The Related Group closed on a development site in downtown Fort Lauderdale where it plans to build a rental tower similar to Icon Las Olas.
A joint venture between Steelbridge Capital and Apollo Global Real Estate Management sold the nearly 30,000-square-foot assemblage at 201 Southeast Sixth Avenue to Miami-based Related for $12 million.
Related, Miami’s largest condo builder, is planning a mixed-use high-rise similar to the luxury rental tower that it currently has on the market at 500 East Las Olas Boulevard, according to a spokesperson. Icon Las Olas, which it completed in 2017, is 44 stories tall with 272 units.
Related plans to break ground on its project this summer, the spokesperson said. The 47-story building will have 311 units averaging 1,114 square feet each with 5,000 square feet of retail space, Jessica Suarez, vice president of development, wrote in an email. The residential space would total about 347,000 square feet and the building would be completed by the fall of 2021.
Steelbridge recently completed a two-year renovation and redevelopment of Las Olas Square, an office and retail complex next to the site it sold to Related. New tenants there include Del Frisco’s Grille and Spaces, a co-working operator owned by Regus.
Related’s development site is less than a mile away from Brightline’s Fort Lauderdale station. Developers like Trammel Crow Residential, Ram Realty and Florida East Coast Industries all have projects in the pipeline for the area.
In Fort Lauderdale, Related also has its Auberge Beach Residences and Spa. Related built the beachfront Auberge with Fortune International Group and the Fairwinds Group.