Edgewater Capital Investments wants to build a 12-story apartment building in the Flagler Village neighborhood of Fort Lauderdale.
On June 23, the city’s Development Review Committee will consider the plans for the 0.73-acre site at 417 to 433 N.E. First Ave. ECI Flagler Village LLC, an affiliate of Coral Gables-based Edgewater Capital Investments, assembled the property for $2.95 million in 2019. It currently has a few small apartment buildings, which would be demolished to make way for the new development
The project would total 224,793 square feet, with 143 apartment units and 164 parking spaces.
Manny Mato, principal of Edgewater Capital Investments, said the property is between two recently completed apartment buildings. With a smaller number of units, this will be a more boutique project with a hotel feel. The lobby will resemble a hotel with couches and a coffee bar. There will be a pool deck on the fifth floor, with a spiral staircase connecting to the seventh-floor amenity deck.
This would add to the boom of apartment buildings under construction in Flagler Village, which is just north of downtown.
“It’s an up and coming area, like Fort Lauderdale’s Wynwood,” Mato said. “There is a lot of supply [of new apartments] in Fort Lauderdale now but for a long-term basis it will be a good property to own.”
The project would have studios ranging from 500 to 550 square feet, the one-bedroom units will be nearly 700 square feet, and the two-bedroom units would be about 1,000 square feet.
Mato said he plans to break ground as soon as possible. It will take about a year to finalize constructing drawings and obtain building permits, he added.
The building was designed by architecture firm Anillo Toledo Lopez. Attorney Stephanie Toothaker represents the developer in the application.
By Brian Bandell – Real Estate Editor, South Florida Business Journal
Jun 22, 2020
