Fort Lauderdale's Luxury Residential Development Takes Off

The Fort Lauderdale submarket has emerged as a key area of growth in South Florida, driven by rising demand for luxury residential developments, it is the fourth-largest apartment inventory pipeline out of all Florida metros. According to Costar, multifamily demand has strengthened in Fort Lauderdale since the second half of 2023, helping soften a vacancy expansion. Also, construction in Fort Lauderdale started to accelerate in the first half of 2024, with over 3,600 units breaking ground.

With the Fort Lauderdale submarket showing sustained growth and demand for luxury residences, developers are continuing to move forward with major projects. Recently, OceanLand Investments secured a $96 million construction loan for its Sixth&Rio condo development, set to add to the city's growing landscape. OceandLand Investments secured financing from Invictus Real Estate Partners, a New York based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, states the TheRealDeal. The founder and CEO of OceanLand, Mr. Jean-Francois Roy connected with Stiles Construction as the general contractor for the project. Sixth&Rio will be an eight-story, 94-unit condominium, with prices for planned units ?ranging from $900,000 to $3M, planned for 501 SE 6th Avenue.

The luxury development project, Sixth&Rio, is scheduled to be completed in 2026 and it will feature one-, two-, three-, and four-bedroom options, with square footage ranging from 800 to 2,500 square feet, according to the report. This new development will feature all kinds of great amenities like a fitness center, club room, co-working space, coffee and wine bar and rooftop pool. The project will be designed by FSMY Architects and AM studio, and the interior will be done by ID & Design International and Interiors by Steven G, all based in South Florida.

In response to OceanLand Investments securing the loan for the Sixth&Rio development, the CEO and founder stated, “It was a challenge to get a construction loan,” states the report. Mr. Jean-Francois Roy acknowledged the increasing difficulty in securing financing, as rising construction and borrowing costs have made the lending environment more challenging.