 million building bank loan for their to start with joint Flagler Village apartment task.
They are setting up the 12-story, 252-device Advantis Station at 600-618 Northeast Third Avenue, significantly less than a half-mile walk from their new undertaking. Construction of Advantis Station is anticipated to be completed in the tumble of 2024.
Midtown, a Miami-based real estate investment and management firm launched in 2010, has spent more than $500 million in buys more than the previous 5 several years, according to its web site. Led by CEO Alejandro Velez, the company also has a actual estate arm in Spain.
In January, Midtown compensated $37 million for Vista Small business Park in West Palm Beach. The business and industrial campus is at 2253, 2255, and 2257 Vista Parkway, as effectively as at 6903, 6917, and 6931 Vista Parkway North.
The business also owns the 4-tale constructing at 1700 North College Travel in the Plantation Pointe small business park. It compensated $78 million for the property past yr.
Prospect, based mostly in DeLand, Fla., is a actual estate financial investment and development firm led by Michele Zahn and Richard Zahn Sr. It compensated $11 million for Advantis Station’s Flagler Village progress web site in April.
Above the earlier pair of a long time, Flagler Village has caught developers’ notice. Miki Naftali’s Naftali Group paid out $20 million in Might for nearly a total-acre development website at 201 North Federal Highway.
Developers Steven Hudson and Charles Ladd Jr. scored approval from the metropolis of Fort Lauderdale in August for their 30-story, 320-unit Flagler Residences South at 513-517 Northeast Sixth Street. It will be their first of two planned apartment towers in Flagler Village.