MIAMI—Related Group is betting on CBRE to lease up its Flagler Village. CBRE has the exclusive retail listing for the mixed-use development that offers 382 apartment units and 22,476 square feet of retail in Downtown Fort Lauderdale.
Located at 525 North Federal Highway, Related broke ground on the commercial real estate project earlier this year. Doors are set to open in the third quarter of 2014. CBRE associates Danny Diaz and Jerry Busbee are the leasing agents.
“This is the newest retail project on North Federal Highway and one of the only projects that is part of an apartment complex south of Sunrise Boulevard,” says Diaz. “The built-in customer base will create a steady flow of repeat business for retailers.”
Flagler Village will be two seven-story residences with courtyards enfolding a seven-story concrete precast parking garage, with a mix of studio, one-, two- and three-bedroom apartments. The retail component will be accessible via key access points on Northeast 5th Street and Northeast 6th Street, less than a block from the newly opened Fresh Market on North Federal Highway.
Flagler Village is part of a wave of infill development taking place in Fort Lauderdale's central business district. Developments underway there are expected to deliver 4,300 new residential units to the market in the next five years. With the population of Downtown Fort Lauderdale poised to nearly double, CBRE anticipates strong interest from national retail tenants.
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