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Developer buys land for $80M mixed-use rental project in Fort Lauderdale

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More rental buildings are comung to Fort Lauderdale. Above is the renderings of River Lofts on Fifth.

Moderno Development Group just completed an assemblage in downtown Fort Lauderdale where the developer is planning to build an $80 million mixed-use rental building.

The company, led by managing partners Christopher Bibus and Doron Broman and marketing manager Uri Redler, paid $5 million for the properties at 460 Southwest Fourth Street, 307 Southwest Fifth Street, 443 Southwest Third Avenue and 439 Southwest Third Avenue, according to Redler.

Moderno is planning to build River Lofts on Fifth, an 18-story, 300-unit apartment building with about 12,000 square feet of Class B office space. The firm would finance construction with a $50 million loan, and expects to break ground in about two years.

A majority of the units will be studios and one-bedroom units ranging from about $1,500 to $2,000 a month, according to a press release. Amenities will include a rooftop pool and bar, movie room, workspace, gym, sauna and a dog park. The developer will be targeting millennials and young professionals.

Mark Irwin and Claudio Daniels of Town Real Estate of Fort Lauderdale brokered the land sale. The 58,000-square-foot site is about a block away from the Tarpon River. Nearby developments include Marina Lofts and 1st Avenue Residences.

Last month, a development group led by Broman, Redler and Simon Langbret sold the site of a planned condo building in Fort Lauderdale’s Flagler Village to Miami developer Ricardo Vadia, who plans to build rentals instead.

For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/03/29/developer-buys-land-for-80m-mixed-use-rental-project-in-fort-lauderdale/