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Downtown Update continued

The new FAT Village by Hines and Urban Street Development projects expected to be announced this summer, Downtown
will create a new creative campus with office and housing in Fort Lauderdale will be building its biggest wave of condo
the heart of Flagler Village with 80,000 square feet of retail projects in two decades.
space dedicated to food, shopping, entertainment, art studios, Short-Term Rentals
and galleries.
Following the success of Newgard’s Natiivo brand in Denver
Aimco’s 901 North project at the former Searstown site will and Miami, 200 West Broward Boulevard will become “Fort
incorporate an expansive pedestrian plaza, The Grove, mixed Lauderdale’s first resort condominium property specifically
in with new retail options at ground level. This three-tower designed, built, and licensed for short-term rentals.” This new
mixed-use development on the northern edge of the trendy approach creates a flexible ownership model for residents
Flagler Village neighborhood is poised to add a compelling where “owners and guests will have access to hotel services,
mix of office, hotel, residential, and retail space to the corner and owners will have the option to participate in a flexible
of Sunrise Boulevard and Federal Highway. hotel program for renting their units through Natiivo.”
• New developments are pursuing innovative design choices • Fort Lauderdale apartments have more living space than
that will reshape Downtown Fort Lauderdale’s skyline. units in many other popular cities, offering more space for

The Related Group is partnering with legendary Italian design growing families and roommates.
house Pininfarina, best known for designing luxury cars such The average Fort Lauderdale apartment is 8% larger than
as Ferrari and Maserati, to produce Andare Residences on units in Miami and 28% bigger than units in New York City.
the corner of Las Olas Boulevard and Federal Highway. The Compare Average Apartment Size (Square Feet) from other
condominium will feature a “distinctive wave-like appearance, downtown areas:
characterized by its undulating wraparound balconies that mimic Fort Lauderdale: 960 sq ft New York City: 749 sq ft
the graceful flow of water” with a design that “bring the outdoors Tampa: 928 sq ft Chicago: 745 sq ft
in, creating a serene and harmonious living environment.” Miami: 885 sq ft
Nashville: 883 sq ft
Kushner’s Broward Crossing will be defined by a “unique
bridged massing of towers that creates a focal point for Austin: 862 sq ft
visitors and residents and adds an iconic new element to the • The multifamily rental market has stabilized since 2022.
growing skyline.”
Average rent in DowntownFTL buildings now ranges from
New York-based Dependable Equities’ 633 SE 3rd Avenue, $3.77 per square foot for a 1-bedroom apartment in a
designed by ODA New York, introduces “a sequence of high-rise building on Las Olas to $2.77 per square foot for a
stepped rounded volumes that elegantly ease the massing of 2-bedroom unit in Flagler Village.
the tower as it rises. The tubular volumes alternate between Multifamily Market Indicators show:
a sleek curved glazed façade and alternating wrap-around Downtown Miami: 11,825 units in 51 buildings;
balconies, generating a dynamic play that breaks up the $3.62 avg rent/sqft; Occupancy Rate: 94.5%
massing of the building.”
Downtown FTL: 11,219 units in 47 buildings;
• Projects are exploring new ways for residents to own $3.29 avg rent/sqft; Occupancy Rate: 94%
downtown property.
Downtown WPB: 3,238 units in 18 buildings;
Condo Boom and the Launch of Branded Residences $3.18 avg rent/sqft; Occupany Rate: 93.4%
Building off the success of branded luxury residences on Fort
Lauderdale Beach like the Four Seasons, Ritz Carlton, and Average Rental Rates by Neighborhood
Conrad, Downtown Fort Lauderdale will soon be home to a DowntownFTL rentals are currently experiencing modest single
new selection of boutique condos and branded residences. digit annual increases in rental rates compared to double
At least six new condominium projects are planned for digit increases immediately after the pandemic, driven by new
Downtown Fort Lauderdale, representing a six fold increase inventory in the urban core and in line with national trends.
in the number of new condo units built between 2008 and Average Condominium Sales Price
2020. Projects like Natiivo Fort Lauderdale and Andare While the sales price for new luxury condominiums can
Residences by Pininfarina demonstrate a rise in demand for exceed $1,500 per square foot, prices for existing inventory
residents to own In the urban core, whether that be a short- have stabilized since 2022 with the overall average sales
term rental or permanent home. With more condominium price per square foot in 2024 just over $500.00.

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