X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LAUDERDALE, FL-New River Development Partners are optimistic about the results of an administrative development review earlier this week with city officials over the company’s proposal to construct Esplanade, a $30-million, 16-story luxury condominium building.

Officials with the Plantation, FL-based developer have refiled an application for development review following a policy decision by Broward County officials that halted development of 139 luxury multifamily units on a 1.2-acre downtown site just off the New River.

“We’re on the most prominent piece of land Downtown, facing the Broward Center for the Performing Arts and the Fort Lauderdale Museum of Discovery and Science,” Paul Rosen, who is co-managing with Fabio Appugliesi, tells GlobeSt.com.

Just within days of opening its sales center last week, the company quickly secured deposits on 44 reservations at Esplanade.

The refiled development application follows the county’s decision in April to adopt restrictive changes for its Downtown Regional Activity Center, which limited residential development in the area to a maximum of 5,100 units.

In that decision, the county is allocating the distribution of those development units on a first-come, first-serve basis. That brought a halt to the New River Development project, even though the city already had approved the plans.

“We had a site plan that was approved and then revoked,” Rosen says. “To our thinking, that was done incorrectly.” He tells GlobeSt.com, “We are in litigation on that issue. We feel very strongly that we’ll be successful in that litigation. Even if litigation fails, we’re applying again through normal channels.”

Prior to the county’s action, Rosen originally proposed a construction start date sometime in October. In response to the county’s action, the city is recommending an amendment to its Comprehensive Land Use plan to increase the number of allowed total residential units in the regional activity center.

That recommendation, though, requires approval from the Florida Department of Community Affairs.

“If the proposed amendment is ultimately found to be consistent with state law and (is) recertified by the Broward County Planning Council, it is expected that units will again become available in the Downtown Regional Activity Center sometime in December 2001 or January 2002,” according to city records.

This proposed comes at a time of significant consumer demand, in Rosen’s view. “Downtown Fort Lauderdale is going through a renaissance, with an estimated two million sf of new office space being built or proposed,” Rosen says. “We think most of our buyers are going to be young professional people who want to live, work and play all in the same area.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.